Former President Donald Trump has hinted at a potentially favorable stance on cryptocurrency if he were to be reelected. In an interview with CNBC on March 11, Trump discussed Bitcoin and cryptocurrency, stating that he occasionally engages with it for fun and profit. Although he admitted to not personally owning Bitcoin, he mentioned that he does accept it as a form of payment on occasion. Trump also revealed that many pairs of his branded sneakers were purchased with cryptocurrency, which surprised him with the significant amount involved.
During his time in office, Trump had expressed doubts about cryptocurrency and even referred to it as a “scam.” He reportedly instructed Treasury Secretary Steve Mnuchin to take action against Bitcoin. However, earlier this year, he signaled a shift in his attitude towards cryptocurrency.
While Trump’s opinions on cryptocurrency have evolved, other Republican figures have been more vocal and supportive of it. Vivek Ramaswamy and Ron DeSantis, former contenders for the Republican presidential nomination, have been strong advocates for cryptocurrency. Additionally, independent candidate Robert F. Kennedy, Jr. also promotes its use.
In contrast, the Biden administration has shown a less favorable stance towards cryptocurrency, particularly through the Securities and Exchange Commission (SEC). SEC chairman Gary Gensler has faced criticism for the agency’s unclear crypto policies and regulatory enforcement efforts.
The Biden administration may be more open to the idea of a U.S. central bank digital currency (CBDC) compared to Trump. Biden’s Executive Order 14067, titled “Ensuring Responsible Development of Digital Assets,” has mandated extensive research on CBDC technology by various federal departments and agencies.
Although Trump, along with the other Republican contenders and Kennedy, strongly opposes a U.S. CBDC, his previous position on the matter had been interpreted as positive.
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