Trump's Unanimous Conviction Could Impact 2024 Campaign and Crypto Policies
Summary:
Former President Donald Trump has been unanimously convicted on all 34 counts of records falsification regarding a sexual scandal, potentially impacting his 2024 presidential campaign. Amid this issue, Trump has positioned himself as a pro-crypto candidate, capitalizing on a shift in US policy towards more friendly cryptocurrency regulation. However, uncertainty looms over whether his legal troubles could jeopardize the continuation of these pro-crypto policies.
The unanimous decision against Republican presidential hopeful Donald Trump in a court case indicting him for fabricating records to obscure a sexual indiscretion threatens his 2016 and potential 2024 Presidential campaigns. This comes as a noteworthy month for cryptocurrency enthusiasts in the U.S. The political winds have been shifting towards more agreeable regulation, and Trump has quickly swooped in to appeal to this voting base, dubbing himself the crypto-friendly candidate.
Concerns flared when current President Joe Biden expressed his intention to overrule the Congressional Review Act H.J.Res. 109. The proposal sought to reassess and void the Securities and Exchange Commission Staff Accounting Bulletin No. 121. This uproar brought about significant political turbulence. With an unexpected bipartisan rate, Congress successfully managed to pass H.J.Res. 109.
Craig Warmke, a co-author of Resistance Money and an associate at the Bitcoin Policy Institute, expressed to Cointelegraph that Trump has "sniffed out a weakness" and is now going in for the kill. On July 12, 2019, Trump announced at a venue that he was “not a supporter of Bitcoin.” But as the Senate started favoring less stringent cryptocurrency regulation, Trump's stance took a massive turn.
Trump’s sudden about-face on the issue of digital currency regulation saw him making substantial promises, such as U.S. supremacy in cryptocurrency, supporting self-custody of virtual assets, using crypto for his campaign, and preventing a central bank digital currency (CBDC). Furthermore, he has even dared to say that he "will protect your Bitcoin from Elizabeth Warren and her team."
His stance on cryptocurrency saw a surge in optimism among crypto holders, with many following election news closely. A recent poll from the Digital Currency Group indicates that the pro-Bitcoin stance of Trump might force Biden to reassess his anti-crypto standpoints, as voters with cryptocurrency interests could very well play a huge role in key states.
As Trump is now a convicted criminal, would his chances of winning the election diminish? Would the strides towards beneficial cryptocurrency policies disappear? Other imminent questions include whether or not Trump may end up in jail, and if so, when?
After the verdict, Trump’s final sentence is due on July 11, 2024, where a prison sentence is possible. This date is significant as it falls a week before the Republican Party Convention, where the former president is supposed to be nominated. However, Trump may appeal, which could delay his final sentence to 2025.
Trump's verdict could land him in jail, but this is unlikely, as his crimes are not typically punished with imprisonment in New York. Legal expert Dan Horwitz stated that house arrest might be more likely for someone of Trump's age and social stature with their first offense.
The U.S. Constitution doesn't forbid individuals, irrespective of legal indictments, convictions, or prison sentences, from serving as the President. Therefore, even if Trump receives a prison sentence, he could technically still continue as President.
How will these developments impact policies favoring digital currencies? Should Trump exit the political scene, this could very well leave the future of these policies in a precarious state. Dennis Porter, the CEO of Satoshi Action Fund, expressed concerns about the continued support of these guidelines in the absence of Trump. Florida Governor Ron DeSantis, a possible contender for the Republican candidacy, has spoken against the current administration's approach to digital currency, but he does not seem to have embraced it as Trump has.
The recent uncertainty caused by Trump's legal troubles adds to a fluctuating political and economic environment. This volatility, a common theme in cryptocurrency markets, continues to be an influence during this election period. Cryptocurrency continues to cause divisions among Democrats, a few months ahead of the election.
Published At
5/31/2024 8:48:56 PM
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