“Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it,” Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington, said earlier this month.
During his time in the White House, Trump said he was “not a fan” of cryptocurrency and tweeted in 2019, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” However, during this election cycle, he has reversed himself and taken on a favorable view of cryptocurrencies.
He announced in May that his campaign would begin accepting donations in cryptocurrency as part of an effort to build what it calls a “crypto army” leading up to Election Day. He attended a bitcoin conference in Nashville this year, promising to make the U.S. the “crypto capital of the planet” and create a bitcoin “strategic reserve” using the currency that the government currently holds.
Hilary Allen, a law professor at American University who has done research on cryptocurrencies, said she was skeptical of Trump’s change of heart on crypto.
“I think it’s fair to say that that reversal has been motivated in part by financial interests,” she said.
Crypto enthusiasts welcomed the shift, viewing the launch as a positive sign for investors if Trump retakes the White House.
Meanwhile, Vice President Kamala Harris’ campaign has not offered policy proposals on how it would regulate digital assets like cryptocurrencies.
In an effort to appeal to crypto investors, a group of Democrats, including Sens. Chuck Schumer and Kirsten Gillibrand of New York, participated in an online “Crypto 4 Harris” event in August.
Neither Harris nor members of her campaign staff attended the event.