Donald Trump, the former US President and current Republican presidential candidate, has once again expressed his strong support for cryptocurrencies ahead of the upcoming election. According to blockchain researcher Collin Brown, Trump’s stance on virtual currencies will have a significant impact on the future of Bitcoin, XRP, and other cryptocurrencies. Trump is a proponent of the freedom to self-custody and vehemently opposes the establishment of Central Bank Digital Currencies (CBDCs). He has also pledged to eliminate Elizabeth Warren’s influence on Bitcoin regulations. In a recent statement, Trump outlined four key points: the USA will shape the future of Bitcoin, XRP, and crypto; he supports the right to self-custody; he aims to remove Elizabeth Warren from BTC; and he will never allow the creation of a CBDC. Trump has also taken steps to assist cryptocurrency startups, expressing his intention to support them on his social media platform, Truth Social. He believes that regulatory concerns have led to the departure of creative businesses from the US. In addition, Trump has started accepting campaign donations in Bitcoin and other digital currencies, demonstrating his commitment to integrating virtual currency into regular financial operations. He has also embraced Non-Fungible Tokens (NFTs) and sold them for virtual currency, further solidifying his appeal among cryptocurrency enthusiasts. The regulatory difficulties faced by the Biden administration, including the SEC’s lawsuits against Ripple Labs Inc., Binance, Coinbase, and Kraken, have affected President Joe Biden’s support among native cryptocurrency users. However, there are signs that the administration is changing its approach in response to criticism and developments in the industry. The SEC recently authorized eight different Ethereum ETF offerings, contrary to expectations that Ether would be classified as a security and spot Ethereum ETF applications would be rejected. Overall, Trump’s support for cryptocurrencies and his proactive stance on the digital asset market have resonated with many and have the potential to shape the future of the industry.
