- Former U.S. President Donald Trump has pledged to terminate what he considers President Joe Biden’s “war on crypto” if he is re-elected for a second term.
- Trump’s remarks came during a special address in West Palm Beach, Florida, signaling his dedication to fostering a pro-crypto environment in the United States.
- His commitment was also echoed in a recent dinner with Bitcoin miners, where he acknowledged their role in energy grid stability and positioned himself as a champion of the cryptocurrency sector.
Trump pledges to end Biden’s “war on crypto,” emphasizes future of Bitcoin in the U.S. and promises support from Florida.
Trump Vows to End Biden’s Crypto Policies
During a special address in West Palm Beach, Florida, coinciding with his 78th birthday, former President Donald Trump vowed to end what he described as President Joe Biden’s “war on crypto” should he secure a second term in office. Trump’s declaration underscores his commitment to turning the United States, particularly Florida, into a hub for cryptocurrency activity.
Trump Criticizes Biden’s Crypto Approach
On May 25, Trump took to his own social media platform, Truth Social, to criticize Biden, claiming that the current administration is intent on seeing the cryptocurrency industry collapse. “Crooked Joe Biden… wants it to die a slow and painful death. That will never happen with me,” Trump wrote. This rhetoric positions Trump as a pro-crypto candidate as he prepares for the 2024 presidential race against Biden.
Support from the Cryptocurrency Community
Trump’s support for the cryptocurrency sector was further emphasized during a dinner at Mar-a-Lago on June 11, where he met with Bitcoin miners to discuss their role in stabilizing the energy grid. Matthew Schultz, executive chairman of CleanSpark Inc., highlighted Trump’s strong understanding and endorsement of Bitcoin miners’ contributions, especially during a time when the industry is scrutinized for its environmental impact.
Endorsement from Industry Leaders
High-profile Bitcoin miners, including Jason Les, CEO and director of Riot Platforms Inc., attended the Mar-a-Lago dinner. Les confirmed the meeting and lauded Trump’s perspective on Bitcoin and U.S. energy dominance. In subsequent posts, Trump framed Bitcoin mining as a strategic defense against potential Central Bank Digital Currencies (CBDCs) under the Biden administration, advocating for domestic Bitcoin production as a means to enhance U.S. energy security.
High-Profile Fundraiser in San Francisco
Trump’s crypto advocacy was prominently featured at a high-profile fundraising event in San Francisco on June 6, hosted by tech investors David Sacks and Chamath Palihapitiya. According to Alexandra Ulmer’s report for Reuters, the event raised $12 million and saw Trump making a compelling case for his support of the crypto industry. Trevor Traina, a former U.S. ambassador, recounted Trump declaring himself as the future “crypto president,” a stance that aims to rally support from a crypto-focused electorate amid regulatory challenges.
Conclusion
Trump’s promises and actions signal a robust shift in the political landscape concerning cryptocurrency regulation in the United States. By advocating for a pro-crypto policy and engaging directly with industry leaders, Trump is leveraging digital assets as a key component of his campaign. This strategy not only aims to garner support from the crypto community but also seeks to establish the U.S. as a leader in the global cryptocurrency market.
