Former US President Donald Trump reaffirmed his support for the cryptocurrency industry and expressed strong desire for its growth.
On May 25, the former president made several statements in support of cryptocurrencies ahead of the November election.
Donald Trump's latest pledge to the cryptocurrency industry
Donald Trump has been a strong supporter of the cryptocurrency industry, emphasizing that the United States must strive to become a global leader in this growing sector.
“I am very positive and open to cryptocurrency companies and everything related to this new and fast-growing industry. Our country must be a leader in this field. There can be no second place,” Trump said.
Trump also accused President Joe Biden of trying to stifle the cryptocurrency industry, contrasting his position with his own: “That would never happen with me,” Trump declared. Later, at the Libertarian Party National Convention in Washington, Trump told attendees that he would protect the right to self-custody of crypto assets and block the creation of a central bank digital currency (CBDC).
“I support the right to self-custody, and to the 50 million cryptocurrency holders across the country, I say this: I will keep Elizabeth Warren and her cohorts away from Bitcoin, and I will never support the creation of a central bank digital currency,” Trump added.
Read more: Cryptocurrency regulation: What are the pros and cons?
Surprisingly, the former president also promised to pardon Ross Ulbricht if he was re-elected. In 2015, a court sentenced Ulbricht to two life sentences plus 40 years in prison for creating and operating Silk Road, a darknet marketplace primarily used for drug trafficking. However, many in the cryptocurrency community argue that Ulbricht's sentence represents an overstep of government authority.
“If you vote for me, on my first day in office, I will commute Ross Ulbricht's sentence to time served. He's already served 11 years, and we're going to bring him home,” Trump promised.
Meanwhile, Trump's pro-crypto stance appears to boost his electoral prospects: According to popular crypto prediction platform Polymarket, Donald Trump has a 56% chance of winning the election, compared to Biden's 38%.
Trump's chances of victory have been significantly boosted by a series of pro-cryptocurrency actions and statements over the past few months. Notably, his campaign has begun accepting cryptocurrency donations in various digital assets, including Bitcoin, becoming the first major candidate to do so.
Read more: How to donate cryptocurrency using Giving Block
In response, the Biden administration has significantly shifted its approach to cryptocurrencies. The White House has stated its intention to work with Congress on effective cryptocurrency regulation. Additionally, the crypto-skeptical U.S. Securities and Exchange Commission (SEC) has approved an Ethereum ETF, marking a major policy shift.
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