U.S. Needs to Pioneer Cryptocurrency to Prevent Being surpassed by China's Advancements
In an interview on May 4, as seen on Meet the Press, ex-president Donald Trump made his stance on cryptocurrency clear: he's a supporter. Discussing digital assets amid broader topics like foreign policy and the economy, Trump painted crypto as a vital strategic issue for the United States.
"I'm in favor of crypto," Trump declared, quickly adding that he isn't personally profiting from it. "I'm not profiting from anything. All I'm doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don't do it, China's going to," he further explained.
The market's resilience, even amid broader downturns, caught Trump's attention. "It's new, it's very popular, it's very hot. If you look at the market, when the market went down, that stayed much stronger than other aspects of the market," he noted, stating his belief that millions of Americans are into crypto and want it.
Trump didn't mince words when critiquing his political rival, President Joe Biden, accusing the current administration of taking a harsh stance against crypto before softening its position in response to voter pressure. "I don't know if you know that Biden went after it violently, and then before the election, he changed his tune entirely-his head of the SEC, everybody-changed their tune," Trump said, emphasizing that Biden's efforts to suppress crypto votes didn't work.
Pressured again on personal benefits from crypto, Trump maintained his stance, saying, "I haven't even looked."
Trump's stance on crypto differs significantly from the regulatory approach under Biden. The SEC, led by Chair Gary Gensler, has taken a tough stance against crypto platforms, escalating enforcement actions. Conversely, the Trump administration leaned into crypto, advocating for policies aimed at expanding the sector.
Bonus Info- Trump's administration had a more supportive stance toward crypto-asset activities, with the Federal Reserve withdrawing some of its prior guidance on banks engaging with cryptocurrencies[3].- The SEC, during Trump's presidency, dropped lawsuits against major crypto exchanges and eased up on enforcing securities laws for crypto-assets[4].- Trump issued executive orders aimed at boosting U.S. leadership in digital financial technology and establishing a Strategic Bitcoin Reserve[6].
- Trump's views on crypto contrast sharply with the regulatory approach under President Joe Biden, as the SEC, led by Chair Gary Gensler, has taken a tough stance against crypto platforms, while the Trump administration leaned into crypto, advocating for policies aimed at expanding the sector.
- During the interview on May 4, Trump expressed his support for crypto, saying, "I'm in favor of crypto," and believes that millions of Americans are into crypto and want it.
- Trump's stance on crypto differs significantly from the current administration's, with the SEC, during Trump's presidency, dropping lawsuits against major crypto exchanges and easing up on enforcing securities laws for crypto-assets, in contrast to the increased enforcement actions under the current SEC leadership.
- Trump accused the current administration of taking a harsh stance against crypto before softening its position in response to voter pressure, stating, "I don't know if you know that Biden went after it violently, and then before the election, he changed his tune entirely-his head of the SEC, everybody-changed their tune."
