U.S. Lawmakers Expect Trump to Become “More” Cryptocurrency Friendly in Second Term as President

U.S. Rep. Tom Emmer (R-TX) expects former U.S. President Donald Trump to become “more” cryptocurrency-friendly if he returns to the White House. Since leaving office, Trump has launched three non-identical token (NFT) series. Meanwhile, some analysts are predicting that if Trump wins this year’s presidential election, the price of Bitcoin could hit an all-time high.

Trump is expected to become more crypto-friendly  Kaspa mining

House Majority Whip Tom Emmer (Republican, Minnesota) believes that the potential return of former U.S. President Donald Trump to the White House could lead to a more cryptocurrency industry-friendly regulatory environment.Emmer endorsed Trump in the 2024 Republican presidential primary and is an outspoken cryptocurrency supporter.

The congressman was quoted in the report as saying:

“If a second Trump administration takes office, the president will be more friendly to the cryptocurrency industry.”

Trump was not a fan of Bitcoin or other cryptocurrencies during his presidency. “I don’t like Bitcoin and other cryptocurrencies, they are not currencies and their value is highly volatile and comes out of thin air. Unregulated crypto assets can facilitate illegal behavior, including drug dealing and other illegal activities,” he wrote in July 2019 on Twitter (now Platform X).

Since leaving office, however, the former U.S. president has launched three non-homogenized token (NFT) series. The most recent was the Mugshot edition, launched last December. His first NFT collection was a digital card collection showcasing art from his life and career. His second NFT digital card collection launched in April, 19 days after he was charged with 34 felony counts of allegedly falsifying business records. Trump recently sold millions of dollars worth of ETH he received from NFT sales, according to chain analysis.

Brian Brooks, former chief legal officer of cryptocurrency exchange Coinbase and acting comptroller of the currency from May 2000 to January 2021, commented:

“The person Trump will put in a regulatory role is at least more likely to be open to cryptocurrencies than the current administration, if not overtly cryptocurrency-friendly.”  Whatsminer Miner

Trump recently warned that if he doesn’t win the presidential election this year, the stock market will crash and there will be another Great Depression.

Analysts at asset management firm Vaneck predicted that if Trump wins this year’s presidential election, the price of bitcoin will hit an all-time high. In its 15 Cryptocurrency Predictions for 2024, the firm wrote, “We think the price of Bitcoin will reach an all-time high on November 9.” Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark noted last September, “Cryptocurrency-voters are likely to be single-issue voters, and a strong and passionate one at that, so perhaps former President Trump will dramatically change his cryptocurrency tone. ”

Do you think former US President Donald Trump would be more friendly to cryptocurrencies if he were elected US President this year? Let us know in the comments section below.