Potential Trump Victory May Impact Crypto Lawsuits, Despite His Unsteady Promise History
Summary:
The potential win of Donald Trump in the upcoming November elections could lead to the dismissal of several cryptocurrency lawsuits by the Securities and Exchange Commission (SEC), according to crypto lawyer James Murphy. However, critics argue that Trump's previous history of not fulfilling promises should be taken into account. Trump, who has recently shown support for the cryptocurrency industry, might trigger significant changes in the SEC's approach, but fact-checking site PolitiFact reveals that Trump failed to maintain over half of his promises made during his 2016 presidential campaign.
Should Donald Trump achieve victory in November's elections, it could lead to numerous crypto-related lawsuits by the Securities and Exchange Commission being tossed out, suggests a seasoned crypto lawyer. However, critics argue Trump has a track record of failing to deliver on his promises.
James Murphy, known within the crypto world as "MetaLawMan", advised in a May 26 post not to settle any cryptocurrency case with the current SEC until after the election results. Murphy predicts a significant change in the SEC's approach with Trump's recent public backing of cryptocurrency.
In the past weeks, Trump has presented himself as a proponent of the cryptocurrency industry, expressing his approval of cryptocurrency, emphasizing America's need to lead the field, and even promising to reduce Silk Road founder Ross Ulbricht's life sentence if elected. Murphy posited that possible dismissals of current cryptocurrency cases, where there were no victims or fraud, could occur under the watch of SEC Chair, Gary Gensler.
However, not everyone shares Murphy's outlook. Cinneamhain Ventures partner Adam Cochran commented in a post that Trump is known for his frequent U-turns and tendency to sacrifice others for his own benefits. Cochran argued that Trump, like Biden, was previously against cryptocurrency, and is now merely attempting to garner votes.
Similar sentiments were expressed by Alexander Blume, partner at Two Prime hedge fund, who noted Trump's history of making commitments to those in need, only to later abandon them. Statistics from fact-checking site PolitiFact suggest that Trump failed to uphold more than half of his 102 promises from his 2016 campaign, with only 24 delivered and 23 compromised.
Trump's past comments have seen him voice skepticism around cryptocurrency. As President, Trump expressed his disapproval of Bitcoin and other digital currencies, describing them as "based on thin air", and in 2021 voiced reservations that cryptocurrency "may be fake" and could have disastrous consequences.
Regardless, some prominent figures in the American cryptocurrency sector remain hopeful. Mike Dudas, founder of the crypto platform The Block, admitted his multiple issues with Trump, yet stated that his promises indicate that he will continue to be able to work within his industry.
At this point, Trump currently leads President Joe Biden by one percentage point in Morning Consult's polling for the 2024 Presidential election. The final decision will be made by American voters come November 5th.
Published At
5/27/2024 5:18:17 AM
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