Donald Trump Commits to Crypto, Promises Self-Custody Rights

Former US President Donald Trump has reaffirmed his support for the cryptocurrency industry, expressing a strong commitment to its growth.

On May 25, the former president made several pro-crypto statements before the November election.

Donald Trump’s Latest Pledges to the Crypto Industry

Donald Trump strongly supported the cryptocurrency industry, emphasizing that the United States must strive to be a global leader in this growing sector.

“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place,” Trump stated.

He further contrasted his stance with that of President Joe Biden, whom he accused of wanting to stifle the crypto industry. “That will never happen with me,” Trump asserted. Later, at the Libertarian Party’s National Convention in Washington, Trump told attendees that he would protect their right to self-custody crypto assets and prevent the creation of a central bank digital currency (CBDC).

“I will support the right to self-custody. To the nation’s fifty million crypto holders, I say this: 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,” Trump addded.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Remarkably, the former President also pledged to pardon Ross Ulbricht if re-elected. In 2015, a court sentenced Ulbricht to two consecutive life terms plus 40 years for creating and operating Silk Road, a darknet marketplace primarily used for drug transactions. However, many in the crypto community argue that Ulbricht’s sentence represents a governmental overreach.

“If you vote for me, on Day one, I will commute Ross Ulbricht’s sentence to time served. He’s already served 11 years, and we’re going to get him home,” Trump promised.

Meanwhile, Trump’s pro-crypto stance appears to be enhancing his election prospects. According to Polymarket, a popular crypto-based prediction platform, Donald Trump has a 56% chance of winning the election, compared to Biden’s 38%.

Trump vs. Biden Chances of Winning US Presidential Election. Source: Polymarket

Trump’s chances increased substantially over the past months following a series of pro-crypto actions and statements. Notably, his campaign has begun accepting crypto donations in various digital assets, including Bitcoin, making him the first major candidate to do so.

Read more: How To Donate Crypto Using The Giving Block

In response, the Biden administration has noticeably shifted its approach to crypto. The White House has expressed interest in working with Congress on effective crypto regulations. Additionally, the crypto-skeptic Securities and Exchange Commission (SEC) approved an Ethereum ETF, marking a significant policy shift.

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