Trump Pledges to End Biden’s Cryptocurrency Crackdown

Trump Pledges to End Biden’s Cryptocurrency Crackdown

Former United States President Donald Trump has pledged to end President Joe Biden’s stringent cryptocurrency policies if he is re-elected. Speaking at an event in West Palm Beach, Florida, on his 78th birthday, Trump criticized Biden’s “war on crypto” and promised to secure and develop the future of Bitcoin and crypto in America, particularly in Florida.

Trump emphasized the need for the United States to lead in the crypto industry, declaring, “I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America. We’re going to keep it right here, and a lot of it is going to be done right here in Florida.”

In his recent statements, Trump called for all remaining Bitcoin to be mined domestically, arguing this move could bolster U.S. energy dominance and act as a defense against central bank digital currencies (CBDCs). “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” he proclaimed on Truth Social, suggesting that domestic Bitcoin mining could be crucial against the rise of CBDCs.

Trump has been vocal in his opposition to Biden’s crypto policies, labeling Biden the “worst president in the history of our country” and accusing him of wanting to see the cryptocurrency sector “die a slow and painful death.” Trump contends that Biden’s stance on crypto benefits adversaries like China and Russia.

In contrast, the Biden administration has taken a cautious approach to cryptocurrencies, prompted by high-profile scandals and concerns over consumer protection, financial stability, and illicit activities. In 2022, Biden signed an executive order directing government agencies to evaluate the risks and benefits of cryptocurrencies.

Interestingly, Trump’s current support for crypto marks a significant shift from his earlier views. In 2019, he expressed skepticism, stating, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

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