If Trump Wins Again, He Promises to Roll Back Biden’s Crypto Crackdown
President Joe Biden’s “war on crypto” would end if former US President Donald Trump is re-elected, he has pledged. At a speech given on his 78th birthday at a function in West Palm Beach, Florida, Trump made his goals apparent.
See Also: Trump’s Proposal to Restore the American Economy using Bitcoin
He pledged that America, and particularly Florida, would be the centre for the development and security of cryptocurrencies, including Bitcoin. “I’ll put an end to Joe Biden’s assault on cryptocurrency, and we’ll make sure that Bitcoin and other cryptocurrencies are developed in the United States. We’re going to hold it here for a long time . A large portion of it will be completed here in Florida, and we’re going to keep it that way,” Trump said.
Trump advocates for mining Bitcoin domestically
Trump has frequently attacked Biden for taking such a hard line on cryptocurrency. He criticised Biden’s plans on May 26 and emphasised that the US should strive to lead the crypto business. He posted the following on Truth Social:
“The worst president in our nation’s history, crooked Joe Biden, wants it to pass away slowly and painfully. With me, that will never occur.”
Trump’s statement on Wednesday emphasising that “all remaining Bitcoin must be mine… in the United States” sig nalled a major change in his stance towards the cryptocurrency sector. “We demand that every last bitcoin be produced in the United States! We’ll be able to control energy better!” he exclaimed on Truth Social. The former president maintained that the “last line of defence” against digital currencies issued by central banks (CBDCs) might be domestic Bitcoin mining see Also: To Counter Joe Biden, Donald Trump Is Creating a Crypto Army
Numerous other nations are preparing to launch their own virtual currencies as well. But a bill recently enacted by the U.S. House forbids the Federal Reserve from issuing a CBDC without express permission from Congress. Once more, Biden came under fire from Trump, who said that his “hatred of Bitcoin only helps China, Russia, and the Radical Communist Left.”
Biden attacks cryptocurrency When it came to cryptocurrencies, the Biden administration was circumspect and frequently critical, particularly during the period when the industry was beset by high-profile scandals that had a negative impact on investors. In terms of consumer protection, financial stability, and illegal activity, government agencies are required by an executive order signed by Biden in 2022 to evaluate the advantages and disadvantages of cryptocurrencies.
President Joe Biden. Source: Reuters
Trump himself hasn’t always been a fan of crypto. He declared in 2019 that he did not “support Bitcoin and other cryptocurrencies, whose value is highly volatile and based on thin air, and which are not money.” Unregulated cryptocurrency assets have the potential to support illegal conduct, like as the drug trade.