Donald Trump: “I will stop Joe Biden’s crusade to crush crypto”
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Donald Trump reiterated his support for private crypto investors and fervent opposition to the creation of a Central Bank Digital Currency (CBDC) in a speech over the weekend.

In an address at the Libertarian National Convention in Washington DC, Trump went over a number of his usual talking points in his trademark style. Immigration, the economy, foreign policy and the criminal trial against the former president all got a mention.

Cryptocurrency, an area Trump has been touching on more and more lately, came up just under half an hour into his speech. The Republican Party 2024 presidential candidate seems keen to present himself as a big supporter of US crypto in contrast to Joe Biden.

“I will also stop Joe Biden’s crusade to crush crypto,” Trump informed the crowd. “We’re going to stop it. I am going to ensure that the future of crypto and the future of Bitcoin will be made in the USA and not driven overseas. 

“I will support self-custody. To the nation’s 50 million crypto holders I say this – with your vote, I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a Central Bank Digital Currency.”

The Libertarian Party is the third largest party in US politics after the Democratic and Republican parties, which have fielded every presidential candidate since 1853 and collectively hold every seat in the House of Representatives and the Senate, with the exception of three independents in the latter.

The Libertarians’ ideological agenda primarily revolves around small government, free trade and a heavy emphasis on individual freedoms and liberties. It was therefore unsurprising that the assembled Liberarians responded well to Trump’s comments on Bitcoin and CBDCs with cheers and applause.

Trump’s disdain for CBDCs have been made abundantly clear lately, with the ex-president and re-election hopeful proclaiming back in January that “If I am the president, on day one, we will nix central bank digital currency”. He reaffirmed his comments, as well as his dislike of Artificial Intelligence (AI), a month later.

The notion of a CBDC, or digital dollar, is not a popular one among Libertarians, who share many ideological tenets with elements of Trump’s Republican Party. 

This is due to Libertarians’ aforementioned dislike of powerful central government and associated institutions, exemplified during Trump’s speech by repeated chants of “end the fed!” – a rallying cry from Libertarians to dissolve the Federal Reserve. 

Trump’s comments came at the end of what turned out to be a significant week for US cryptocurrency and blockchain, as the House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21) with broad bipartisan support.

FIT21 has secured Trump’s approval, but in contrast Joe Biden is much more cautious of the legislation, although the Democrat President has made it clear he will not veto the Bill but will instead work with Congress to make alterations.

The Democrats in general are much more reserved about crypto than Republicans. Elizabeth Warren, the senior US Senator from Massachusetts, has been very critical of the sector on multiple occasions, hence her reference in Trump’s speech – although the 71 Democratic votes in favour of FIT21 last week show this view is not held by all.

With the US election scheduled for November, cryptocurrency will likely not be a major vote winner for the general public. However, it will still play its role and advocacy groups have initiated political campaigning, shown by the creation of a political action committee (PAC) by Stand With Crypto earlier this month.