Donald Trump is trending on social media after proclaiming his support for the cryptocurrency industry, vowing to stop hostility towards crypto in the United States. This announcement has been met with enthusiasm within the crypto community, with many urging crypto holders to vote for Trump in the upcoming elections. Trump embracing crypto is a big deal and has the potential to influence the outcome of the 2024 elections and shape the future of crypto in the United States.
On the other side, the Biden administration has maintained a more hostile approach towards cryptocurrencies. The White House has opposed H.J. Res. 109, a resolution that would allow financial firms to hold cryptocurrencies like Bitcoin, viewing it as a challenge to the SEC’s guidelines, specifically Staff Accounting Bulletin (SAB) No. 121, which limits financial institutions’ capacity to manage digital assets. President Biden is expected to veto the resolution if it passes both houses of Congress, restricting banks from hold Bitcoin.
Watch Donald Trump’s remarks here:
BREAKING: DONALD TRUMP IS FINE WITH CRYPTO pic.twitter.com/SCJDKdHQUB
— Frank (33.3%) (@frankdegods) May 9, 2024
BREAKING: U.S. PRESIDENTIAL CANDIDATE @realDonaldTrump SAYS THAT HE “MADE NFTS HOT AGAIN”
SOURCE: @frankdegods
— DEGEN NEWS 🗞️ (@DegenerateNews) May 9, 2024