Trump promises to end hostility towards cryptocurrencies and promote a supportive environment for businesses in the US.

Donald Trump has pledged to end hostility toward cryptocurrencies and keep cryptocurrency companies in the United States. His statement was twitter.com/frankdegods/status/1788374116161962257″ target=”_blank” rel=”nofollow noopener noreferrer”>made at the Trump Cards nft Gala, an exclusive event for holders of his nfts, on May 8.

“If cryptocurrencies are leaving the US because of hostility towards cryptocurrencies… well, we will stop it. “We don't want that,” Trump said. “If we're going to accept it, we have to let them be here.”

He also expressed his campaign's openness to accepting crypto donations.

“If you can't, I'll make sure you can,” he said. “Can we donate to the Trump campaign using cryptocurrencies? I think the answer is yes.”

Additionally, Trump criticized the current administration, suggesting that President Biden does not understand cryptocurrencies and positioned himself as the pro-cryptocurrency candidate. He also attacked SEC Chairman Gensler, labeling him and Democrats as anti-crypto.

The event, held at the Mar-a-Lago resort in Palm Beach, Florida, required attendees to own at least 47 Trump nfts. For the first time, presidential candidate Donald Trump has publicly supported not only bitcoin, but also the crypto market in general. This marks a significant change from his previous stance against cryptocurrencies.

Trump maintained his anti-crypto stance for quite some time, but has recently shown a change in his stance. He said in an interview with Fox News that as more people want to pay in bitcoin, he can live with it either way. He also expressed his opposition to the issuance of a central bank digital currency (CBDC).

According to Standard Chartered, bitcoin could benefit from a Trump re-election. The bank suggests that a Trump election victory potentially creates a more cryptocurrency-friendly regulatory landscape.

The Biden administration yesterday announced its intention to veto HJ Res. 109, a resolution aimed at repealing SEC Staff Accounting Bulletin 121 (SAB 121). The administration's position is that repealing SAB 121 would undermine the SEC's ability to protect investors and could lead to financial instability.

The regulation is considered discriminatory against crypto assets and has been criticized for discouraging banks from engaging in cryptocurrency storage.

On May 8, the United States House of Representatives approved Bipartisan HJRes from Rep. Mike Flood (NE-01). 109, which aims to repeal SAB 121 of the SEC.