Trump Declares End to Biden’s Crypto Policies

Since Donald Trump won the U.S. presidential election in November last year, Bitcoin has broken its all-time high (ATH) price several times, and the head of state is crediting his strong support for digital assets as the driving force.

He has also declared an end to the previous administration’s apparent hostility towards the crypto industry, promising to position the United States as the global leader in the sector.

Trump’s Pro-Crypto Vision

Speaking at the Future Investment Initiative Institute conference in Miami, Trump linked Bitcoin’s recent record highs, which saw the O.G cryptocurrency go past $109,000, to his administration’s efforts.

“Bitcoin set multiple all-time highs because everyone knows I’m committed to making America the crypto capital,” the President said.

The 78-year-old also outlined his commitment to fostering a crypto-friendly environment, including the January signing of an executive order titled Strengthening American Leadership in Digital Financial Technology.

It created a federal working group to develop a clear legal structure for digital assets. Many feel this is the first step in ending what they consider unfair regulatory practices by watchdog agencies such as the SEC, with the President seemingly of the same opinion.

“I’ve signed executive orders to keep the United States at the forefront of artificial intelligence and to end Joe Biden’s war on Bitcoin and crypto,” Trump declared. “We ended that war totally. That war is over,” he reiterated.

Washington now plays host to the most crypto-friendly Congress in U.S. history. Key lawmakers, including Senate Banking Committee Chair Tim Scott and his House Financial Services Committee counterpart French Hill, are leading efforts to draft regulatory frameworks for the crypto industry.

Personal Crypto Involvement

The U.S. President’s involvement with virtual assets goes beyond policy. He has directly engaged with the crypto market, launching the TRUMP meme coin days before his inauguration, with the token swiftly reaching billions in market capitalization.

First Lady Melania Trump followed suit with her own cryptocurrency venture, even though it took the shine away from the first coin, causing it to lose more than half its value.

Additionally, World Liberty Financial, a DeFi company fronted by Trump’s family, has gone on a crypto buying spree since he re-entered the Oval Office. On-chain data shows that the platform holds over $348 million in assorted cryptocurrencies, including USDC, TRX, ETH, and AAVE.