Donald J. Trump today doubled down on his recent support for cryptocurrencies, posting on social media that “I am very positive and open to crypto companies and anything related to this new and fast growing industry,” as both sides in the upcoming presidential election appear to be trying to court the support of crypto advocates.
Trump then criticized his rival: “Meanwhile, the worst president in the history of our country, the villainous Joe Biden, wants our country to die a slow and painful death.”
Sentiments towards cryptocurrencies have been noticeably warmer in Washington since Trump made deliberate attempts to court the support of crypto advocates: First, Trump made pro-crypto comments at a dinner at Mar-a-Lago earlier this month, and then last Tuesday, Trump's presidential campaign began accepting crypto donations, fulfilling his pledge to become the first major party candidate to endorse Bitcoin, Ethereum and other digital currencies as a Republican front-runner.
Following President Trump's pro-crypto rhetoric and actions, the Biden Administration and the traditionally crypto-negative SEC appear to have softened their stance. Last Wednesday, the White House issued a statement opposing the House of Representatives' passage of the Crypto Market Structure Act, but President Biden did not indicate he would veto it. The House approved the bill, which now goes to the Senate. And on Thursday, Ethereum exchange-traded funds (ETFs) took a big step toward becoming available in the U.S. after the SEC approved a key regulatory filing. Just a month ago, such approval seemed highly unlikely.
