Former President Donald Trump recently hosted a political-crypto gathering at Mar-a-Lago exclusively for traders who purchased the Trump Digital Trading Cards “Mugshot Edition” NFTs. These NFTs were valued at $99 per card. After the dinner, Trump gave a short speech on crypto, which was recorded and shared on X.
In his speech, Trump urged crypto supporters to vote for him, citing the Biden administration’s strict regulatory measures on the industry. This marks a significant shift in Trump’s approach to the crypto community, as Republicans have been increasingly supportive of digital assets while some Democrats are still debating their recognition due to past scandals.
This endorsement from Trump is a major development for crypto entities that have been actively lobbying in Washington and investing large sums of money to influence the outcome of the 2024 elections. Trump also expressed enthusiasm for the renewed popularity of NFTs, which was well-received by his supporters.
These statements indicate a notable change in Trump’s position since 2021 when he expressed concerns about the risks of crypto and stated his lack of support for it. This current stance is more assertive, as Trump acknowledged the need for regulation during a Fox News town hall in February 2024 but also recognized the growing acceptance of cryptocurrencies.
On the same day, President Biden made it clear that he would veto a resolution aimed at repealing a Securities and Exchange Commission accounting policy known as SAB 121. This policy adds costs for financial institutions that hold digital assets in custody, and Biden’s tax proposal has caused controversy within the DeFi ecosystem as it would impose a 30% excise tax on BTC miners’ electricity costs.
Trump criticized the administration’s current stance on crypto, stating that SEC Chair Gary Gensler is strongly against it and that the Democrats are also opposed to it. However, there are Democrats who support the proposed bill, as evidenced by 21 Democrats who broke ranks with President Biden and voted for a resolution to overturn the SEC’s crypto guidance.
Interestingly, even negative publicity seems to benefit memecoins. The crypto token Jeo Boden (BODEN) experienced a significant surge of up to 25% after former President Trump responded to a question about it. However, BODEN’s value has since fluctuated and currently stands at $0.28, representing a decrease of over 19%.
While the Trump campaign currently does not accept crypto donations, Trump mentioned at the gathering that he plans to do so in the future. When asked about the possibility of accepting crypto donations, he confidently assured his supporters that he would make it happen if necessary.
