Trump Focuses on Cryptocurrency, Eyeing 2024 Presidential Run as the 'Crypto President'
Summary:
Donald Trump, former U.S. President, is enhancing his focus on cryptocurrency as a prominent component of his 2024 election campaign. He declared his objective of becoming the "crypto president" and aims to push the cryptocurrency sector to new heights. He criticized the Democratic Party's proposed strict regulations on the industry and vowed to counter. This comes after current U.S. President Joe Biden received criticism for turning down a resolution that would have altered crypto accounting guidelines. Trump has also persistently publicized his support for the crypto industry, asserting that the U.S. must lead the industry.
Ex-President of the United States, Donald Trump, is strengthening his advocacy for cryptocurrency, which will be a key part of his 2024 campaign. He recently announced his ambition of being the "crypto president," as per a Reuters report dated June 7. Trump revealed his plans at a San Francisco fundraising event managed by David Sacks, general partner of Craft Ventures, and tech mogul, Chamath Palihapitiya. The event generated $12 million, which will fund his campaign for the 2024 elections scheduled on November 5. The former president emphasized his support for the crypto industry and his focus on propelling it to new heights. He criticized the Democratic Party's intent to enact strict regulations, commonly termed by the industry as regulation-by-enforcement.
Trump's claim arrived a week after present U.S. President, Joe Biden, faced intense criticism for rejecting a regulation that would have overridden the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. These debated guidelines necessitate institutions that hold crypto assets to cause cryptocurrency holdings to reflect as liabilities in their financial statements.
The ex-President's continuous public endorsements for cryptocurrency was reported by Cointelegraph on May 26, where he maintained that the U.S. should secure its status as the leading player in the crypto sector.
Referencing this, he stated on May 25 via Truth Social, a social media platform owned by Trump Media and Technology Group, that "Our country must be the leader in the field, there is no second place." He also added: “I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry.”
Published At
6/8/2024 8:00:31 AM
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