Former President Donald Trump intensifies his cryptocurrency advocacy for his 2024 presidential campaign, promising to push the industry forward against the Democrats' regulatory stance.
Donald Trump Promises to Champion Cryptocurrency as Part of 2024 Presidential Campaign
Former United States President Donald Trump is intensifying his cryptocurrency advocacy as a key part of his 2024 presidential campaign. At a fundraising event in San Francisco hosted by Craft Ventures’ general partner David Sacks and tech billionaire Chamath Palihapitiya, Trump boldly declared, “I would be the crypto president.” He emphasized his commitment to supporting the cryptocurrency industry and pushing for its growth, in stark contrast to what he described as the Democratic Party’s harsh regulatory approach.
Trump’s Stance on Cryptocurrency
Trump reiterated his unwavering support for the cryptocurrency sector, promising to drive the industry forward if re-elected. His pro-crypto stance aims to position him as a champion of innovation and financial freedom, contrasting with the Democrats' regulatory measures that he argues could stifle the industry's growth.
Shifting the regulatory landscape
Amidst Trump's advocacy, there are signs of a potential shift in Washington's approach to cryptocurrency. Bitwise chief investment officer Matt Hougan suggests that the United States is moving towards regulatory clarity, which could integrate cryptocurrency into the country’s substantial $20 trillion financial advisory industry. This shift could potentially create a more favorable environment for crypto investments and operations.
The crypto industry’s Political Engagement
The cryptocurrency industry is not waiting for regulatory changes to happen passively. Crypto exchange Coinbase has made a significant political move by donating $25 million to the crypto-focused super political action committee (PAC) Fairshake. This donation is part of a broader effort to ramp up lobbying activities ahead of the November U.S. elections. The latest donation brings the total amount raised by the PAC and its affiliates to $160 million this election cycle, matching contributions from Ripple and venture firm Andreessen Horowitz.
Qatar Launches CBDC Project
In a significant development outside the U.S., the Qatar Central Bank (QCB) has completed the infrastructure for a central bank digital currency (CBDC) project and launched the first phase of the experimental initiative. The project focuses on settlements of large payments among major local and international banks. The QCB aims to enhance liquidity and transactions with securities through distributed ledger technology and artificial intelligence. The project is set to run through October.
A day prior to this announcement, the QCB launched a new fintech sandbox called the Express Sandbox, designed to offer a “reduced testing period, rapid testing cycles, and a streamlined overall evaluation process” for eligible participants.
Worldcoin Suspends Spanish Operations
Meanwhile, the Spanish Agency for Data Protection has ordered the Tools for Humanity Corporation, the entity behind the human identity and financial network Worldcoin, to halt data collection and processing until the end of 2024 or the resolution of an ongoing investigation. The data protection authority of Bavaria is also scrutinizing the organization over its handling of personal user data. These actions reflect the growing scrutiny of Worldcoin’s operations across various countries.
UAE Approves Stablecoin Licensing System
In the United Arab Emirates, the Central Bank (CBUAE) has approved a new system for the oversight and licensing of stablecoins. This initiative is part of a broader effort to enhance digital transactions, advance the country’s digital economy, and foster innovation. The regulations clarify the issuance, licensing, and supervision of dirham-backed payment tokens, which must be exclusively backed by UAE dirhams and cannot be linked to other currencies, digital assets, or algorithms.
In February, the CBUAE announced plans to issue a CBDC to address inefficiencies in cross-border payments and drive domestic payment innovation.
Conclusion
Donald Trump’s renewed advocacy for cryptocurrency as part of his 2024 presidential campaign underscores the growing political significance of the crypto industry. As regulatory landscapes evolve both in the U.S. and globally, the intersection of politics and cryptocurrency will undoubtedly continue to shape the future of digital finance.
(DAVID ATTLEE, COINTELEGRAPH, 2024)