Is Trump's 180 on crypto just a political maneuver?

It wasn’t long ago that Trump was a vocal critic of cryptocurrency, expressing concerns over its lack of regulation and potential use in illegal activities. He called Bitcoin a “scam” that undermined the dominance of the U.S. dollar. 

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But he just changed his tune. 

However much I’d like to believe this is a genuine ideological shift, it’s most likely a purely political move to attract younger, tech-savvy voters and those with vested interests in the crypto market. 

Bitcoin Magazine Trump postShould Trump successfully align himself with this influential demographic, it will bolster his campaign and present a more forward-thinking image. Many Bitcoiners are single-issue voters and now see Trump as the only viable pro-crypto candidate.

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For some time RJK Jr. stood out as the only real pro-Bitcoin alternative. Trump likely recognized this and jumped on the Bitcoin bandwagon in order to pull those voters over to his camp. 

The Biden administration, on the other hand, has taken a decidedly hostile stance on regulating cryptocurrencies, citing concerns over market integrity, fraud, and investor protection. This is laughable as our regulatory bodies did absolutely nothing to protect investors from the likes of FTX and Sam Bankman-Fried and have, instead, targeted legitimate good-faith actors like Coinbase and Kraken after-the-fact in an attempt to save face.

An integral part of this crackdown involves utilizing the Securities and Exchange Commission (SEC) to enforce stringent regulatory measures. The SEC, under Chair Gary Gensler, has aggressively targeted legitimate cryptocurrency exchanges, scrutinizing their operations to ensure compliance with federal securities laws. 

This increased surveillance purportedly aims to root out illicit activities and prevent manipulative practices that could harm investors but in reality, does nothing more than create an increasingly inhospitable environment for cryptocurrency businesses within the U.S.
The SEC still does not have a clear regulatory framework for cryptocurrencies and is engaged in a politically motivated “regulation by enforcement” crusade against whomever it doesn’t like at the moment. 

Through this arbitrary and capricious behavior the Democrats are simply driving growth and innovation elsewhere at a time when America needs it the most.

Many crypto enterprises seeking to avoid the heavy hand of the SEC have opted to relocate their operations to countries with more lenient regulatory frameworks, such as Switzerland, Singapore, and Malta. These nations are warmly welcoming the influx of capital with open arms and are actively fostering innovation through supportive policies and clear legal guidelines. 

The U.S. risks losing its competitive edge in this burgeoning industry. The exodus of crypto talent and capital could hinder the U.S.'s ability to influence global standards and participate in pivotal advances in blockchain technology. By stifling domestic growth in this sector, the U.S. may find itself trailing behind other nations that embrace a more balanced approach to regulation, one that both protects investors and nurtures innovation.

Imagine if the U.S. had regulated the internet out of existence (there were many who tried). Our economy would look much different today…and not for the better.

This is all about preserving the existing corrupt power structures, the biggest of which is the banking cartel. Crypto threatens to upend this centuries-old system, and corrupt politicians with the help of their bought-off regulators are fighting tooth and nail to prevent it. 

Crypto to own

Good luck. 

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In fact, crypto is such an unstoppable force that even the banks are realizing “if you can’t beat them, join them.” This is why we’re just now witnessing the Bitcoin ETFs showing up on bank balance sheets as major wirehouses get into the game. 

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The tide is turning. Don’t miss out on Bitcoin’s next move higher.

Keep coming back,

Chris Curl

Chris Curl
Editor, Daily Profit Cycle