Cryptocurrency and Bitcoin relegated to secondary focus in intense presidential debate between Donald Trump and Joe Biden
In preparation for the upcoming 2024 presidential debate, both President Joe Biden and Former President Donald Trump are actively engaging in discussions pertaining to the White House race. The debate has commenced with a series of new allegations, sparking interest among the public.
Social media platform X is abuzz with talk of the cryptocurrency industry advocating for the inclusion of cryptocurrency-related topics in tonight’s debate. In light of President Biden’s recent veto, reports suggest that his campaign is exploring the option of receiving donations through Coinbase Commerce, a strategy that was first introduced by President Trump’s campaign the previous month. Legal actions taken against major cryptocurrency firms such as Coinbase, under the oversight of SEC Chairman Gary Gensler appointed by Biden, have stirred controversy within the industry.
Despite the buzz, midway through the debate, neither candidate has disclosed any revised stances on cryptocurrencies. Trump, who previously denounced Bitcoin as a scam following his term in office, now proudly identifies as ‘the crypto President’, leaving crypto enthusiasts eager to hear his current stance on the matter.
What were Trump’s earlier beliefs on the subject? A few years back at the White House, Trump expressed his disapproval of Bitcoin and other cryptocurrencies, labeling them as non-currency entities with highly volatile values based on speculation. He warned about the potential for unregulated cryptocurrency assets to facilitate illicit activities such as drug trafficking. Emphasizing the US Dollar as the sole legitimate currency in the country, he dismissed the prospects of alternative forms of currency.
Fast forward to May 2024, Trump’s perspective had shifted. In a public address, he pledged to champion the advancement of crypto and Bitcoin within the United States, steering it away from overseas influences. He vowed to safeguard the right of the nation’s 50 million crypto holders to manage their assets independently. Seeking support through votes, he promised to shield bitcoin from interference by politicians such as Elizabeth Warren and prevent the establishment of a central bank digital currency.
Additional Reading: Senior Bloomberg Analyst Forecasts Launch of Solana ETF in 2025
Tags: Crypto Regulations, US Elections