‘The Future Of Crypto Will Be Made In The USA!’

Donald Trump Embraces Crypto on the Campaign Trail: ‘The Future of Crypto Will Be Made in the USA!’

Presidential candidate Donald Trump has drastically changed his stance on cryptocurrency over the past few years, from wanting to do little with the token in 2021 to pledging support for the asset class in 2024. This sharp change in policy stance has appeased many crypto supporters. It could be a group that helps decide the November elections.

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Trump spoke to his supporters at the Libertarian National Convention in Washington, D.C., and highlighted many of the items he would enact if he became president. One part of the conversation was of particular interest to the crypto community; Trump was talking about what he would do with crypto as president:

“ “I will also stop Joe Biden’s crusade to crush crypto, we will stop it. I will ensure that the future of crypto and Bitcoin is made in the USA, not abroad. I will support the self-custody rights of the country’s 50 million crypto holders. I say this with your votes. “I will keep Elizabeth Warren and her people away from your Bitcoin and will never allow the creation of a central bank digital currency.”

In the quote, Trump touches on various crypto-related items. When talking about Biden’s stance on crypto, he is likely referring to the Biden administration’s decisions to move Bitcoin mining companies out of the US and the potential for tax increases. The administration and SEC chairman Gary Gensler also opposed the FIT21 bill, which was designed to bring regulatory clarity to the crypto industry.

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When it comes to the issue of personal custody, there are rumors that the government could potentially end the practice of individuals having complete control over their tokens. While this is a bit of an exaggeration and there is little evidence that this could happen, Trump remains strongly opposed to banning self-custodial rights.

Trump also mentions Senator Elizabeth Warren, who is strongly opposed to cryptocurrency. He argues that this leads to terrorism because currencies can be sent across borders without being tracked by governments. “Anything Congress does to legitimize and grow the crypto market needs to have strong protections so we don’t increase monetization opportunities for Iran and other competitors,” Warren said. Trump sees this as an overreach and promises to “keep Elizabeth Warren and her people out of your Bitcoin.”

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Finally, the idea of ​​a central bank digital currency (CBDC) was discussed. There are strong arguments for the Federal Reserve to implement a CBDC, which could streamline and optimize some processes. But Florida Gov. Ron DeSantis said some Republicans argue that would only lead to “surveilling Americans and controlling the behavior of Americans.”

Trump’s speech clarified his stance on crypto. But there are still many unanswered questions. The crypto community will be closely monitoring both candidates’ comments on crypto as the election approaches.

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