US Lawmakers Say Donald Trump Can Give Crypto-Friendly Regulations. US lawmaker Tom Emmer believes the potential return of former United States (US) President Donald Trump to the White House could usher in a regulatory landscape that is more favorable to the crypto industry.
Emmer, who is supporting Trump in the 2024 Republican presidential primary, is a vocal crypto supporter.
“If a second Trump administration occurs, the president will be friendlier towards the crypto industry,” said Emmer, quoted from Bitcoin.com, Tuesday (16/1/2024).
Emmer said that Trump was not a fan of bitcoin or other cryptocurrencies when he was president. However, since leaving office, the former US president has launched three non-fungible token (NFT) collections.
The latest NFT collection is the Mugshot Edition which was launched in December last year. His first NFT collection was a collection of digital cards featuring art from his life and career.
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His second NFT digital card collection launched in April, 19 days after he was charged with 34 felony counts for allegedly falsifying business records. According to on-chain analysis, Trump recently sold millions worth of ETH he earned from NFT sales.
Donald Trump recently warned of a stock market crash and another Great Depression if he does not win this year’s presidential election.
Analysts at asset management firm Vaneck predict bitcoin prices will hit record highs if Trump wins this year’s presidential election.
“We think bitcoin prices will reach an all-time high on November 9,” the company wrote in its 2024 crypto predictions.
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark noted in September last year voters may be single-issue voters and a strong, passionate constituency, so perhaps former President Trump will change his thinking dramatically.
Previously reported, former President of the United States (US) Donald Trump had provided new data about his income and crypto holdings in a financial disclosure to the Federal Election Commission (FEC).
Reporting from Bitcoin.com, Monday (21/8/2023), the filing contains information about the balance of the ethereum wallet, which collects proceeds from the sale of Trump-branded non-fungible tokens (NFT), and the revenue it generates.
Trump’s filing shows a company making USD 9.7 million or the equivalent of IDR 148.9 billion (assuming an exchange rate of IDR 15,351 per US dollar) by licensing his NFT image.
CIC Digital LLC, has a crypto wallet with at least USD 1 million or the equivalent of IDR 15.3 billion in ethereum (ETH), which generates revenue of USD 2.8 million or the equivalent of IDR 42.9 billion.
In a previous disclosure in July, Donald Trump stated that the CIC Digital wallet did not have more than USD 500,000 or the equivalent of IDR 7.6 billion and did not generate income. At that time, the company also had a fiat bank account with a balance of less than USD 1,000 or the equivalent of IDR 15.3 million.
US Lawmakers Say Donald Trump Can Give Crypto-Friendly Regulations. NFTs called Trump Digital Trading Cards, which depict America’s 45th president as multiple characters, including Superman, were launched in December last year, when the first badges were sold within hours.
Unlike other candidates to become the Republican presidential nominee, such as Florida Governor Ron DeSantis and Vivek Ramaswamy who are more positive towards cryptocurrencies, Donald Trump has not been interested in embracing bitcoin and the like. During his presidency, he once stated their value was based on thin air.
Previously, former US president Donald Trump stored crypto up to USD 500,000 or the equivalent of IDR 7.6 billion (assuming an exchange rate of IDR 15,331 per US dollar) in an Ethereum wallet. This information comes from a recently released filing with the US Office of Government Ethics.
Reporting from CoinDesk, Tuesday (15/8/2023) Donald Trump, who is running again to become US president in 2024, has long been a crypto skeptic. However, he released a collection of Non Fungible Token (NFT) cards last year featuring his image, which sold out in a matter of hours.
In April, he released a second series of these NFT cards which also sold out but momentum for the cards cooled. Filings show he has made between USD 500,000 and USD 1 million or the equivalent of IDR 15.4 billion from this deal.
Trump is far ahead of other Republican candidates in national polls. Trump is competing with other candidates who admit themselves to being crypto supporters. In fact, he will openly provide better crypto regulations if elected.
Previously, another US presidential candidate from the Democratic Party, Robert Kennedy Jr, said he had proven his commitment to supporting Bitcoin by buying 14 Bitcoins last May.
In an interview on Twitter Spaces with crypto investor and podcaster Scott Melker, Kennedy called Bitcoin the currency of freedom, and said he decided to become a crypto investor after he was derided by the media for promoting Bitcoin but not owning it.
As previously reported, Google withdrew many crypto exchanges, including Binance and Kraken, from its Play Store in India on Saturday, January 13 2024. This ban occurred two weeks after this global crypto exchange was flagged for operating illegally in the South Asian market.
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Reporting from Yahoo Finance, Monday (15/1/2024), the financial Intelligence Unit (FIU), an Indian government agency that oversees financial transactions, late last month issued show-cause notices to nine crypto companies and accused them of not complying with India’s anti-money laundering rules.
Apple withdrew the app earlier this week and various telecommunications networks and internet service providers began blocking URLs of crypto exchange sites.
FIU has asked India’s IT Ministry to block the websites of all nine services in India. Other exchanges whose applications were withdrawn were Huobi, Gate.io, Bittrex, and Bitfinex.
Amid the 30% capital gains tax and 1% transaction levy being implemented in India in 2022, many domestic cryptocurrency traders have migrated to global platforms with less stringent know-your-customer protocols.
This regulatory arbitrage coupled with the broader crypto winter led to a 97% drop in trading activity over two years on WazirX, a popular Indian exchange.
Well-funded Indian platforms CoinSwitch Kuber and CoinDCX still require strict identification verification.
US Lawmakers Say Donald Trump Can Give Crypto-Friendly Regulations. The defected traders appear to have avoided scrutiny of certain international competitors, and demonstrated classic tax evasion behavior, according to fiscal authorities.
