With the upcoming U.S. presidential election, candidate Donald Trump has been trying to win the support of Web3 voters in recent weeks. Yesterday, he posted on the social media platform Truthsocial, expressing his very positive and open attitude towards cryptocurrency companies and all matters related to this emerging industry. He also stated that the United States must become a leader in the cryptocurrency field, with no second place.
On the other hand, Trump launched an attack on his competitor Biden at the Libertarian Party convention last night. In addition to promising to ensure that the future of cryptocurrency is not “pushed overseas,” he will also stop the “Biden crusade to crush cryptocurrency.”
At the same time, Trump also stated that he will commute the sentence of Ross Ulbricht on his first day in office if elected. Ross Ulbricht was sentenced to life imprisonment and 11 years without parole for creating and operating the dark web marketplace Silk Road. This case has attracted great attention among libertarians and some Libertarian Party supporters who believe that his punishment is too harsh and hold critical views on internet freedom and government intervention.
Over the past few weeks, Trump has made numerous statements deliberately attracting cryptocurrency supporters. Earlier this month, the former president made comments supporting cryptocurrency at the Trump NFT Holders’ Dinner held at Mar-a-Lago. Then, last Tuesday, Trump’s presidential campaign team began accepting cryptocurrency donations.
Meanwhile, with Trump’s pro-cryptocurrency rhetoric and actions, the Biden administration’s opposition to cryptocurrency and the traditionally anti-cryptocurrency stance of the U.S. Securities and Exchange Commission (SEC) seem to have softened.
Last Wednesday, the White House issued a statement opposing the passage of the Cryptocurrency Market Structure Act in the House of Representatives, but Biden himself did not threaten to veto it. The House of Representatives subsequently approved the bill, which will now be submitted to the Senate. Then, on Thursday, the SEC approved the 19b-4 document for an Ethereum ETF. Although this does not mean that an Ethereum spot ETF can be listed for trading immediately, it is still a significant step towards listing in the United States.
