Donald Trump has made a bold pledge to position the United States as the leading hub for cryptocurrency if he is re-elected president. While this commitment could significantly benefit the country’s crypto landscape, it may also yield personal financial gains for Trump himself.
Trump recently unveiled a new crypto-trading initiative, which he has been actively promoting through the same social media platforms used for his political efforts. His sons, Eric and Donald Jr., along with his daughter-in-law Lara Trump, are also endorsing the new platform, which they have named World Liberty Financial.
The former president has a long-standing habit of intertwining his business and political ventures. During his time in office, he promoted his businesses, including golf courses and hotels, and now, during his presidential run, he has expanded into areas such as social media, footwear and even Bible sales. His latest project, World Liberty Financial, could see significant growth if he were to return to the White House and implement regulatory changes favored by crypto enthusiasts.
The new business will be a service focused on lending and borrowing, with some similarities to Dough Finance, an app that recently experienced a security breach. According to CoinDesk, individuals involved with the development of Dough Finance are also linked to World Liberty Financial.
However, many specifics regarding the platform, including how much ownership Trump and his family hold, remain undisclosed. Interestingly, Eric Trump claimed that both Lara and his sister Tiffany had been hacked in response to a statement made by Lara on social media regarding the objectives of World Liberty Financial.
Trump wasn’t always a supporter of crypto. In 2019, during his time as president, he openly criticized it, expressing concerns over its potential to be used for illegal activities such as drug trafficking. More recently, however, he has taken a more favorable stance. In May, his campaign announced that it would accept crypto donations, aiming to build a cryptocurrency army in the lead-up to the next election. Trump even attended a cryptocurrency conference in Nashville, where he pledged to make the United States the leader in the crypto world and proposed the idea of creating a strategic reserve of Bitcoin using the government’s existing digital assets.
Should he regain the presidency, Trump has discussed tightening his grip on economic policy, particularly through pushing the Fed toward lowering interest rates. Additionally, he has been vocal about supporting decentralized finance, a movement that seeks to use blockchain technology to revolutionize traditional financial systems.
Trump has also mentioned his plan to support Bitcoin mining to increase the output of energy. He has also opposed the proposal of a Central Bank Digital Currency (CBDC), which is still in the testing stage and has already caused suspicion in the crypto world.
For Trump, embracing crypto could be a way to connect with a younger, male demographic, as well as with conservative figures who have expressed skepticism toward government influence over financial markets.
In recent years, the government’s stance on digital assets has been somewhat ambiguous. An executive order was issued in 2022 to address cryptocurrencies, but Congress has yet to pass any meaningful legislation. In the meantime, the Securities and Exchange Commission (SEC) has taken a tough stance, enforcing regulations against several crypto companies, which some critics argue has led to unclear and inconsistent guidelines.
Major players such as Bit Digital Inc. (NASDAQ: BTBT) in the crypto industry will be watching how Trump navigates the potential conflicts of interest that arise in case he wins the elections and pushes for certain crypto policies that can be interpreted as benefiting his personal business interests.
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