Former U.S. President Urges Crypto Supporters to Vote for Trump

Former US President, and possibly the one in 2024, Donald Trump, made an appearance at his Florida Mar-a-Lago resort to express support for cryptocurrency in general. There was a special appearance for Trump NFT holders. The troubled politician has now told of the exodus of crypto companies from the United States following what seemed to have been hostility against digital assets, saying, "We either have to embrace it, or we're going to have to let them be here."

Trump's newfound crypto love constitutes a huge change from his old views at a time when his fan numbers in the crypto community are increasing. This was after an earlier poll carried out by Paradigm, the world's leading crypto venture capital firm, which found that 48% of the holders of crypto intend to vote for Trump, while 39% say they will vote for the sitting President Joe Biden.

Source: Paradigm

During the event, Trump took questions from the crypto-savvy crowd and said he would be welcome to campaign donations in Bitcoin and other tokens. He also castigated the current administration by asserting that Biden and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler were both clueless; they are enemies of cryptocurrency.

It was also not unnoticed that Trump's backing of digital assets could be quite good for Bitcoin if he were to win the November presidential contest in a twist of historic nature. The Mar-a-Lago event also coincided with the passing of a resolution in the U.S. House denounces U.S. SEC's crypto banking policy, bringing to light the political chasm.

The President Joe Biden administration is in plans to veto a joint resolution on cryptocurrency policy that is going to affect the regulatory powers of the Securities and Exchange Commission (SEC).

On May 8, the White House released a statement voicing its strong opposition to the efforts of some members of the House of Representatives to pass a joint resolution. The statement says that this legislative move could undercut the SEC's ongoing efforts to protect cryptocurrency investors and ensure the stability of the broader financial system.

Proposed last February, House Joint Resolution 109 would overturn the effect of the SAB No. 121 of the SEC's Staff Accounting, which was forced into effect by the regulatory body earlier this year. The bulletin requires that banks include their customer's digital assets in their balance sheets and hold enough capital against those.

It has also put a focus on the latest price hike Solana-based meme coins with caricatures of Trump and Biden, with "Jeo Boden" ($BODEN) and "Doland Tremp" ($TREMP) tokens reaching market capitalization of $473 million and $83 million. Trump, however, said he's not so hot on the price of the Biden-themed token, stating, "That's a lot of money for a coin. I don't like that investment."

Trump also took credit for making NFTs hot again: