what Trump promises to the crypto community

Trump claims to support the crypto industry and overturn the Silk Road founder's conviction if he wins the presidential election. Should the community trust him?

Donald Trump, former president of the United States and candidate of the Republican Party supported the cryptocurrency industry in the midst of the upcoming elections.

“I am very positive and open-minded towards cryptocurrency companies and everything related to this new and flourishing industry. “Our country must be a leader in this field and there is no second place.”

Donald Trump, candidate of the Republican Party

During a speech at the Libertarian Party National Convention, he said that the future of cryptocurrencies will be created in the United States. He also pledged to support the self-custody rights of the country's 50 million digital asset holders.

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Trump also promised to keep Senator Elizabeth Warren away from bitcoin (btc) and would never allow the launch of a CBDC. He believes that current President Joe Biden is trying to stop the expansion of the crypto industry in the US market.

“I will ensure that the future of cryptocurrencies and the future of bitcoin are made in the US, not abroad. “I will support the right to self-custody.”

Donald Trump, candidate of the Republican Party

Launch of Silk Road founder

During the same speech, the Republican Party leader promised to free the founder of the darknet marketplace Silk Road, Ross Ulbricht. If he wins the election, Trump promised to overturn the sentence on day one.

“He's already turned 11, we're taking him home.”

Donald Trump, candidate of the Republican Party

Two life sentences for Ulbricht

Silk Road was an anonymous marketplace used to facilitate illegal activities, including drug trafficking and money laundering.

Silk Road, which closed in 2013, processed payments worth up to $45 million (all in btc), meaning the exchange was once one of the largest holders of btc. Law enforcement reportedly confiscated 174,000 btc from Ulbricht and the Silk Road syndicate.

In February 2015, Ulbricht received two life sentences and an additional 40 years in prison.

He managed to bypass (and evade) the entire eye of the American police system for almost two years, and some of the agents leading the investigation succumbed to temptation and drowned in the dark web.

During the entire existence of this market, more than one and a half million transactions worth more than 200 million dollars were carried out in it and the number of registered users exceeded 100,000. According to prosecutors, Ulbricht earned about $13.2 million in commissions from transactions on his site.

Trump is taking over the cryptocurrency industry

Earlier this month, during an event to promote his Mugshot Edition nft collection, the Republican candidate pledged support for the crypto industry, contrasting it with the Biden administration's policies.

The Trump campaign subsequently began collecting donations in cryptocurrencies such as bitcoin and Dogecoin (DOGE).

bitcoin Magazine CEO David Bailey also admitted that he is involved in the Trump campaign. The magazine is helping to prepare a draft regulation of the cryptocurrency market, which should become a regulatory act if the Republican candidate wins.

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The businessman said the magazine is beginning to solicit donations for the Republican candidate's presidential campaign, planning to raise $100 million, including cryptocurrencies. He made it clear that he is desperately counting on the votes of cryptocurrency enthusiasts.

The crypto community is up in arms against Biden

In the midst of the presidential campaign, criticism of the current government for its stance on cryptocurrencies is growing, while support for Trump by the crypto community expands.

Thus, the co-founder of Cardano, Charles Hoskinson twitter.com/i/broadcasts/1lPJqbobyDlxb” target=”_blank” rel=””>fixed Biden's desire to “destroy the American cryptocurrency industry.”

The founder of decentralized exchange Uniswap, Hayden Adams, also called the administration's actions an “all-out war” against the industry. The businessman admitted that Biden could lose the election because of his opposition to cryptocurrencies.

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ConsenSys CEO Joseph Lubin believes the Securities and Exchange Commission (SEC), backed by the president and headed by Gary Gensler, is deliberately hindering innovation in the U.S. and threatening the future of the U.S. financial system. country.

Trump advances, Biden makes a 180-degree turn

Against the backdrop of Trump's support for the cryptocurrency industry, the Biden administration also joined the race for the loyalty of the cryptocurrency community's votes.

While experts predict that Biden will lose the presidential race, his administration appears to be struggling to change its rhetoric on cryptocurrencies.

This is indicated by several events, notably the approval of ethereum spot ETFs last week. Experts note that this may be a political decision as Biden and the Democratic Party are desperate for the votes of the younger generation.

Additionally, in May, the US Senate and House of Representatives voted to repeal SEC Rule SAB 121, which prohibits highly regulated financial institutions from holding cryptocurrencies on their balance sheets.

Thus, the SEC closed the ability of US banks to act as custodians of their clients' digital assets.

Additionally, the US House of Representatives passed the Financial Innovation and technology for the 21st Century (FIT21) bill. Many, including Coinbase CEO Brian Armstrong, see it as a historic moment and the first step toward precise regulation of the industry in the United States.

Who will win?

Despite Biden's efforts in recent weeks, he still lags behind Trump in support of the crypto community. She is still determining whether Trump will follow through on his campaign promises this time. However, during his presidency, he was remembered as one of the few heads of state who fulfilled most of his campaign promises.