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Is Donald Trump Bitcoin’s Preferred President? Crypto Policy Lacking as Uniswap Urges Biden to Back Crypto

Last Updated May 13, 2024 3:35 PM
Eddie Mitchell
Last Updated May 13, 2024 3:35 PM
Key Takeaways
  • Trump is receiving crypto policy advice and backing from industry players.
  • Uniswap’s CEO has called for the Biden administration to rethink its position on crypto.
  • Mark Cuban believes crypto voters could sway the 2024 U.S. Presidential election.

The U.S. is gearing up for the 2024 election season, and crypto policy may significantly influence the results.

As the Biden administration comes under fire for not embracing cryptocurrency, and perhaps stifling it through poor regulation, industry players are seemingly turning to Trump, who holds more favorable views despite having zero public policy on the matter.

Trump Backs Crypto?

Donald Trump had previously held a skeptical view of crypto, though this was before he had decided to launch his own  non-fungible tokens (NFTs) and stated he’d accept crypto donations for his campaign.

Now, the Presidential hopeful has links with Bitcoin Magazine, which has disclosed that they are providing Trump with pro-crypto policy advice.

As per the post from Bitcoin Magazine CEO, David Bailey, this also includes working to raise a gigantic $100 million “war chest” for the campaign, to ensure that the next U.S. president “is pro Bitcoin.”

The belief that a Trump-led government would be a net positive for Bitcoin and crypto is mounting, though this is arguably due to the missteps of the Biden administration over recent years.

However, with no official policy on crypto, the Trump administration’s position is vague, albeit more positive toward crypto than that of Biden’s.

Uniswap on Biden

Posting to social media, Uniswap founder Hayden Adams has expressed concern over the Biden administration’s approach to crypto.

He is critical of the administration’s position, or lack thereof, on crypto. Hayden implies that it has allowed the heavy-handed U.S. Securities and Exchange Commission (SEC) and Senator Elizabeth Warren to “wage total war” on the industry. He adds :

Not much time for Biden to save it. Any one close to him or dem leadership should be expressing how serious this is and pushing for immediate reversal on his approach to crypto (public support/plan and reigning in sec + warren).

He warns that fractured politics and regulatory infighting can have major consequences for the Democratic party’s presidential ambitions, as now Republicans are beginning to take advantage of this position.

Republicans smell blood in the water and are turning hard towards crypto.

Research and polling data  suggest that crypto could have some effect on the race, with more than 20 percent of voters in six key swing states noting crypto as an important issue.

According to Hayden, it was a grave error for the Biden administration to think that crypto would be irrelevant in the forthcoming U.S. presidential election.

Mark Cuban Speaks Up

On May 10, 2024, billionaire Mark Cuban posited his thoughts on the matter, bullishly suggesting that “crypto voters will be heard this election.”

According to Cuban, Biden could lose a significant portion of the crypto vote thanks to SEC Chairman Gary Gensler, who has become one of crypto’s most notorious figures.

He is critical of Gensler’s approach, which he argues is making it “nearly impossible” for crypto businesses to survive. Cuban says this is a “warning” to Congress, and calls for U.S. politicians to pass crypto-specific legislation, just as other industries have.

Cuban also suggests they could hand over crypto regulation authority to the Commodity Futures Trading Commission (CFTC), who are seemingly battling with the SEC to determine the future of crypto in America. It’s unclear whether or not the crypto demographic will sway the vote, but research suggests  that Americans have an overall positive view of crypto.

With the crypto industry now throwing hats into the ring and raising $102 million  to spend on the 2024 congressional elections, 2024 may be the year that Bitcoin achieves political legitimacy in America.

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