Donald Trump vs Joe Biden: The Epic Clash Over Crypto Policies

The countdown to the US elections has begun and intensifies by the hour. One of the candidates – former President Donald Trump – lit a new spark in America’s political arena: cryptocurrency.

Trump’s recent pronouncements give an idea of ​​the candidate’s commitment to having crypto companies on his side, contrasting sharply with Joe Biden’s administration.

Defending encryption

Trump’s recent statements on his social media platform, Truth Social, have made waves in the crypto world.

He expressed strong support for cryptocurrency companies, emphasizing his desire for the US to lead in this growing field. This marks a clear departure from the Biden administration’s approach.

Design contrasts

Trump has not shied away from criticizing President Biden’s handling of cryptocurrencies, portraying him as an antagonist of the industry. This stark contrast in attitudes positions Trump as a champion of crypto enthusiasts.

“Crooked Joe Biden, on the other hand, the worst president in our country’s history, wants (crypto) to die a slow and painful death. That will never happen to me,”

What caused the change of heart?

Trump’s stance on crypto has changed over the years. He went from skeptical to crypto-friendly, diving into NFT collecting, and accepting campaign donations in cryptocurrencies like Bitcoin, Ether, and US Dollar Coin. NFTs of him, depicting him in various iconic roles, sold out quickly, showcasing his large following and his fans’ preference for digital assets.

With a sizable 46 million active adult crypto users in the US, Trump’s vocal support for digital currencies could sway a significant voting bloc. These voters crave clear regulations and consistent government support, making Trump’s alignment with their interests politically advantageous.

Making strong commitments

At a recent Libertarian National Convention, Trump promised to oppose Biden’s supposed anti-crypto agenda and safeguard the future of digital assets in the US. His promises to protect cryptocurrency custody rights and oppose a central bank digital currency (CBDC) resonate strongly in the crypto community.

Understanding Biden’s Current Position

Recent actions by the Biden administration indicate that it may be changing its stance on cryptocurrencies. Suddenly, the SEC approved Ethereum ETFs and the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21.

This signals a warmer climate in terms of digital asset regulation. These actions can be seen as political measures to win the hearts and minds of pro-crypto voters ahead of the elections.

Future perspectives

The crypto community seems quite positive towards Trump’s promises. Ryan Selkis, founder of blockchain research firm Messari, posted Trump’s statements on X, highlighting the former president’s openness to digital assets. Others also spoke in favor.

According to former CFTC Chairman Chris Giancarlo, Trump could go down in history as the first “crypto president.” His administration’s approval of Bitcoin futures ETFs signals an inflection point, with Trump himself acknowledging Bitcoin’s growing prominence as “an additional form of currency.”

As voters weigh their options, one thing is certain: the voice of the crypto community is finally being heard!

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