President Joe Biden and Former President Donald Trump are gearing up for the first 2024 presidential debate at the White House, sparking new accusations. The crypto industry is making waves on social media platform X, pushing for discussions on cryptocurrency during the debate. President Biden’s campaign is reportedly exploring accepting donations through Coinbase Commerce after vetoing the idea, following in the footsteps of President Trump’s campaign last month. Lawsuits against major crypto companies like Coinbase, overseen by SEC Chairman Gary Gensler appointed by Biden, have caused quite a stir in the industry.
Despite the anticipation, neither candidate has shared their updated views on cryptocurrencies halfway through the debate. Trump, who previously called Bitcoin a scam, now refers to himself as ‘the crypto President’, leaving crypto enthusiasts eager to hear his stance on the matter.
In the past, Trump expressed his disapproval of Bitcoin and other cryptocurrencies, labeling them as non-money with volatile value based on thin air. He warned about the potential for unlawful activities like drug trade facilitated by unregulated crypto assets, declaring the US Dollar as the sole legitimate currency in the country.
However, by May 2024, Trump had a change of heart. He pledged to support the growth of crypto and Bitcoin in the US, promising to prioritize domestic development over foreign influence. He vowed to protect the rights of the nation’s 50 million crypto holders to self-custody their assets, ensuring that figures like Elizabeth Warren would not interfere with their Bitcoin. Additionally, he pledged to oppose the creation of a central bank digital currency.