Trump vows to end hostility toward crypto and promote supportive environment for businesses in the US

Trump claimed the Biden administration lacks an understanding of crypto.

Donald Trump has pledged to end hostility toward crypto and keep crypto businesses in the US. His declaration was made at the Trump Cards NFT Gala, an exclusive event for holders of his NFTs, on May 8.

“If crypto is moving out of the US because of hostility toward crypto… well, we’ll stop it. We don’t want that,” Trump asserted. “If we’re going to embrace it, we have to let them be here.”

He further expressed his campaign’s openness to accepting crypto donations.

“If you can’t, I’ll make sure you can,” he assured. “Can we donate to the Trump campaign using crypto? I believe the answer is yes.”

In addition, Trump criticized the current administration, suggesting that President Biden lacks an understanding of crypto, and positioned himself as the pro-crypto candidate. He also took a jab at SEC Chairman Gensler, labeling him and the Democrats as anti-crypto.

The event, held at the Mar-a-Lago resort in Palm Beach, Florida, required attendees to own at least 47 of Trump’s NFTs. For the first time, presidential candidate Donald Trump has publicly supported not just Bitcoin, but the broader crypto market as well. This marks a significant shift from his previously anti-crypto stance.

Trump kept his anti-crypto stance for quite a long time, but he has recently shown a shift in his stance. He said in an interview with Fox News that as more people want to pay in Bitcoin, he can live with it by any means. He also voiced opposition to the issuance of a central bank digital currency (CBDC).

According to Standard Chartered, Bitcoin could benefit from a Trump re-election. The bank suggests a Trump election victory potentially creates a more crypto-friendly regulatory landscape.

The Biden administration announced yesterday its intention to veto H.J. Res. 109, a resolution aimed at overturning the SEC’s Staff Accounting Bulletin 121 (SAB 121). The administration’s stance is that repealing SAB 121 would undermine the SEC’s ability to protect investors and could lead to financial instability.

The regulation is seen as discriminatory against crypto assets and has been criticized for deterring banks from engaging in crypto storage.

On May 8, the US House of Representatives passed Representative Mike Flood’s (NE-01) bipartisan H.J.Res. 109, which aims to overturn the SEC’s SAB 121.