Former President Donald Trump has started accepting cryptocurrency donations for his re-election campaign, becoming the first US presidential candidate to adopt digital assets for fundraising.
According to a May 21 statement,
“This addition to President Trump’s already groundbreaking digital fundraising effort marks the first time a major party presidential candidate has adopted virtual currency for donations.”
Information available on the website reveals that cryptocurrency users can donate in a variety of digital assets, including Bitcoin, Ethereum, XRP, Cardano, Dogecoin, and Shiba Inu.
Cryptocurrency has become a crucial topic heading into the November election, with former President Trump and President Joe Biden expected to be the main candidates for their respective parties.
The candidates have taken different positions on the emerging industry, with Trump openly supporting cryptocurrencies and pledging to foster their growth through proper regulation. President Trump said:
“Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe that only government has the answers to how our country should lead the world.”
But recent events suggest the Biden administration may change its long-standing hardline stance on space.
Ethereum ETF
On May 20th, reports surfaced that the US SEC may approve a spot Ethereum exchange traded fund (ETF), which is much different than previously expected.
Bloomberg intelligence analyst Eric Balciunas said the SEC's change in direction could be politically motivated, a view shared by many in the crypto community.
Jake Cherbinski, Chief Legal Officer of Valiant Funds, said:
“If the Spot ETH ETF were approved, it would be a real shock to everyone I know in Washington DC who is familiar with this process. That doesn’t mean it won’t be approved. Approval would mark a major shift in US crypto policy. That means it's possible.”
development of parliament
Last week, U.S. lawmakers from both parties came together to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121) resolution, despite President Biden announcing his intention to veto the bill.
Several crypto industry observers have argued that the bulletin was controversial because SAB 121 requires financial institutions to safeguard customer assets and include them on their balance sheets. In particular, the American Bankers Association (ABA) noted that the regulation made it difficult for banks to act as custodians for spot Bitcoin ETFs.
This rare bipartisan event will lead to an upcoming Senate vote on the 21st Century Financial Innovation and Technology Act (FIT21), widely considered the most important cryptocurrency-specific bill likely to pass. It is done in advance.
The FIT21 bill would establish a comprehensive regulatory framework for the U.S. digital asset industry. The bill has broad industry support from major companies such as Coinbase, Kraken, and Andreessen Horowitz.
Additionally, the bill establishes criteria for classifying digital assets as securities or products. The bill expands the CFTC's authority to register and regulate digital products and requires the FTC and SEC to jointly issue rules regarding assets not elsewhere classified.
