Donald Trump Reiterates His Support For Crypto at Mar-a-Lago, Takes Jab at Biden and Gensler

The Republican Party Presidential candidate, Donald Trump has once again restated his support for cryptocurrency and its underlying blockchain technology. Speaking to his supporters at a special event hosting Trump NFT holders at Mar-a-Lago, the former President emphasized the rate at which crypto companies are fleeing the country.

Trump Embraces Crypto, Takes Positive Stance

In a recent event at his Mar-a-Lago resort in Florida on May 8, former President Donald Trump reaffirmed his support for cryptocurrencies while expressing concern about the hostile environment the United States has created for the asset. Responding to a question thrown by staff from DeLabs, a startup behind the Y00ts NFTs, Trump said;

“Crypto is moving out of the U.S. because of hostility towards crypto,”…“We’ll stop it because I don’t want that—if we’re going to embrace it, we have to let them be here.”

This statement underscores concerns stemming from the Securities and Exchange Commission (SEC) crackdown on crypto projects and blockchain companies.

i asked donald trump how he’s going to keep crypto businesses in america.

sounds bullish 🇺🇸 pic.twitter.com/rvuztPmQ8P

— Malcolm (33.3%) (@macdegods) May 9, 2024

Additionally, Trump noted that donations in the leading asset Bitcoin, and other tokens will be accepted for his campaign. “Can we donate to the Trump campaign using crypto? I believe the answer is yes. If you can’t, I will make sure you can,” Trump said.

Trump Takes Jab at President Biden and the SEC

Meanwhile, Trump’s changing opinions on digital assets coincide with analysts’ suggestions on Tuesday that Bitcoin might benefit if he were to win the US presidential election in November. Additionally, he attacked the incumbent, asserting that Joe Biden lacks knowledge of cryptocurrencies. Also, he alleged that the SEC Chair Gary Gensler as well as the Democrats are against cryptocurrencies. “Gensler is very much against it, the Democrats are very much against it, But I’m good with it,” Donald Trump said.

Reacting to the comment, the director of Government Relations at Blockchain Association and the author of the Token Taxonomy Act, Ron Hammond, drew attention to how cryptocurrency is becoming an “election issue.” He stressed the difficulty of being in the anti-crypto army, calling it a “losing issue,” while pointing out that about twenty-one members of the Democrats voted against their party today.

Someone saw @DCGco @paradigm @BlockchainAssn polling

Like many, I didn’t think crypto would be an election issue but today’s polar opposite statements proved that

21 D’s today voted against their own party realizing the trend: it’s a losing issue to be in the anti-crypto army https://t.co/QqX84CZlXp

— Ron Hammond (@RonwHammond) May 9, 2024