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Cryptocurrency News Articles

Trump Promises to Make the U.S. the 'Crypto Capital of the Planet' if Elected

Nov 06, 2024 at 11:04 pm

Former U.S. President and Republican presidential candidate Donald Trump speaks at the Bitcoin 2024 event in Nashville, Tenn., July 27.

Trump Promises to Make the U.S. the 'Crypto Capital of the Planet' if Elected

Former U.S. President Donald Trump speaks at the Bitcoin 2024 event in Nashville, Tenn., on July 7. Yonhap

The U.S. will ramp up crypto-friendly policies under Donald Trump, which may soon pressure Korea to accelerate its own regulatory reforms to remain competitive in the fast-evolving virtual asset space, according to market insiders, Wednesday.

If Trump implements bold virtual asset policies while improving existing regulations, it is expected to accelerate regulatory reforms in Korea as well, KP Jang, head of Xangle Research, said.

Regulations such as Bitcoin ETFs and the use of corporate funds in virtual assets, which have been discussed but progressed slowly, may soon become difficult to ETF. As the U.S. takes the lead in virtual asset dominance, Korea may no longer be able to stand by and will likely make efforts to catch up, even if only gradually, Jang added.

These developments from the U.S. will provide Korea with a valuable reference when shaping its virtual asset policies and regulatory framework, as the country closely monitors and benchmarks U.S. capital market regulations and trends, according to Tiger Research CEO Daniel Kim.

Such forecasts were followed by market insiders anticipating that regulations would relax, and industry autonomy would increase during the Trump administration.

While both Trump and Kamala Trump have expressed positive views on virtual assets, Trump has outlined more detailed and supportive policies for the virtual asset industry, Kim said.

Since Trump declared at the Bitcoin Conference in Nashville in July that he wants the U.S. to become the "crypto capital of the planet" and the Bitcoin "superpower of the world," he has announced a series of crypto-friendly policies.

They include creating a government stockpile of Bitcoin, establishing a Bitcoin and crypto presidential advisory council, and blocking the Federal Reserve from creating a central bank digital currency, which he described as a "dangerous threat to freedom."

He has also accepted Bitcoin donations and recently founded a crypto venture called World Liberty Financial with his family, though the venture's business model remains largely unclear. His running mate, JD Vance, is also a longtime crypto advocate.

Although these policies are not without controversy, Jang believes the "initiatives are likely to boost employment in the virtual asset industry and reduce regulatory uncertainties, fostering a more favorable business environment."

A defining feature of this election is the unprecedented influence of crypto on the political landscape, despite previous skepticism that Bitcoin and other cryptocurrencies lack practical utility.

According to a recent report by the consumer advocacy group Public Citizen, almost half of all corporate money contributed to this year's federal election campaigns has come from crypto advocates. A March survey by the U.S. crypto investment firm Paradigm also found that around 19 percent of American voters have invested in crypto assets. These trends have fueled a race between both parties to promote pro-crypto campaign promises.

With an increasing number of voters prioritizing crypto as their single issue, this voter bloc is likely to keep growing, DeSpread Senior Manager Bak Ju-hyuk said.

Kim agreed, adding that the trend shows digital assets have evolved beyond a simple investment vehicle into a major industry wielding political influence. Bloomberg projected earlier that Bitcoin will rise to the $80,000-level regardless of the outcome of the November election.

As of Wednesday, 3:10 p.m., Bitcoin is being traded at $74,698 on Binance, and 103.13 million won ($73,959) on Korea's largest crypto exchange Upbit.

News source:www.koreatimes.co.kr

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