Trump Takes A Stance: No Crackdown On Bitcoin And Cryptocurrencies If Elected President

In a recent interview with CNBC’s “Squawk Box,” former President Donald Trump expressed his views on the use of Bitcoin (BTC) and other cryptocurrencies, suggesting a pro-crypto stance if he were to be elected president again.

Trump’s remarks come at a time when the crypto industry is facing increased regulatory scrutiny under the leadership of US Securities and Exchange Commission (SEC) Chair Gary Gensler.

Trump’s Pro-Crypto Stance

During the interview, the former President acknowledged the growing popularity and utility of digital currencies, stating, “I have seen there has been a lot of use of that.”

While emphasizing his preference for a single currency, namely the dollar, Trump recognized the significance of cryptocurrencies as an additional form of currency that has gained traction. 

In particular, former President Trump indicated that he would not pursue a regulatory crackdown on Bitcoin or other digital assets using the powers of his administration.  

This differs significantly from the current state of the crypto industry, which does not have a regulatory framework in the country that could foster the development and growth of other digital assets besides Bitcoin, which is considered a commodity and not a “security” by regulators

“I’m very much a traditionalist. I like staying with the dollar,” Trump asserted, highlighting his inclination towards conventional monetary systems. 

However, Trump acknowledged the evolving landscape of digital currencies and their potential impact, stating, “I will tell you it has taken on a life, and I’m not sure that I’d want to take it away at this point.”

Bitcoin Payments For Personal Brand Merchandise

Trump further illustrated his observations of cryptocurrency’s increasing prevalence, sharing an anecdote about the use of digital assets in purchasing his Trump-branded sneakers. He noted:

I noticed that so many of them were paid for with this new currency … you know, cryptocurrency, and I couldn’t believe the amount.

While Trump himself has not personally invested in Bitcoin, he revealed that he occasionally allows individuals to make payments using cryptocurrencies.

This openness to accepting digital assets aligns with his overall stance of not impeding their use or stifling innovation within the crypto industry.

Trump’s remarks serve as a reminder that the regulatory landscape surrounding cryptocurrencies remains uncertain. With SEC Chair Gary Gensler leading efforts to enhance regulatory oversight, the potential return of Trump to the White House could introduce a contrasting approach, one that favors a more lenient regulatory environment for cryptocurrencies.

However, it is important to note that former President Trump previously expressed a contrasting view on the matter. He stated that he was not a supporter of Bitcoin and other cryptocurrencies, dismissing them as “not money” and claiming they were based on thin air. 

Consequently, the realization of Trump’s pro-crypto stance, if he were to be reelected as president, remains uncertain. As the race for the White House unfolds, the cryptocurrency industry will closely monitor the positions and policy proposals of all candidates, recognizing the potential implications for the future regulation and development of digital assets.

Currently, Bitcoin, the leading cryptocurrency in the market, has surged to a new all-time high (ATH) of $72,600, marking a remarkable increase of over 5% within the past 24 hours.

Featured image from BBC, chart from TradingView.com