By
Chimamanda U. Martha
June 17th, 2024
After Trump’s recent comments and overwhelming promise of supporting the crypto industry, some crypto market analysts says that the former President has a hit of retracing on his commitments.
Republican presidential candidate Donald Trump has gone all-in to sway crypto supporters in his latest election campaign. During the last weekend, the former US president made some bold promises benefitting the crypto industry, if elected back in 2024.
In his campaign rally in Washington D.C. last weekend, Donald Trump pledged to uphold the prominence of Bitcoin and other cryptocurrencies within the United States. He also emphasized his commitment to ensuring citizens’ right to self-custody their digital assets, vowing to thwart any attempts by government officials, including Senator Elizabeth Warren, to interfere with Bitcoin ownership.
Additionally, Trump adamantly stated his opposition to the creation of a central bank digital currency (CBDC), affirming his stance on preserving the decentralized nature of cryptocurrencies.
Amid Trump’s strong push for crypto, market analysts are predicting that if re-elected in November, the new Trump administration could dismiss several SEC lawsuits.
In a post on X dated May 26, crypto lawyer James Murphy, also known as “MetaLawMan”, expressed his reluctance to settle any crypto case with the current SEC until the outcome of the election is known. Murphy cited Trump’s recent promises regarding crypto, anticipating that a potential change in leadership could lead to a significantly different stance from the SEC.
Over the past month, Donald Trump has come forward as a pro-crypto candidate with the goal of making the US a leader in this field. He also promised to commute the life sentence of Silk Road founder Ross Ulbricht, if elected.
“I could imagine voluntary dismissals of crypto cases the [SEC Chair] Gary Gensler regime has initiated where there was no fraud and no victims,” Murphy added.
Is Donald Trump Playing an Election Gimmick?
Many market analysts have said that one must not trust Trump’s words as he has the habit of back-peddling on his promises. Adam Cochran, a partner at Cinneamhain Ventures, presented a contrarian view and suggested that Trump has a history of retracting statements and prioritizing his own interests over others. Cochran asserted that Trump, like Biden, previously held anti-crypto sentiments and is now attempting to garner support by appealing to crypto enthusiasts.
Alexander Blume, a partner at Two Prime hedge fund, also argued that Trump has a pattern of making commitments to various groups for personal gain and failing to fulfill them. According to an analysis by the fact-checking platform PolitiFact, Trump did not fulfill over half of the 102 promises he made during his 2016 presidential campaign, compromised on 23, and upheld 24.