Trump indicates he might be tolerant of cryptocurrency if elected

Buyers of his branded sneakers paid a lot of money for them, sometimes in crypto, the former president observed.

Former United States President Donald Trump indicated his administration would take a possibly positive position on cryptocurrency if he were to be elected to the White House again. He spoke about Bitcoin and cryptocurrency in an interview with CNBC released on March 11.

“It’s taken [on] its own life. Sometimes I do little things for fun and, you know, make money with it,” Trump said. He said he has not bought Bitcoin (BTC) but “[will sometimes let people pay through Bitcoin.” He added:

“If you think of it, it’s an additional form of currency. […] They’re crazy new currencies. That’s what I call them, you know, whether it’s Bitcoin or others.”

The former Republican president and current presidential candidate released a run of 1,000 branded sneakers. Many of the pairs were paid for in cryptocurrency, “and I couldn’t believe the amount,” he said.

Trump had expressed skepticism about cryptocurrency when he was in office but signaled earlier this year that his attitude had changed. Trump called cryptocurrency a “scam” while president and reportedly told Treasury Secretary Steve Mnuchin to “go after Bitcoin.”

Former hopefuls for the Republican presidential nomination Vivek Ramaswamy and Ron DeSantis were much more vocal and articulate proponents of cryptocurrency. Independent candidate Robert F. Kennedy, Jr. also advocates for cryptocurrency.

Related: Vivek Ramaswamy unveils crypto policy platform criticizing mixer sanctions

In contrast, the Biden administration has acted unfavorably toward crypto, mainly through the Securities and Exchange Commission. SEC Chair Gary Gensler is a frequent target of criticism for his agency’s ambiguous policies regarding crypto and efforts at “regulation by enforcement.”

The Biden administration is possibly more inclined to accept a U.S. central bank digital currency (CBDC) than Trump. President Joe Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” mandated extensive research of the technology by a number of federal departments and agencies.

Trump, like the other Republican contenders and Kennedy, has expressed strong opposition to a U.S. CBDC, although Trump’s position on CBDC had earlier been interpreted as positive.

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