Donald Trump currently running for the Republican presidential nomination, has voiced strong support for cryptocurrency initiatives, promising financial assistance to the industry.
The former President of the United States, Donald Trump, who is running for the Republican presidential nomination in the election that will take place later this year, has once again thrown his support behind cryptocurrency efforts.
Donald Trump Courts Crypto Again
According to a message that he published on his social media platform, Truth Social, the former president disclosed his intentions to provide financial assistance to cryptocurrency businesses. For a considerable amount of time, innovative companies within the digital currency ecosystem have been fleeing the country due to fear of adverse legislation.
Ryan Selkis, the founder of Messari, published a post in which Donald Trump stated that his upcoming administration will provide support to the cryptocurrency business, extending to the industry as a whole. In his words, Donald Trump referred to the new ecosystem as a “new and burgeoning industry.” Many people believe that this description demonstrates a genuine comprehension of the industry under consideration.
Throughout the course of his campaign, Donald Trump has demonstrated his passion for cryptocurrency in ways that go beyond mere words. He has not only made it very obvious that he would be in favor of the new asset class, but he has also begun to receive payments for his campaign in the form of cryptocurrencies, which include Bitcoin.
In addition to this, Donald Trump has introduced a number of non-fungible tokens (NFTs), the majority of which he has sold and kept in digital currencies. The events that have taken place inside the digital currency ecosystem have, by default, resulted in President Joe Biden losing some support among crypto-native Americans.
The Securities and Exchange Commission (SEC) initiated significant legal action against Ripple Labs Inc. when he was serving as the chairman of the executive committee. In spite of the fact that the litigation is still ongoing, it has reached the remedies stage, where the regulator is requesting a compensation of about $2 billion.
Additionally, the Securities and Exchange Commission (SEC) has initiated legal proceedings against Binance, Coinbase, and Kraken, saying that the tokens that they support are securities.It would appear that the Biden administration is pivoting in a significant way, taking into consideration the business’s development as well as the regulatory treatment of cryptocurrency companies.
After anticipating that the Securities and Exchange Commission (SEC) would designate and proclaim Ether to be a security and likely reject its spot Ethereum ETF filings, the regulator changed its mind at the last minute and approved eight separate offerings earlier this week.
Many observers have concluded that the surprise action was a political one, which lends credence to the assertions that cryptocurrency might be the deciding factor in the presidential elections that will take place in the United States this year.