Trump, the former U.S. president known for his bluntness, held a strong skeptical attitude towards cryptocurrencies during his tenure. In recent years, his stance seems to have changed, even expressing a desire to embrace cryptocurrencies in speeches for this year's U.S. election.
Increased Regulatory Pressure
In June 2020, the U.S. Treasury Department introduced new regulations aimed at combating illegal activities involving cryptocurrencies, including implementing stricter customer identification and anti-money laundering measures, particularly targeting cryptocurrency exchanges and wallet service providers. Treasury Secretary Mnuchin also proposed new regulations for non-custodial crypto wallets, requiring exchanges to record all cryptocurrency transactions exceeding a certain amount.
Image source: Internet
In June 2021, Trump again expressed negative views on Bitcoin in an interview, calling it a "scam" and emphasizing that he did not want any currency to compete with the U.S. dollar. He believed Bitcoin posed a threat to the dollar and advocated for strict regulation of cryptocurrencies.
Change in Attitude
In his speech during this year's U.S. election, Trump stated, "If elected, the government policy will be that the U.S. will retain 100% of all Bitcoin currently held or acquired in the future. Cryptocurrency will be at the core of a strategic national Bitcoin reserve. We will take measures to turn this immense wealth into a permanent national asset, benefiting all Americans. On my first day in office, I will fire Gary Gensler (current SEC Chairman) and appoint a new SEC Chairman."
Actions of Trump's Government Team
In July of this year, Trump's team released a 16-page document titled "2024 Republican Platform," which stated, "The Republican Party will end the Democrats' illegal and un-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency. We commit to defending the right to mine Bitcoin and ensuring that Americans have the right to manage their digital assets without government surveillance and control."
Image source: Internet
Additionally, Trump's campaign team announced that they would accept various cryptocurrencies, including Bitcoin, Ethereum, Shiba Inu, and Dogecoin, as campaign donations. This strategy not only raises funds for the campaign but also indicates a friendly attitude towards the cryptocurrency community.
Community Perspectives
The community's views on Trump's government team are divided into two camps. One side believes that Trump's support creates a mixed but potentially favorable environment for Bitcoin and the broader crypto market, especially considering his support for stablecoins and opposition to CBDCs. The other side argues that Trump's support for cryptocurrencies may merely be a political expedient, as he needs to garner votes and funding in a fierce presidential race, particularly given his previous critical stance on cryptocurrencies that could affect his election support rate.
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