Trump wants to "make NFT great again", cryptocurrency is becoming an important issue in the US election

This morning, a video of Trump's participation in the meeting went viral in the crypto community. In the video, Trump said that he accepted the development of cryptocurrency and said that Biden and the Democratic Party have always taken an attitude and policy against cryptocurrency. "If you support cryptocurrency, you'd better vote for Trump." Recently, the Biden administration has just objected to a "pro-crypto" resolution voted by the House of Representatives.

From South Korea and Argentina in the past to the United States this year, cryptocurrency seems to be gradually becoming an important issue in national elections. And on this issue, Trump and Biden once again stood on opposite sides.

Trump: Buying $BODEN coins is not a good investment

Yesterday, Trump flew back to Florida after appearing in court and held a private dinner with the main buyers of his "Mugshot Edition" NFT trading cards. The Mugshot Edition NFT series is also very impressive, with photos and various derivative illustrations of his arrest in Georgia last year for plotting to overturn the state's 2020 election results, including photos of the arrest scene, illustrations of Trump wearing a cowboy hat, and a cartoon image of Trump holding lightning with "American Superhero" written below.

These NFTs are priced at $99 each, and those who attend the dinner must purchase more than 47 NFTs. Buyers holding 100 NFTs are also eligible to attend the "VIP" cocktail party before the dinner, and will receive cards printed with Trump's suit when he was arrested in 2020, and "lucky buyers" will also get Trump's autograph.

DeGods founder Frank, as a well-known founder and KOL of the American NFT community, also participated in the dinner. In addition to the above video, Frank also posted another live video of the event on his X account, in which Trump said "to make NFT hot again."

In addition to talking about his attitude towards cryptocurrencies and NFTs, Trump even mentioned the previously popular "election meme coin" $BODEN. According to db, Coindesk reporter Danny Nelson, Trump said during the event that he did not like the $BODEN token, saying "there is a bit too much money in this coin." In the previous meme craze, $BODEN, as a Biden election meme, had created hundreds of times of growth in a short period of time. As of now, $BODEN has a market value of approximately US$260 million, a 60% retracement from its high point.

During the event, Malcolm, a member of de Labs (parent company of DeGods), asked Trump about the issue of crypto companies leaving the United States due to regulatory issues. Trump randomly responded that he would work hard to keep these teams in the United States, "I will stop these hostilities. If we want to embrace encryption, we need them to stay here."

After Trump's "pro-crypto" remarks went viral on the X platform, its related meme coin $TRUMP also soared and broke through $5.9, with a 24-hour increase of 31.73%.

Biden opposes the House of Representatives' "pro-crypto" resolution

Early this morning, the U.S. House of Representatives passed the SAB121 repeal bill, which was regarded as a "huge victory" by the crypto community. In a circulated recording, former SEC enforcement official John Reed Stark said, "As long as the Democrats are in charge of the SEC, the SEC's attack on cryptocurrencies will continue. Supervision will not be relaxed and enforcement actions will not slow down."

Yesterday, the U.S. House of Representatives voted to pass a resolution involving the crypto industry, H.J. Res 109, which will allow strictly regulated financial companies to act as custodians of Bitcoin and other cryptocurrencies.

But the resolution was opposed by the office of U.S. President Biden, "The government strongly opposes the passage of H.J. Resolution No. 109, which will disrupt the work of the U.S. Securities and Exchange Commission (SEC) to protect investors in the crypto asset market and the broader financial system... If the president receives H.J. Res. 109, he will veto it."

The "SEC's work to protect the financial system" mentioned by the Biden office refers to the SEC's previously launched Staff Accounting Bulletin No. 121 (SAB), which imposes restrictions on financial institutions in digital asset custody, but has been controversial.

Republican Congressman McHenry believes that SAB 121 requires financial institutions and companies that protect customer digital assets to keep these assets on their balance sheets. This means that banks will be required to bear a lot of capital, liquidity and other costs under the existing regulatory framework, "which essentially makes it too expensive for financial institutions to keep customer digital assets, which is very different from the traditional strict supervision of assets held by banks on behalf of customers."

