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Trump Vows to Terminate Biden-Gensler Crypto Campaign

Post-election, Trump vows to terminate Biden-Gensler crypto campaign

If re-elected, Donald Trump has pledged to immediately reverse US President Joe Biden and SEC head Gary Gensler’s anti-crypto measures, according to Reuters on June 7.

During a San Francisco event on June 6, Palantir adviser Jacob Helberg recalled Trump’s remarks, describing Trump’s intended target as the “Biden-Gensler crusade against crypto.”

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The dinner was also where Trump referred to himself as a “crypto president,” according to Trevor Traina, a tech executive and former ambassador to Austria for Trump.

According to Republican National Committeewoman Harmeet Dhillon, Trump recognized the significance of crypto and expressed his support for the industry, but he did not provide any concrete crypto policies.

Additionally, he addressed the anti-crypto campaign launched by Democratic Senator Elizabeth Warren.

The $12 million Trump event was hosted by venture entrepreneur Chamath Palihapitiya and David Sacks. The Winklevoss twins, Tyler and Cameron, co-founders of cryptocurrency exchange Gemini, and some anonymous Coinbase staffers were allegedly also in attendance.

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President Trump and cryptocurrency

Though he has long been dismissive of cryptocurrency, Trump has lately shown some interest in it. While he did agree that regulation is necessary, he made note of the growing popularity of Bitcoin and its use as a payment method in February. The fact that he can “live with it one way or the other” was his admission.

In March, Trump stated that he has no plans to prohibit individuals from utilizing cryptocurrency.

At a Mar-a-Lago gathering on May 8, he blasted the actions of the Biden administration. He remarked that anyone who supported cryptocurrency had a “better vote” for him, further solidifying his pro-crypto attitude. As promised at the ceremony, Trump’s campaign started accepting cryptocurrency donations on May 21.

As US people regard cryptocurrencies as a growing issue, Trump’s opinion aligns with politics. More than 20% of Americans have held cryptocurrency and see it as a critical concern, according to recent surveys.

It was supposedly around the time when Trump was pushing crypto that the Biden administration started to build an outreach program for cryptocurrencies. Spot Ethereum ETFs also saw a change in the SEC’s attitude last month, with approvals coming on May 23 after previously anticipated denials.

About Antonia Read

Antonia Read is a seasoned author specializing in the world of startups. With a keen interest in entrepreneurship and innovation, she has become a prominent voice in the field. Antonia's insightful writings offer valuable insights into the challenges and successes of startup ventures. Her expertise and dedication to the subject have earned her a reputation as a go-to resource for aspiring entrepreneurs and business enthusiasts alike.