New Poll Shows Trump Leading Biden; How "Crypto-Friendly" Was the GOP Under Trump?

In a recent survey conducted by The New York Times, if the 2024 presidential election were held today, 48% of 980 respondents would vote for Trump, while 43% would vote for Biden. Dissatisfaction with Biden's leadership and a belief in Trump's policies contribute to this trend.

Trump's Cryptocurrency Policy Revisited

During Trump's presidency, attitudes towards cryptocurrency and its regulation were cautious and sometimes critical. Here's a recap of key actions and positions related to cryptocurrency policy during his tenure:

1. Critical Stance on Cryptocurrency Trump expressed skepticism towards cryptocurrencies, citing concerns about their high volatility and potential for use in illicit activities such as drug trafficking.

2. SEC/CFTC Regulatory Actions Increased scrutiny on cryptocurrency regulation occurred during Trump's tenure. The Securities and Exchange Commission (SEC) took actions against some initial coin offerings (ICOs) deemed unregistered securities. The Commodity Futures Trading Commission (CFTC) also enforced against cryptocurrency scams.

3. Introduction of Bitcoin Futures Bitcoin futures were launched on major U.S. exchanges, including the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), in December 2017. This move was seen as integrating cryptocurrency into the traditional financial system, laying the groundwork for current Bitcoin spot ETFs.

4. Concerns Over Facebook's Libra (Now Diem) The Trump administration expressed concerns over Facebook's proposed cryptocurrency, initially named Libra and now known as Diem. Treasury Secretary Mnuchin and other officials warned of potential money laundering and terrorism financing risks, leading to hearings and significant backlash from regulators and lawmakers.

5. FinCEN's Anti-Money Laundering Efforts The Financial Crimes Enforcement Network (FinCEN) took measures to combat money laundering and financial crimes involving cryptocurrency. For instance, in 2019, FinCEN issued guidance on how its regulations apply to businesses engaged in certain cryptocurrency activities.

6. IRS Guidance on Cryptocurrency Taxation The Internal Revenue Service (IRS) released guidance on cryptocurrency taxation, clarifying that virtual currencies are treated as property for tax purposes. This means transactions involving cryptocurrency are subject to capital gains tax.

7. Executive Order on Cybersecurity While not specifically targeting cryptocurrency, Trump signed an executive order aimed at enhancing federal network and critical infrastructure cybersecurity. This indirectly impacted the crypto community, emphasizing the need for robust security frameworks.

Overall, the Trump administration's approach to cryptocurrency can be described as cautious, focusing on regulation and security concerns. Emphasis was placed on the need for oversight to prevent illicit activities and ensure the stability of the financial system.