Donald Trump just pulled off the greatest comeback by winning the 2024 U.S. Presidential Election. With a commanding lead of 270 to Kamala Harris's 213 votes, Trump has officially re-entered the White House as the first Bitcoin President.
The start of Trump’s administration signals a potential end to the regulatory trajectory set by previous U.S. leadership, which emphasized crypto compliance and regulatory crackdowns. With this renewed political backing, the crypto market is hoping that this might open doors to innovation and growth, marking a new era for participants and investors.
As we brace ourselves for the start of a new Trump term which would start next January, let's relook at all the things Trump has promised for the crypto community during his campaign....
On May 22, Trump made the first bold by announcing to his supporters that his campaign would be allowing supporters to contribute through any cryptocurrency. This was something never done before, making Trump the first presidential candidate who has accepted cryptocurrencies for his campaign.
One of the highlights of his campaign is Trump's promise to remove all the restrictions on cryptocurrencies that was previously established by the Biden administration. During his campaign, he criticised Biden for his restrictive stance, and mocked Senator Elizabeth Warren for building an "anti-crypto army" that tried to limit Americans' financial choices.
In contrast, Trump pledged that he would be building a crypto army that would promote financial freedom. This sharp divergence highlights the clash between Trump and Biden on cryptocurrency policy. The Biden administration, with the support of figures like Elizabeth Warren, has enacted numerous regulatory measures targeting the industry, which many participants view as burdensome.
Biden also has stated his commitment to closing crypto tax loopholes and enforcing fair taxes on the wealthy and large corporations. In May 2024, Biden’s office opposed H.J. Res 109, a bill that would permit regulated financial institutions to hold crypto assets, arguing it would interfere with the SEC’s efforts to protect investors.
Trump’s involvement in the crypto space extends beyond policy. In May 2024, following a court appearance, he hosted a private dinner for buyers of his “Mugshot Edition” NFT collection, a limited series featuring images and illustrations related to his arrest in Georgia in 2020.
Each of these NFTs was priced at $99 each, and amazingly these NFTs has attracted numerous buyers, with exclusive access granted to those purchasing large quantities.
During the event, Trump was asked about the issue of crypto companies leaving the United States due to regulatory issues. To which Trum responded that he would try to retain these companies in the United States.
"I will stop these hostilities if we want to embrace encryption, they need to stay here."
Data from Arkham, an on-chain analysis platform, shows Trump holds approximately $6.25 million in crypto assets, including $2.15 million in meme coins themed around his own name, as well as significant amounts of ETH and WETH.
Through his campaign and promises to rekindle the crypto landscape, Trump has also allowed Trump to garner unprecedented levels of support from both U.S. political figures and prominent figures from the crypto world.
Cameron Winklevoss, Co-founder of Gemini, also voiced his optimism for crypto if Trump were to win the Election, saying
"The Harris-Biden administration has made the encryption industry pay $500 million in legal fees. If you vote for Trump, the number will drop to zero; if you vote for Harris, the cost will soar to billions of dollars."
So what can we expect for crypto in the next few years? Trump has repeatedly stated that his first call of order would be to fire SEC Chairman Gary Gensler from his position.
During his one hour speech during the 2024 Bitcoin Conference in Nashville, Trump also pledged to make the U.S. a global leader in cryptocurrency. Trump has also revealed plans to establish a Presidential Advisory Committee for Bitcoin to ensure that Bitcoin remains a strategic asset in the United States.
Trump also asserted that Bitcoin does not threaten the U.S. The dollar, and everyone who thinks that Bitcoin poses a threat to the U.S dollar, is wrong.
Trump’s advocacy for cryptocurrency could herald a new phase for the industry, one defined by broader acceptance, reduced regulatory obstacles, and significant innovation.
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