A cryptocurrency lawyer has suggested that a potential victory for Donald Trump in the November election could result in several cryptocurrency lawsuits being dismissed by the U.S. Securities and Exchange Commission (SEC). However, others have pointed out his history of not keeping promises.
“I won’t settle any cryptocurrency cases with the current SEC until the election results are in,” wrote James Murphy, a cryptocurrency lawyer known as “MetaLawMan,” in a post on May 26. Given Trump’s recent promises regarding cryptocurrency, Murphy expects “a very different situation at the SEC.”
Over the past month, Trump has positioned himself as a champion of the cryptocurrency industry, stating that he is “very good on cryptocurrencies” and that the U.S. “must be a leader in the field.” He recently pledged to commute the life sentence of Silk Road founder Ross Ulbricht if elected.
“I can imagine [SEC Chairman] Gary Gensler and his team voluntarily dismissing cryptocurrency cases without fraud or victims,” Murphy added.
Adam Cochran, a partner at Cinneamhain Ventures, claimed in a Medium post that Trump has a decades-long history of profiteering and betraying others for his own benefit. He added, “Just like Biden, Trump has previously been against cryptocurrencies and is now pandering for votes.”
Alexander Blume, a partner at Prime Hedge Fund, made similar arguments, commenting that Trump “has a track record of making promises to desperate people/groups for his own purposes and then not following through on those promises.”
Fact-checking website PolitiFact’s analysis found that out of the 102 promises Trump made during the 2016 presidential campaign, more than half were broken, with 23 being compromised and 24 being kept.
Trump also has a history of anti-cryptocurrency remarks. As president, he tweeted that he is “not a fan of Bitcoin and other cryptocurrencies” because they are “based on thin air.” In 2021, he also claimed that cryptocurrencies are “possibly fake” and a “coming disaster.”
However, cryptocurrency lawyer Gabriel Shapiro wrote on Medium that “Trump has made some snarky comments about cryptocurrencies on Twitter,” which cannot be compared to the “four-year political persecution of cryptocurrencies by the Biden administration.”
Trump’s past cryptocurrency remarks and campaign promises are not enough to sway some executives in the U.S. cryptocurrency industry. Mike Dudas, founder of cryptocurrency website The Block and venture capitalist, stated that despite his dislike for Trump on “a thousand different levels,” his promises mean that “he will allow me to pursue my livelihood and support my family, investors, founders, and their employees.”
In a Morning Consult poll for the 2024 presidential election, Trump is leading Joe Biden by one percentage point. The election will take place on November 5.
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