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Bitcoin and Ethereum ETFs have fueled the crypto market's rally in 2024 but Donald Trump might be the next serious catalyst.
Over the weekend, the former US president spoke at the Libertarian National Convention, vowing to protect self-custody rights for the crypto holders.
Prior to his speech, he posted on Truth social media that he is "very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry."
"Our country must be the leader in the field, there is no second place,” he added.
Memecoin Doland Tremp (TREMP) jumped over 15% yesterday whilst MAGA is up more than 50% over the week.
This isn't the first time Trump has spoken in support of the crypto industry. Earlier this month, Trump met with the buyers of his Mugshot Edition NFTs. Invitees to the dinner each bought more than 47 NFTs each, priced at $99.
At the event, Trump was asked if people can donate to his campaign with crypto. “If you can’t, I’ll make sure you can,” Trump responded. “Can we donate to the Trump campaign using crypto? I believe the answer is yes.”
"If you're in favor of crypto, you'd better vote for Trump," he said.
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Trump has also vowed to commute the life sentence of Silk Road founder Ross Ulbricht to time served if he is re-elected president.
“If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served,” Trump said at the Libertarian National Convention. “He’s already served 11 years, we’re gonna get him home.”
Trump's own crypto portfolio has topped $10 million too, including around $7 million of TRUMP coin, which is up more than 16% over the week.
Trump vs. Biden
As Trump increases his popularity among the crypto crowd, Joe Biden is losing friends in the space. While memecoins TREMP and MAGA shot up after Trump's pro-crypto words, Jeo Boden (BODEN) has cratered almost 18%.
Trump has taken multiple swings at the incumbent president, including on his recent Truth social post. "Our country must be the leader in the field," Trump said. "There is no second place. 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."
During his Mugshot Edition NFTs event, Trump said President Joe Biden “doesn’t even know” what cryptocurrency is. Taking a broader swing at the Democrats, Trump said their party is "very much against [crypto]."
US vs. Biden
Biden hasn't done himself any favors either by vetoing a resolution passed by the House of Representatives that rejected a controversial rule by the Securities and Exchange Commission (SEC).
Known as Staff Accounting Bulletin No. 121, the rule requires companies to list crypto assets on their balance sheets, increasing the expense for financial institutions to deal with cryptocurrencies.
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Cardano founder Charles Hoskinson also described Biden's move as a "coordinated effort to kill crypto" and the latest in what he called "Operation Chokepoint 2.0."
“This November, if you vote for Joe Biden as a cryptocurrency holder, please understand that the intent of this administration is to destroy the American cryptocurrency industry,” he said on X. "Understand that. It’s unambiguously clear.”
Last week, a watershed moment unfolded for the crypto industry as the US House of Representatives approved a major bill to establish digital asset regulations.
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The Financial Innovation and Technology for the 21st Century Act (FIT21) provides the "regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States," according to Chairman Patrick McHenry.
71 Democrats and 208 Republicans voted in favour of the bill, while 3 Republicans and 133 Democrats voted against it. Both Biden and SEC Chair Gary Gensler have opposed the bill.
Coinbase chief legal officer Paul Grewal took to X to highlight how 71 Democrats have "joined Republicans to defeat the scape goating, fear mongering and ignorance of fellow legislators who refused to legislate."
71 House Democrats. Let that sink in— 71 House Democrats just joined Republicans to defeat the scape goating, fear mongering and ignorance of fellow legislators who refused to legislate. Thank you Congress— FIT21 is real progress.
— paulgrewal.eth (@iampaulgrewal) May 22, 2024
Ripple CEO Brad Garlinghouse echoed a similar message. "Today, more than ever, we are seeing what a political liability Gensler has been to the Biden administration," he stated. "It's the reason we saw 71 Dems cross the aisle and support FIT21."
Well, this certainly HAS aged well!
— Brad Garlinghouse (@bgarlinghouse) May 22, 2024
Today, more than ever, we are seeing what a political liability Gensler has been to the Biden administration.
It's the reason we saw 71 Dems cross the aisle and support FIT21.
We are just getting started! https://t.co/Ff6x78mgax
Crypto Election
The US Presidential election is still half a year away but degens are already placing their bets and the odds seem to be in Trump's favor.
A bet titled 'Who will win the 2024 US presidential election?' on PredictIt shows Trump in the lead with a "yes" vote costing 52c. A "yes" vote for Biden costs 45c.
That said, Polymarket shows Biden's odds of winning are at 57% while Trump has a meager 33%.
It's worth noting that Polymarket has technically banned US residents from using its service.
Elsewhere
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Emmanuel Musa
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