Trump's Conviction: Impact on His Pro-Crypto Presidential Campaign?
Donald J. Trump has been convicted of concealing a sex scandal involving Stormy Daniels, with a unanimous verdict finding him guilty on all 34 counts of falsifying records. This conviction jeopardizes his 2016 presidential campaign and poses a potential threat to his upcoming campaign for the U.S. election on November 5, 2024. Despite this setback, Trump is positioning himself as the pro-crypto candidate in the race.
May 2024 marked a significant political shift in U.S. policy towards crypto regulation. Trump is seizing this opportunity to attract votes from crypto advocates. Recently, President Joe Biden threatened to veto the Congressional Review Act (CRA) H.J.Res. 109, which sought to review and remove the SEC Staff Accounting Bulletin No. 121 (SAB 121). This move sparked political upheaval.
The U.S. Congress passed H.J.Res. 109 with a 60 to 38 vote, an impressive bipartisan effort in a divided Congress. Craig Warmke, co-author of "Resistance Money" and a fellow at the Bitcoin Policy Institute, noted that "Trump smelled blood" and is now capitalizing on this political shift.
Despite previously declaring on X that he was "not a fan of Bitcoin," Trump has adjusted his stance as the Senate adopts a more favorable approach to crypto regulation. He now makes several pro-crypto promises, including positioning the U.S. as a global leader in the crypto sector, supporting the right to self-custody, accepting crypto for his campaign, opposing the creation of a central bank digital currency (CBDC), and vowing to keep Elizabeth Warren away from Bitcoin.