Former US President Donald Trump, a leading candidate for this year's US presidential election, met with cryptocurrency industry officials and publicly expressed support for the Bitcoin mining industry.
What's New: Former President Trump said on his social media on the 12th, "I hope that all remaining Bitcoins will be created in the United States," and "Bitcoin will help the United States have strong energy dominance."
He said, “Bitcoin mining will be the last line of defense against central bank digital currency (CBDC),” and asked people to vote for him in this presidential election. Supporters of the Republican Party in the United States, who regard individual freedom as the most important value, have considerable antipathy toward CBDC, a state-led digital currency. Trump pointed this out.
Background of the incident: Former President Trump has recently been increasing his pro-cryptocurrency actions . Until the end of May, only friendly remarks were made, such as “The United States should become the number one country in the global cryptocurrency industry,” but in June, policy solutions began to be sought. Recently, he invited officials from U.S.-based Bitcoin mining companies, such as Riot Platform and Terrawolf, to his home and discussed how Bitcoin mining helps strengthen the power grid and create jobs.
Amanda Fabiano, founder of Fabiano Consulting, who attended the event, said, “The cryptocurrency industry is facing a huge political struggle with misinformation and false narratives . We need politicians who care about Bitcoin and the benefits of Bitcoin mining. “I had a chance to explain that to former President Trump today, ” he said.
Important point: This attitude stands in stark contrast to the current president and Democratic presidential candidate, Joe Biden. In March of this year, President Biden proposed a bill imposing a 30% tax on cryptocurrency mining power, saying environmental issues must be resolved. According to research, most of the cryptocurrency mining currently taking place in the United States uses eco-friendly power generation such as wind power.
What happens next: What will happen if candidate Trump is elected president of the United States? Experts say the first thing that will happen is the chairman of the U.S. Securities and Exchange Commission (SEC) will be replaced. The current chairman, Gary Gensler, who was at the forefront of cryptocurrency regulation, may be replaced and a more cryptocurrency-friendly person appointed.
Eric Balchunas, an ETF analyst at Bloomberg Intelligence, said in an interview with Cointelegraph on the 7th (local time) , “If Trump wins, cryptocurrencies other than Bitcoin and Ethereum could also be launched as ETFs.”
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