Trump holds on to crypto as his new campaign strategy against Biden

Recently, a political-crypto gathering of supporters took place at Mar-a-Lago, hosted by former President Donald Trump. The event was exclusive to traders who purchased over 47 of the Trump Digital Trading Cards “Mugshot Edition” NFTs, that were valued at $99 per card. After the dinner, Trump delivered a brief speech on crypto, which was later recorded and shared on X.

Trump turns to crypto as a weapon against the Biden administration

During a gathering at Mar-a-Lago, Trump urged crypto supporters to cast their vote in his favor, citing the Biden administration’s stringent regulatory measures imposed on the industry.

The Democrats are very much against it [crypto]. And I say this, a lot of people are very much for it … and I’m fine with it. I want to make sure it’s good and solid … but I’m good with it. If you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump. Donald Trump

The change in Trump’s approach towards the crypto community is a significant shift from his previous criticisms, although it was somewhat was expected. Republicans have shown growing support for bitcoin and other digital assets in recent years, while some Democrats continue to debate whether to recognize the industry following a series of scandals.

Trump’s endorsement is a significant development for crypto entities that have been actively lobbying in Washington and investing substantial amounts of money to shape the outcome of the 2024 elections.

Trump also mentioned that NFTs have gained popularity once again, which was met with enthusiasm from his supporters.

These statements indicate a significant shift in position since 2021 when Trump expressed concerns about the potential risks of crypto and stated that he was not supportive of it.

Furthermore, this position is more assertive than his previous viewpoint. During a Fox News town hall in February 2024, Trump acknowledged the need for regulation. He stated that, “You probably have to do some regulation. But many people are embracing it. More and more I’m seeing people wanting to pay Bitcoin, and you’re seeing something that’s interesting, so I can live with it one way or the other.”

Biden’s administration handle on crypto

On the same day, Biden made it clear that he would veto a resolution aimed at repealing a Securities and Exchange Commission accounting policy.

The SEC policy, known as Staff Accounting Bulletin No 121 or SAB 121, adds the costs for financial institutions that hold digital assets in custody. The tax proposal introduced by Biden has sparked controversy within the DeFi ecosystem. This is because it would impose a 30% excise tax on the electricity costs of BTC miners.

“Gensler is very much against it,” Trump said on Wednesday regarding the administration’s current stand on crypto. “The Democrats are very much against it.”

However, there are Democrats who support the proposed bill. On that note, 21 Democrats broke ranks with President Biden’s veto threat and sided with Republicans in voting for a resolution to overturn the SEC’s crypto guidance.

It seems that memecoins are benefiting from the age-old adage that any kind of publicity is good publicity – especially the bad. Even the most insignificant form of publicity.

The crypto token Jeo Boden (BODEN) experienced a significant surge of up to 25% on Wednesday. This increase in value came after former President Donald Trump responded to a question from one of his supporters regarding the token.

After reaching its highest point at $0.42, BODEN experienced fluctuations and is currently trading at $0.28, representing a decrease of over 19%.

The Trump campaign is currently not accepting crypto donations, but he mentioned at the impromptu gathering that he plans to do so.

When asked about the possibility of accepting donations in crypto, the likely Republican nominee confidently assured, “If you can’t, I’ll make sure you can.”