Trump Warns US Crypto Startups Will 'Live in Hell' If He Loses Election
In a recent event, former U.S. President Donald Trump warned that American crypto startups under investigation by the SEC will face severe consequences if he is not re-elected. Trump criticized the current regulatory environment, promising a more crypto-friendly approach if he returns to office, while claiming that without his leadership, the industry will "live in hell."
Donald Trump
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Politics
Because Bitcoin
September 17, 2024
Donald Trump
News
Politics
At Bitcoin 2024 in Nashville, former U.S. President Donald Trump made a bold announcement, pledging to create a "strategic Bitcoin stockpile" for the U.S. if he is elected president again. This announcement came amidst rising rumors and garnered strong support from the gathered Bitcoin enthusiasts. "As part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America..." Trump told the audience, signaling his commitment to the cryptocurrency sector.
Trump's recent support for cryptocurrency marks a shift from his previous stance. Not too long ago, he declared on his social media platform Truth Social, "We want all remaining Bitcoin to be made in the USA." This new approach has helped him raise significant donations, both in cash and digital assets, from Silicon Valley leaders who see him as a crypto-friendly candidate.
At a separate event for his World Liberty Financial crypto platform, Trump warned that crypto developers under investigation by the SEC could face tough consequences if he loses the election, as per a recent Decrypt report. "If we don't win the election, those people that were under investigation and that are free as a bird right now, and people that weren't being looked at in the crypto world, they will be living in hell—because it will start the day after the election if they win."
There has been speculation that Trump’s public embrace of cryptocurrency may have influenced the Biden administration to ease off on its tough stance. "Frankly, since they heard I was involved, they've treated people much better," Trump said. "Maybe they view it as votes." While the Biden administration’s approach has softened, Trump’s Democratic opponent Kamala Harris has not yet made her position on crypto regulation clear.
Speaking at the event hosted by Rug Radio, a Decrypt-related company, Trump criticized the SEC's current approach, calling it "incredibly hostile" under the leadership of Gary Gensler. He emphasized that crypto entrepreneurs and companies face heightened scrutiny, but his leadership could change the regulatory landscape.
