During the launch of his World Liberty Financial crypto platform, former U.S. President Donald Trump made a strong statement regarding the future of U.S. crypto startups. He warned that if he is not re-elected in the upcoming November election, U.S. crypto builders under investigation by the Securities and Exchange Commission (SEC) “will be living in hell.” His comments reflect his dissatisfaction with the current state of crypto regulation under the leadership of SEC Chair Gary Gensler.
Concerns Over SEC’s Hostile Approach to Crypto
At the event hosted by Rug Radio, Trump voiced his concerns over what he described as the “incredibly hostile” regulatory environment for crypto under the SEC. He pointed out that the SEC has aggressively targeted major crypto exchanges like Coinbase, Binance, and Kraken, with legal threats even extending to NFT marketplace OpenSea.
Trump’s criticism of the SEC’s approach to crypto regulation is consistent with his broader stance as a crypto-friendly candidate. He has frequently mentioned that if he is re-elected, his administration will aim to establish a more supportive framework for the crypto industry. This marks a notable shift in his stance on cryptocurrency, as Trump was once a vocal critic of Bitcoin and other digital assets.
Trump’s Shift Towards a Crypto-Friendly Stance
In recent months, Trump has increasingly aligned himself with the crypto community. Earlier this year, he announced plans to create a “strategic Bitcoin stockpile” for the United States, positioning himself as a pro-crypto candidate. At the Bitcoin 2024 conference in Nashville, he urged supporters to “never sell your Bitcoin” and pledged to boost Bitcoin’s role in the U.S. economy if he returns to the White House.
Uncertainty Surrounding Crypto Regulation
Despite Trump’s growing support for crypto, his Democratic opponent, Kamala Harris, has not provided detailed plans regarding her stance on crypto regulation. However, there are reports that her team has reached out to key figures in the crypto industry, possibly signaling interest in understanding the sector better.
Trump’s warning about the future of U.S. crypto regulation under his potential second term adds another layer of urgency for crypto enthusiasts and industry leaders as the election draws closer.
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