Donald Trump, the likely Republican candidate for the 2024 presidential elections, is reportedly collaborating with Bitcoin Magazine CEO David Bailey to formulate a cryptocurrency policy agenda. Bailey announced on May 11 that he has been working with Trump to create a “comprehensive executive order” set to be implemented immediately if Trump is elected.

In a statement that raised eyebrows, Trump mentioned in a past event that he planned to govern with a firm hand, a comment he later explained as humorous in a discussion with Time magazine. Bailey, aligning closely with Trump’s campaign, hinted at future details of their cryptocurrency policy initiatives, which began shaping during Trump’s ongoing legal challenges in New York.

Trump’s Shift on Cryptocurrency

Previously critical of Bitcoin, labeling it “a scam” and “based on thin air,” Trump has reversed his stance, possibly influenced by the financial backing his campaign requires, with legal expenses alone projected to exceed $100 million. At a recent gathering at Mar-a-Lago, Trump expressed his support for the cryptocurrency sector, stating, “If you’re pro-crypto, you’ll support me because the other guys want to squash it.”

Political Contributions in Crypto?

The possibility of accepting campaign donations in cryptocurrency was suggested by Trump, aligning with his new pro-crypto stance. This move is seen as an attempt to engage more actively with the digital currency community and leverage their support amidst his financial challenges.

Opposition from Biden Administration

Contrasting Trump’s position, the Biden administration, led by President Joe Biden and SEC Chair Gary Gensler, faces criticism from prominent figures in the cryptocurrency industry, including Cardano’s Charles Hoskinson and billionaire entrepreneur Mark Cuban. Cuban has been vocal about the SEC’s stringent approach towards legitimate cryptocurrency operations, calling for legislative action to facilitate the industry’s growth.

The White House, through an executive order issued in September 2022, acknowledged the need to manage cryptocurrency effectively, citing the massive financial losses from events like the Terra collapse and subsequent market downturns. This order highlighted the administration’s intent to harness the potential of digital currencies while ensuring consumer protection.

Public Perception and Electoral Influence

Despite controversies surrounding cryptocurrency’s stability and security, Trump’s pro-crypto rhetoric appears to resonate with a significant segment of voters. A recent poll by DCG and Harris Poll revealed that approximately 20% of voters in pivotal swing states view cryptocurrency as a crucial issue for the upcoming election.

As election day approaches, the cryptocurrency policy could indeed play a pivotal role in shaping voter preferences, especially among those who are keen on the future of financial technology. For more insights and updates on how this unfolds, stay tuned to Global Crypto News.

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