Trump vows to end Biden’s crypto crackdown if re-elected

Former United States President Donald Trump has vowed to end President Joe Biden’s “war on crypto” if he is re-elected. Speaking at an event in West Palm Beach, Florida, on his 78th birthday, Trump made his intentions clear.

Also Read: Trump Wants to Use Bitcoin to Save U.S. Economy

He promised that the future of crypto and Bitcoin would be secured and developed in America, especially in Florida. “I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America. We’re going to keep it right here, and a lot of it is going to be done right here in Florida,” Trump declared.

Trump calls for domestic Bitcoin mining

Trump has consistently criticized Biden’s strict stance on cryptocurrencies. On May 26, he attacked Biden’s policies, stressing that the United States must aim for the top position in the crypto industry. He wrote on Truth Social:

“Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me.”

Last Wednesday, Trump emphasized the need for all remaining Bitcoin to be mined in the United States, marking a significant shift in his support for the crypto industry. “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” he stated on Truth Social. The former president argued that domestic Bitcoin mining could be the “last line of defense” against central bank digital currencies (CBDCs).

Also Read: Donald Trump Will Build a Crypto Army To Fight Joe Biden

Several other countries are also planning their own digital currencies. However, the U.S. House recently passed a bill that prohibits the Federal Reserve from issuing a CBDC without explicit authorization from Congress. Trump criticized Biden again, saying his “hatred of Bitcoin only helps China, Russia, and the Radical Communist Left.”

Biden criticizes crypto

The Biden administration has been cautious and often critical with its approach to cryptocurrencies, especially when the sector was plagued by high-profile scandals affecting investors. In 2022, Biden signed an executive order directing government agencies to assess the risks and benefits of cryptocurrencies concerning consumer protection, financial stability, and illicit activity.

Trump himself hasn’t always been a fan of crypto. In 2019, he stated that he was “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

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Cryptopolitan reporting by Jai Hamid