Donald Trump Promises To End Joe Biden’s ‘War On Crypto’

Donald Trump Promises To End Joe Biden’s ‘War On Crypto’

The crypto market’s significant growth has made a name for itself in contemporary investment and political discourse. In a recent address in West Palm Beach, Florida, former President Donald Trump vowed to end what he described as President Joe Biden’s “War on Crypto” if he were to be reelected.

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Trump, who disregarded crypto as a viable finance, has recognized its place in America’s economic future in recent days. Trump clarified his crypto stance in a speech on June 12, 2024. He declared, “All remaining Bitcoin to be made in the USA.” This stance contrasts sharply with Biden’s more cautious approach to crypto. Biden’s Executive Order (EO) from March 2022 illustrates this — calling for federal agencies to oversee digital assets more closely.

Biden stated in his EO, “We must support technological advances that promote responsible development and use of digital assets” and further outlined six key priorities:

  1. Consumer and investor protection

  2. Promoting financial stability

  3. Countering illicit finance

  4. U.S. leadership in the global financial system and economic competitiveness

  5. Financial inclusion

  6. Responsible innovation

Although Biden’s EO is vague, his regulatory proposals show what he means by “responsible development and use.” The Biden administration advocated a 30% tax on cryptocurrency mining (phased in over three years) to address its environmental impact.

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These regulations highlight a stark contrast between the current administration and Trump’s vision for crypto. Trump accused Biden of wanting to see the crypto industry “die a slow and painful death” with such stringent regulation.

Much of the crypto industry believes Biden’s interventions will push crypto overseas and stifle America’s role in financial innovation. Trump, however, pledges to foster this digital asset revolution and protect it against anti-crypto figures. He promised, “I will keep Elizabeth Warren and her goons away from your Bitcoin.”

While Trump’s vision for an American-dominated crypto industry remains to be seen, he hints at potential crypto mining opportunities on U.S. soil. He mentioned how Florida’s absence of income tax is ideal and assured, “Florida is already leading the way, and with the right policies, it can become the crypto capital of the world.”

With the presidential race underway, Trump’s focus on crypto highlights a key aspect of his campaign. He insists his reelection is essential for crypto investors to capitalize on their current positions. Trump scrutinizes Biden’s current regulation and believes it is detrimental to the industry’s fruition. With crypto being a $2.5 trillion industry, political opinion will affect the polls. Undoubtedly, crypto will remain a prominent topic of debate for Trump and Biden as they gear up for the 2024 election.

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