Gairika Mitra
Former U.S. President Donald Trump has been leveraging crypto to win against Joe Biden. This will mark the first time that crypto has become a topic of discussion in general election campaigns. Trump is also breaking new ground by being the first majority nominee to advocate for cryptocurrency trading.
Trump, becoming the first major nominee to back cryptocurrency traders, has been promoting his own non-fungible tokens (NFTs) and emphasizing the Democrats’ opposition to crypto. This political shift has led to an uptick in the cryptocurrency market.
Trump, once an outspoken crypto critic, now champions digital assets, contrasting sharply with Biden’s administration, which threatens vetoes on pro-crypto legislation. As Bitcoin prices soar, this issue may reshape voter dynamics and force Democrats to reconsider their stance on the burgeoning industry.
“President Trump’s remarks signal a sea change in the importance of digital assets this election cycle,” Kristin Smith, CEO of the Blockchain Association, a leading crypto industry lobbying group, told Politico.
The Democratic Party has been pretty critical of the crypto space and has noted that it has been flouting federal security laws. The White House also threatened to veto bipartisan House legislation. The legislation intended to overturn some guidelines designed by the Securities and Exchange Commission (SEC).
This move by the Biden administration angered most crypto advocates. They believe that these rules are pretty restrictive and detrimental to the crypto space. However, not all Democrats turned their backs.
Twenty-one Democrats had defied Biden’s veto threat and came out in support of the Republicans that would help challenge the SEC regulations. Apart from this, crypto has been backed by right-wing politicians. Some senators are of the opinion that former president Trump knows freedom and liberty.
They added that Trump has the understanding that knowledge has to be protected in the States. They believe that a government’s role is to create an environment which fosters innovation and growth, and Trump will help achieve that.
Vivek Ramaswamy, former Republican presidential candidate, had previously urged Trump to embrace digital assets and has been praising Trump publicly on several occasions due to his pro-crypto stance.
Bitcoin prices soared above $63,000 on Monday after it traded below $59,000 before his assassination attempt. As of 7.30 a.m. EST Tuesday, Bitcoin is trading at $63,748.68, according to CoinMarketCap data.
Seeing Bitcoin’s surge, several politicians have stated that this could count as an opportunity for Democrats to be more introspective and informed about the immense benefits that digital assets have to offer.
Read More
- Unfazed: Trump to Deliver In-Person Speech at Bitcoin Conference Despite Horrific Shooting Incident in Pennsylvania Rally
- Trump Picks Crypto-Friendly J.D. Vance as Running Mate
- The Weekly Meme Digest
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
