Trump backs cryptocurrency, vows to make America its leader

In a recent social media post, former President Donald J. Trump expressed his support for the burgeoning cryptocurrency industry. He said:

I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry. […] Our country must be the leader in the field, there is no second place.

This statement comes as both Trump and his rival, President Joe Biden, appear to be vying for the support of pro-crypto voters in the upcoming presidential election.

The former president’s recent embrace of cryptocurrency has been notable, beginning with pro-crypto comments made at an event earlier this month. Additionally, Trump’s presidential campaign began accepting crypto donations this past Tuesday, fulfilling his pledge to become the first major party candidate to embrace digital currencies such as Bitcoin (BTC) and Ethereum (ETH).

Very recently, Trump went as far as to pledge to exonerate Ross Ulbricht — the founder of Silk Road, the world’s first deep web black market. Trump told the Libertarian Party at its national convention on Saturday:

If you vote for me, on Day One, I will commute the sentence of Ross Ulbricht.

Trump shifts Democrats off their anti-crypto stance

Following Trump’s pro-crypto stance, there seems to have been a shift in the Biden administration’s opposition to crypto, as well as a softening of the traditionally crypto-adverse Securities and Exchange Commission’s attitude. Last Wednesday, the White House issued a statement expressing its opposition to the House of Representatives passing a crypto market structure bill, but Biden did not threaten a veto.

The House proceeded to approve the measure, which now heads to the Senate. Furthermore, on Thursday, spot Ethereum exchange traded funds (ETFs) took a significant step toward becoming available in the U.S. after the Securities and Exchange Commission approved key regulatory filings, a move that was considered extremely unlikely just a month ago.

Featured image via Ideogram

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