Cryptocurrency Crossroads: Trump's Pivot vs. Biden's Resistance

The crypto community is surprised. Cryptocurrency has suddenly become a focal point in the United States. "Crypto is moving out of the US because of the hostility... We’ll stop that because I don’t want that," Trump said, prompting cheers from the crowd. Donald Trump, who has always expressed traditional thoughts regarding protecting the US dollar and skepticism towards emerging technologies, suddenly likes cryptocurrency.

He seems to have had an official negative stance on crypto while privately buying Ethereum and creating and selling his own collection of NFTs. His words, spoken in front of an enthusiastic crowd, suggest a notable shift in the political landscape concerning cryptocurrency.

Let me be clear, the current and previous administrations have tried their best to kill crypto. But both sides of politics are guilty of accepting large donations from infamous Sam Bankman-Fried, who was sentenced to 25 years in federal prison for perpetrating one of the largest financial frauds in history.

What’s happening in the US?

Trump cannot possibly be the sharpest knife in the US...

…but it is evident that President Biden has not seen what web3 technologies in the fourth industrial revolution can do for society. His administration is entrenched in the fight against cryptocurrencies, utilizing various three-letter agencies. Why? Well, he finds these technologies a threat to the established financial order.

I understand his fear of change, but I have a message for his administration. “Change is the only constant in life. We must constantly reexamine our beliefs and adapt.”

What’s the result?

A hostile business environment for crypto companies, with legal battles becoming the norm; the only winners have been US lawyers. The Biden administration is trying to protect the average crypto customers, but the Securities and Exchange Commission (SEC) has failed to notice the biggest fraudulent actors. Now on the 8^th of May 2024, the US Congress was forced to step in. In a moment of reckoning for the US government, the U.S. Congress recently took a stand against the regulatory overreach by the SEC. They passed a bill restricting the SEC's powers in their flawed and clumsy war against cryptocurrencies.

It’s interesting to see that a clear majority of Congress has understood the role cryptocurrencies play in the modern financial landscape. Meanwhile, President Biden has vowed to veto the resolution, arguing it could constrain the SEC's ability to regulate crypto assets and introduce financial instability.

Hear my frustration.

I think it’s surprising that the US, which led the technological developments of the internet, has lost its touch with the future.

I do not blindly trust Trump, but I wonder if his shift will bring increased clarity in regulation and innovative willingness back to the US. Or will Biden's resistance continue to hold the US back in the global technological race?