Trump Proclaims Himself the “Crypto President”

During a recent fundraising event, Republican presidential candidate Donald Trump declared himself the “crypto president,” a stance that resonated among attendees. According to a report by Reuters, this proclamation was echoed by Trevor Traina, a former ambassador under Trump’s administration, who attended the event. Traina relayed that Trump expressed decidedly pro-crypto sentiments.

Trump, however, did not delve into specific policy plans but made a bold claim about reversing the current administration’s stance on cryptocurrency. Jacob Helberg, senior policy adviser at Palantir, quoted Trump as saying that the “Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.”

The fundraiser reportedly drew prominent figures from the cryptocurrency industry, including executives from Coinbase and Gemini’s co-founders, Tyler and Cameron Winklevoss.

This development comes amid growing political interest in cryptocurrency. Recently, the sector achieved a significant legislative milestone with the bipartisan support for a critical crypto regulation bill. This was soon followed by the unexpected approval of multiple U.S. spot Ethereum ETFs, which industry leaders hailed as a transformative event for cryptocurrency.

Joe Lubin, Ethereum co-founder, emphasized the escalating political relevance of crypto in an interview. He suggested that the cryptocurrency has reached a new level of political significance that compels American legislators to pay attention.

Crypto lobbyists also noted a shift in the political landscape following the bipartisan effort to repeal the SEC rule SAB 121, a move President Joe Biden threatened to veto and ultimately did, citing concerns over potential impacts on the SEC’s broader regulatory authority.

Amidst this backdrop, Republicans, including Trump, are keen to align themselves with pro-crypto policies. Trump’s campaign has even started accepting Bitcoin donations, underscoring his commitment to the crypto cause.

Despite these developments, the political statements seemed to have a mixed impact on politically themed meme coins. Following the news of Trump’s fundraiser, the MAGA (TRUMP) coin saw a 7% increase, whereas other Trump-related coins, such as MAGA Hat (MAGA) and TREMP, experienced declines.

As the 2024 presidential election approaches, cryptocurrency is increasingly becoming a pivotal issue. With Trump positioning himself as a champion of the crypto community, the political dynamics surrounding digital currencies promise to be a significant factor in the campaigns of both major parties.