"I will stop the hostility towards cryptocurrencies. If we want to embrace crypto, we need them to stay here."

Author: Lu Dongxiao

This morning, a video of Trump's participation has been circulating in the crypto community. In the video, Trump expressed his acceptance of the development of cryptocurrencies and stated that Biden and the Democratic Party have always taken an opposing stance and policy against cryptocurrencies. "If you support cryptocurrencies, you'd better vote for Trump." Recently, the Biden administration has just opposed a "pro-crypto" resolution passed by the House of Representatives.

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

Trump: Buying $BODEN coin is not a good investment

Yesterday, after appearing in court, Trump flew back to Florida and held a private dinner with the main buyers of his "Mugshot Edition" NFT trading cards. The Mugshot Edition NFT series is also quite well-known, featuring his photos and various derivative illustrations from when he was arrested last year in Georgia for conspiring 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.

Each of these NFTs is priced at $99, and those attending 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 a card with Trump's signature in a suit from 2020, and "lucky buyers" will also receive Trump's autograph.

Frank, the founder of DeGods and a well-known figure in the U.S. NFT community, also participated in the dinner. In addition to the video mentioned above, Frank also posted another on-site video on his X account, in which Trump said, "Let's make NFTs hot again."

In addition to discussing his attitude towards cryptocurrencies and NFTs, Trump even mentioned the previously popular "election meme coin" $BODEN. According to Danny Nelson, a reporter from Coindesk, Trump stated during the event that he does not like the $BODEN token, saying "there's too much money in this coin." During the previous meme craze, $BODEN, as a meme for Biden's election, experienced a several hundredfold increase in a short period of time. As of now, the market value of $BODEN is about $260 million, with a retracement of up to 60% from its peak.

During the event, Malcolm, a member of de Labs (the parent company of DeGods), asked Trump about the issue of crypto companies leaving the U.S. due to regulatory issues. Trump responded randomly, saying he would strive to keep these teams in the U.S., "I will stop this hostility. If we want to embrace crypto, we need them to stay here."

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

Biden opposes House's "pro-crypto" resolution

Early this morning, the U.S. House of Representatives passed the SAB121 repeal bill, which is seen as a "huge victory" by the crypto community. In a leaked recording, former SEC enforcement official JohnReedStark stated, "As long as the Democratic Party controls the SEC, the attacks on cryptocurrencies by the SEC will continue. Regulation will not be relaxed, and enforcement actions will not slow down."

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

However, this resolution has been opposed by the Biden administration. "The government strongly opposes the passage of H.J. Res. 109, which would disrupt the work of the U.S. Securities and Exchange Commission (SEC) in protecting investors in the cryptocurrency asset market and the broader financial system… If the President receives H.J. Res. 109, he will veto it."

The "work of the SEC in protecting the financial system" mentioned by the Biden administration refers to the SEC's previous issuance of Staff Accounting Bulletin No. 121 (SAB121), which imposes restrictions on financial institutions in the custody of digital assets, but has been controversial.

Republican Congressman McHenry believes that SAB 121 requires financial institutions and companies that protect customer digital assets to hold these assets on their balance sheets. This means that banks will be required to bear significant capital, liquidity, and other costs within the existing regulatory framework, "which essentially makes the cost of financial institutions safeguarding customer digital assets too high, which is in stark contrast to the traditional strict regulatory approach requiring banks to hold assets on behalf of clients."

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

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

The Biden administration has always held a negative attitude towards the cryptocurrency industry. In June of last year, Biden stated that he would eliminate tax loopholes for cryptocurrencies and hedge funds, and that the wealthy and large corporations must pay their fair share of taxes. In March of this year, Matthew Sigel, Executive Director of VanEck, stated in an interview, "The Biden administration does not want banks and brokers to deal with digital assets. If there is a change in the presidency, we will see more support for this industry."

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

Cryptocurrencies may become an important issue in the election

In November last year, "Bitcoin enthusiast" Javier Milei successfully became the President of Argentina, and during the election campaign, he was always a "pro-crypto" politician. Javier has often envisioned in public settings that after shutting down the central bank of his country, Bitcoin would become the main remedy for Argentina's inflation. Before the presidential election, Javier Milei appeared on several talk shows, often promoting the benefits of Bitcoin and cryptocurrencies, stating that "Bitcoin can replace central banks."

In recent years, some savvy politicians have realized that the young voters in the crypto world are the "battleground" for national election battles, especially in South Korea, where young people are fervently trading coins in the hope of getting rich quickly in the midst of intense competition. According to the Financial Services Commission (FSC) of South Korea, there are 3.08 million young people aged 20-39 who trade cryptocurrencies, accounting for 23% of the population in that age group (13.431 million), nearly one-fifth of the total.

During the presidential election in March 2022, the current President of South Korea, Yoon Suk-yeol, promised to relax regulations on the cryptocurrency industry, while also pledging to take legal action against those who illegally profit from cryptocurrencies, through asset confiscation and returning them to the victims. At that time, Yoon Suk-yeol's main rival, Democratic Party candidate Lee Jae-myung, seen as the successor to former President Moon Jae-in, not only announced earlier that he would accept political donations in the form of cryptocurrencies for his campaign, but also stated that he would mint NFTs for campaign donors as proof of donation and memorabilia, with the NFTs including Lee Jae-myung's photos and political views.

This year, the People Power Party led by South Korean President Yoon Suk-yeol promised to postpone the imposition of a digital asset tax. Due to the previous ban by the Financial Services Commission (FSC) of South Korea on domestic securities firms representing Bitcoin spot ETFs listed overseas, the People Power Party is now considering allowing cryptocurrency products approved by developed countries such as the United States to enter the local market as part of their election promises, including Bitcoin spot ETFs. Other proposed friendly measures for the virtual asset industry to be included in election promises include the establishment of a Digital Asset Promotion Committee, completion of legislation related to token securities within the year, and allowing financial institutions and entities with asset management purposes to invest in virtual assets.

Early this morning, the U.S. House of Representatives passed the SAB121 repeal bill, which is seen as a "huge victory" by the crypto community. In a leaked recording, former SEC enforcement official JohnReedStark stated, "As long as the Democratic Party controls the SEC, the attacks on cryptocurrencies by the SEC will continue. Regulation will not be relaxed, and enforcement actions will not slow down." It is foreseeable that the binding of the crypto industry with party struggles will continue to develop.

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