We are heading towards the US elections, and by November, we will have experienced a lot on the crypto front. Trump is taking a stance opposite to Biden’s anti-crypto position to gain more support from voters. Bitcoin price at the time of writing is trading at $69,700.
Trump and Cryptocurrency
Former US President Trump is also fighting to be a candidate in the Republican front for these elections. But there is a problem. Trump was recently convicted of 34 charges. On July 12, 2019, Trump declared on Twitter (X) that he was “not a fan of Bitcoin.” However, he has taken significant steps recently, from issuing NFTs to accepting cryptocurrency donations.
Beyond that, he promises more freedom for cryptocurrency investors and a reduction in legal pressure on them. While he is doing this, we suddenly saw the approval of the ETH ETF as if Biden had given an order to the SEC. Meanwhile, the FIT21 draft bill passed the House of Representatives. The most important part of this draft was the CFTC’s ability to determine which altcoins are commodities. On the other hand, even if it passes the Senate and Biden’s approval, it may take years to clearly define and implement the rules.
Trump and November 2024
If Trump cannot be a candidate, Biden may not need to take such a pro-crypto stance or soften his position. So, can Trump be a candidate while being convicted? There are a few scenarios here.
- The decision could be appealed, and the sentence could be postponed until 2025. Meanwhile, Trump could already be in the presidential seat. Recent polls show him with 41.3% of the vote.
- The crimes he was convicted of do not require a prison sentence for NY, so he could participate in the elections for this reason.
- Since 77-year-old Trump committed these crimes for the first time, the sentence could be converted to house arrest, indicating that the appeal scenario could be a more cautious step.
According to Article II, Section 1 of the US Constitution, a clean criminal record is not required among the conditions for presidential candidates. The conditions are as follows;
- Being a US citizen
- Being at least 35 years old
- Having resided in the US for at least 14 years
Trump meets all three of these conditions, so the sentence he received is unlikely to affect his candidacy, and he can compete with Biden. This indicates that the political and legal pressure on crypto in the US may continue to weaken. So, in the worst-case scenario, do the Republicans have another pro-crypto candidate? There are those with moderate rhetoric, but none openly support as much as Trump. For example, while Ron DeSantis criticizes crypto hostility, he has always refrained from expressing clear support.
