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Donald Trump declares support for crypto, insists US must not  settle for ‘second place’  

Donald Trump declares support for crypto, insists US must not settle for ‘second place’

Former U.S President and leading 2024 Republican candidate Donald Trump has voiced his strongest support for cryptocurrency to date. 

Not long after endorsing the cryptocurrency sector as a cornerstone of his presidential bid, Trump reiterated his strong support for digital assets.

In a May 25 post on Truth Social, a social media platform owned by Trump Media and Technology Group (TMTG), he stated:”Our country must be the leader in the field, there is no second place.” 

This pro-crypto stance, shared just before his appearance at the Libertarian National Convention, marks a significant shift in his views as he prepares for the 2024 presidential race.

Cryptocurrency donations and campaign strategy

Trump’s campaign began accepting cryptocurrency donations on May 21 via Coinbase Commerce. 

“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry,” -Trump stated, contrasting his approach with that of President Joe Biden’s administration.

In recent years, Trump expressed skepticism about cryptocurrencies compared to the U.S. dollar and supported stringent regulations on digital currencies. 

However, after a successful venture into Trump-branded NFT trading cards and with crypto policy emerging as a significant campaign issue, Trump now appears poised to position himself as the pro-crypto candidate.

Following Trump’s pro-crypto announcements, sentiment appears to be shifting. The U.S. House of Representatives passed its first comprehensive crypto market structure bill, aiming to regulate the industry broadly. The measure now heads to the Senate. 

Additionally, the U.S Securities and Exchange Commission (SEC) approved key regulatory filings for ether exchange-traded funds (ETFs), marking significant progress towards their availability in the U.S.

Pledge to pardon Ross Ulbricht

In a related development, Trump has pledged to pardon Ross Ulbricht, the founder of the Silk Road darknet market, if re-elected. 

Ulbricht, convicted in 2015, is currently serving two life terms plus forty years without parole. 

“If you vote for me, on day one I will commute the sentence of Ross Ulbricht,” Trump promised at the Libertarian Party’s National Convention, signaling his commitment to the crypto community.

Trump’s evolving stance on cryptocurrency, from accepting donations to advocating for pro-crypto policies, marks a notable shift.

As the 2024 election approaches, his position on crypto could influence regulatory perspectives and voter support, potentially reshaping the landscape of digital asset regulation in the United States.

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