And Biden said in a statement on Wednesday that he would strongly oppose interference with the work of the SEC. "SAB 121 was issued in response to demonstrated technical, legal, and regulatory risks that have caused huge losses to consumers."

Coinbase Chief Legal Officer paulgrewal.eth tweeted that despite the unforgivable threat of a presidential veto, the repeal of SAB121 was passed with 21 D votes in favor. "Thanks to these independent thinkers. The political tide is increasingly in favor of reasonable rules for cryptocurrencies. History will not be kind to those who persevere."

The Biden administration has been opposed to the cryptocurrency industry in the past. In June last year, Biden said he would eliminate tax loopholes for cryptocurrencies and hedge funds, and that the rich and large companies must pay taxes fairly. In March of this year, VanEck CEO Matthew Sigel said in an interview that "the Biden administration does not want banks and brokers to touch digital assets. If the presidency changes, we will see more support for the industry."

Coinbase has been very clear about the Biden administration's attitude towards cryptocurrencies. Last September, Coinbase CEO Brian Armstrong said in an exclusive interview with Yahoo Finance that if Republicans defeat President Joe Biden in 2024, Gary Gensler will most likely no longer serve as chairman of the SEC, which will "definitely help" the industry. In the 2024 campaign, Armstrong believes that cryptocurrency may become a "hot topic" in the White House campaign, and American voters will force candidates to show their positions on the issue.

Cryptocurrency, or an important issue in the campaign

Last November, "Bitcoin madman" Javier Milei successfully became the president of Argentina, and in the previous campaign process, he has been a "pro-crypto" politician. Javier has repeatedly envisioned in public that after closing the country's central bank, Bitcoin will become the main remedy for Argentina's inflation. Before the presidential election, Javier Milei shuttled between multiple talk shows, often promoting the benefits of Bitcoin and cryptocurrency, saying that "Bitcoin can eliminate the central bank."

《 This "Bitcoin madman" really became the president of Argentina 》

In recent years, some savvy politicians have discovered that young votes in the crypto world are a "must-fight" in the national vote war, especially in South Korea, where the internal circulation is serious and young people are fanatically speculating in cryptocurrencies and are eager to get rich quickly. According to statistics from the Financial Services Commission (FSC) of South Korea, there are 3.08 million young people aged 20-39 who speculate in cryptocurrencies in South Korea, accounting for 23% of the population in this age group (13.431 million people), accounting for nearly one-fifth.

During the South Korean presidential election in March 2022, the current South Korean President Yoon Seok-yeol promised to relax regulations in the cryptocurrency industry, and also promised to "take legal measures" against those who illegally obtained cryptocurrency profits, by confiscating assets and returning them to the victims. At that time, Yoon Seok-yeol's biggest competitor, Democratic Party candidate Lee Jae-myung, was regarded as the successor to former President Moon Jae-in. Not only did he announce earlier that he would accept cryptocurrencies as political donations for campaigns, he also stated that he would mint NFTs for campaign donors as proof of donations and souvenirs. The NFTs issued will also include Lee Jae-myung's photos and political views.

This year, the People's Power Party led by South Korean President Yoon Seok-yeol promised to postpone the collection of digital asset taxes. Since the Financial Services Commission (FSC) of South Korea previously banned domestic brokerages from acting as agents for Bitcoin spot ETFs listed overseas, the People's Power Party now intends to allow cryptocurrency products approved by developed countries such as the United States to enter the local market in its campaign promises, including Bitcoin spot ETFs. Other virtual asset industry-friendly plans to be added to the election promises include the establishment of a digital asset promotion committee, the completion of legislation related to token securities within the year, and the permission of financial institutions and enterprises and other entities for the purpose of asset management to invest in virtual assets.

Perhaps politicians only regard pro-cryptocurrency initiatives as the golden tin foil for their own political careers, but in some parts of the world, the existence of cryptocurrencies is tantamount to the bread and future of local people.

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