With the upcoming US presidential election, candidate Donald Trump has been trying to win the support of Web3 voters in recent weeks. In a post on the social media platform Truthsocial yesterday, he expressed a very positive and open attitude towards cryptocurrency companies and all matters related to this emerging industry. He also stated that the United States must become a leader in the cryptocurrency field, with no second place.
On the other hand, Trump launched an attack on his rival Biden at the Libertarian Party convention last night. In addition to promising to ensure that the future of cryptocurrencies is not “pushed overseas,” he vowed to stop the “Biden crusade to crush cryptocurrencies.”
At the same time, Trump also stated that he will grant clemency to Ross Ulbricht on his first day in office if elected. Ross Ulbricht was sentenced to life imprisonment with no parole for creating and operating the dark web marketplace Silk Road. This case has attracted great attention among libertarians and some members of the Libertarian Party, as they believe his punishment is too severe and hold a critical attitude towards internet freedom and government intervention.
Over the past few weeks, Trump has made numerous remarks deliberately aimed at attracting supporters of cryptocurrencies. Earlier this month, the former president made comments supporting cryptocurrencies at the Trump NFT holders’ dinner held at Mar-a-Lago. Then, last Tuesday, Trump’s campaign team began accepting cryptocurrency donations.
Meanwhile, with Trump’s pro-cryptocurrency rhetoric and actions, the Biden administration’s opposition to cryptocurrencies, as well as the historically anti-cryptocurrency stance of the US Securities and Exchange Commission (SEC), seems to have softened.
Last Wednesday, the White House issued a statement opposing the passage of the Cryptocurrency Market Structure Act by the House of Representatives, but Biden himself did not threaten to veto it. The House of Representatives subsequently approved the bill, which will now be submitted to the Senate. Then, on Thursday, the SEC approved the 19b-4 filing for an Ethereum ETF. Although this does not mean that the Ethereum spot ETF can immediately start trading, it is still a significant step towards listing in the United States.
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