Trump Expresses Significance of Cryptocurrencies, Pushes for Keeping Them Out of Chinese Hands
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The one and only, President Donald Trump, has professed his love for crypto and is keen on giving the US supremacy in the digital asset arena vis-a-vis China.
"I'm all about crypto, I think it's darn important because if we don't get our butts in gear, China's gonna take it, plain and simple," Trump declared during a sit-down with Kristen Welker on NBC's Meet the Press, broadcast on May 4 [1]. He didn't hold back, adding, "It's all the rage, it's the hottest thing going!"
Trump Lays the Smackdown on Biden for Attacking Crypto
According to CBS reporter Jennifer Jacobs' May 5 tweet, Trump wants to keep crypto safely away from the clutches of China. Jacobs claims the President sounded the alarm, warning if the US doesn't seize the top spot in the crypto sphere, "China will take over," much like they did with AI and numerous other industries [1].
Trump expressed his admiration for cryptocurrency, stating, "I want to keep it far, far from China" [1]. In a nod to the competition between the two powerhouses, he added, "Crypto is vital."
Trump Takes a Swing at Biden's SEC
Trump also went on the offensive against the previous administration under former President Joe Biden, claiming they had "mercilessly" attacked the crypto industry. In the days leading up to Trump's return to the White House in January, several crypto companies were mired in legal battles with the US Securities and Exchange Commission (SEC) under former SEC Chair Gary Gensler [2].
Since Trump's arrival, the SEC has dropped numerous high-profile cases against crypto firms [2].
Trump's Meme Coin Profits: An Interview Scoop
During the CBS interview, Trump was also grilled over claims that he had profited from his presidency through the launch of his own meme coin, Trump (TRUMP) [2]. He initially responded, "Nope, not me," before Welker followed up, "So you're not profiting off of this crypto stuff at all?" Trump retorted, "Nope, not a bit."
This reaction comes on the heels of a Financial Times analysis in March, which indicated that the parties responsible for the token made $314 million from selling their holdings, with creators also generating $36 million from fees [2].
Two firms, CIC Digital LLC, which is closely affiliated with the Trump Organization, and Fight Fight Fight LLC, which is jointly owned by CIC Digital, together control 80% of the meme coin's 1 billion supply [2].
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- President Trump's affection for crypto is evident as he strives to put the US at the forefront of the digital asset arena, fearing China might seize the opportunity if the US doesn't act swiftly.
- Trump warned on May 5 via a tweet by CBS reporter Jennifer Jacobs that if the US fails to take the lead in the crypto sphere, China might dominate, just as they did in AI and other industries.
- Trump argued in a sit-down interview that keeping crypto out of China's reach is crucial, emphasizing the strategic importance of cryptocurrency in the competition between the two powers.
- In the days leading up to his return to the White House in January, many crypto companies were embroiled in legal battles with the US Securities and Exchange Commission (SEC).
- Since Trump's arrival, the SEC has dropped numerous high-profile cases against crypto firms, suggesting a shift in the regulatory stance towards the crypto industry under the current administration.
