Trump, a former U.S. president known for his outspokenness, was strongly skeptical of cryptocurrencies during his time in office. His attitude appears to have changed in recent years, even speaking out during this year's U.S. election to embrace cryptocurrencies.
Increased supervision
In June 2020, the U.S. Treasury Department introduced new regulations aimed at combating illegal activities using cryptocurrencies, including stricter customer identification and anti-money laundering measures, especially for cryptocurrency exchanges and wallet service providers. Treasury Secretary Mnuchin also proposed new regulations for non-custodial crypto wallets, requiring exchanges to record all cryptocurrency transactions above a certain amount.
The picture comes from the Internet
In June 2021, Trump once again expressed his negative views on Bitcoin in an interview, calling it a "scam" and emphasizing that he does not want any currency to compete with the US dollar. He believes that Bitcoin poses a threat to the US dollar and advocates strict regulation of cryptocurrencies.
Changing attitudes
In his speech during this year's US presidential election, Trump said, "If elected, the government policy will be that the United States will retain 100% of all Bitcoin currently held or acquired in the future. Cryptocurrency will be the core of the strategic national Bitcoin reserve. We will take measures to turn this huge wealth into a permanent national asset that will benefit all Americans. On my first day in office, I will fire Gary Gensler (current SEC Chairman) and appoint a new SEC Chairman."
Trump administration team behavior
In July this year, the Trump team released a 16-page document called the “2024 Republican Platform”, which stated that “the Republican Party will end the Democratic Party’s illegal and un-American cryptocurrency crackdown and oppose the creation of a central bank digital currency. Committed to defending the right to mine Bitcoin and ensuring that Americans have the right to keep their digital assets themselves and trade without government surveillance and control.”
The picture comes from the Internet
In addition, Trump's campaign team announced that it would accept a variety of cryptocurrencies including Bitcoin, Ethereum, Shiba Inu and Dogecoin as campaign donations. This strategy not only raised funds for the campaign, but also demonstrated a friendly attitude towards the cryptocurrency community.
Community Views
The community is also divided into two groups on the Trump administration team. One side believes that Trump's support creates a mixed but potentially favorable environment for Bitcoin and the broader crypto market, especially considering his support for stablecoins and opposition to CBDCs. The other side believes that Trump's support for cryptocurrencies may just be a political expediency, and he needs to gain votes and funds in the fierce presidential election, especially considering that his previous critical attitude towards cryptocurrencies may affect his election vote support.
