As a professional translator, I will translate this news article into English while maintaining accuracy and coherence, and preserving proper nouns and all 
tags. Here is the translation:
“I will stop the hostility towards cryptocurrencies. If we want to embrace crypto, we need them to stay here,” said Trump.
By Rhythm Xiaogong
This morning, a video of Donald Trump’s speech at a conference went viral in the cryptocurrency community. In the video, Trump expressed his acceptance of the development of cryptocurrencies and criticized Joe Biden and the Democratic Party for their anti-crypto stance and policies. “If you support cryptocurrencies, you better vote for Trump.” Recently, the Biden administration has expressed opposition to a “pro-crypto” resolution passed by the House of Representatives.
From South Korea and Argentina in the past, to the United States this year, cryptocurrencies seem to be gradually becoming an important issue in national elections. On this issue, Trump and Biden once again find themselves on opposing sides.
Trump: Buying $BODEN coins is not a good investment
Yesterday, after appearing in court, Trump flew back to Florida and held a private dinner with the primary buyers of his “Mugshot Edition” NFT trading cards. The Mugshot Edition NFT series has gained significant attention. It includes photos and various derivative illustrations of Trump’s arrest last year in Georgia for conspiring to overturn the state’s 2020 election results. The series includes photos of the arrest, illustrations of Trump wearing a cowboy hat, and a cartoon image of Trump holding lightning with the caption “American Superhero.”
These NFTs were priced at $99 each, and those attending the dinner had to purchase more than 47 NFTs. Buyers who held 100 NFTs were also eligible to attend a pre-dinner “VIP” cocktail party and received a card featuring Trump in the suit he wore when arrested in 2020. “Lucky buyers” would also receive Trump’s autograph.
Frank, the founder of DeGods, a well-known figure in the US NFT community, and KOL, also attended the dinner. In addition to the video mentioned above, Frank also posted another live video from his X account, in which Trump said, “Let’s make NFTs hot again.”
In addition to discussing his attitude towards cryptocurrencies and NFTs, Trump even mentioned the once popular “meme coin” $BODEN. According to Coindesk reporter Danny Nelson, Trump stated during the event that he did not like the $BODEN token, saying, “There’s too much money in that coin.” During the previous meme frenzy, $BODEN, as a meme for Biden’s presidential campaign, experienced a several hundred-fold increase in value in a short period of time. Currently, the market capitalization of $BODEN is about $260 million, with a retracement of 60% from its peak.
During the event, Malcolm, a member of de Labs (the parent company of DeGods), randomly asked Trump about the issue of crypto companies leaving the US due to regulatory issues. Trump responded by saying that he would make efforts to keep these teams in the US and stop the hostility towards them. “I will stop this hostility. If we want to embrace crypto, we need them to stay here.”
After Trump’s “pro-crypto” statement went viral on the X platform, the related meme coin $TRUMP also surged and broke through $5.9, with a 24-hour increase of 31.73%.
Biden opposes the “pro-crypto” resolution passed by the House of Representatives
In the early morning, the US House of Representatives passed the SAB121 repeal bill, which the crypto community sees as a “huge victory.” In a leaked recording, former SEC enforcement officer John Reed Stark said, “As long as the Democratic Party controls the SEC, the SEC’s attacks on cryptocurrencies will continue. Regulation will not be relaxed, and enforcement actions will not slow down.”
Yesterday, the US House of Representatives voted on a resolution, H.J. Res 109, related to the crypto industry, which would allow heavily regulated financial companies to act as custodians for Bitcoin and other cryptocurrencies.
However, this resolution was opposed by the Biden administration. “The government strongly opposes the passage of H.J. Res. 109, as it would disrupt the work of the Securities and Exchange Commission (SEC) in protecting investors in the crypto asset market and the broader financial system… If the president receives H.J. Res. 109, he will veto it.”
The “SEC’s work in protecting the financial system” mentioned by the Biden administration refers to the SEC’s previously issued Staff Accounting Bulletin No. 121 (SAB121), which imposed restrictions on financial institutions in terms of digital asset custody, but has been controversial.
Republican Congressman McHenry believes that SAB121 requires financial institutions and companies that protect customer digital assets to retain these assets on their balance sheets. This means that banks will be required to bear a significant amount of capital, liquidity, and other costs under the existing regulatory framework. “This essentially makes the cost of financial institutions safeguarding customer digital assets too high, which is in stark contrast to the strict regulatory approach traditionally required of banks holding assets on behalf of clients.”
In a statement on Wednesday, Biden expressed strong opposition to any interference with the SEC’s work. “SAB121 was issued to address the existing technological, legal, and regulatory risks that have caused significant losses to consumers.”
Coinbase’s Chief Legal Officer, Paul Grewal.eth, tweeted that despite facing the unforgivable threat of a presidential veto, the repeal of SAB121 received 21 votes in favor from Democrats. “Thanks to these independent thinkers. The political tide is increasingly favorable to reasonable rules for cryptocurrencies. History will not be kind to those who persist.”
The Biden administration has long held a negative attitude towards the cryptocurrency industry. In June of last year, Biden stated that he would eliminate tax loopholes for cryptocurrencies and hedge funds, emphasizing that the wealthy and large corporations must pay their fair share of taxes. In March of this year, Matthew Sigel, the CEO of VanEck, stated in an interview, “The Biden administration does not want banks and brokers to have exposure to digital assets. If there is a change in the presidency, we will see more support for this industry.”
Coinbase has been very clear about the Biden administration’s stance on cryptocurrencies. In September of last year, Coinbase CEO Brian Armstrong stated in an interview with Yahoo Finance that if Republicans defeat President Joe Biden in 2024, Gary Gensler is likely to no longer serve as the SEC chairman, which would “definitely help” the industry. Armstrong believed that in the 2024 campaign, cryptocurrencies could become a “hot topic” in the race for the White House, and American voters would force candidates to clarify their stance on this issue.
Cryptocurrencies as an important topic in elections
In November of last year, “Bitcoin enthusiast” Javier Milei successfully became the president of Argentina, and throughout the election campaign, he was a “pro-crypto” politician. Javier has repeatedly imagined in public that once the country’s central bank is closed, Bitcoin will become the main remedy for Argentina’s inflation. Before the presidential election, Javier Milei appeared on several talk shows, often promoting the benefits of Bitcoin and cryptocurrencies, stating that “Bitcoin can eliminate central banks.”
In recent years, savvy politicians have realized that the young voters in the crypto world are the “battleground” for national elections, especially in South Korea, where young people are eager to get rich and turn their lives around amidst intense competition. According to the Financial Services Commission (FSC) of South Korea, there are 3.08 million young people aged 20-39 who trade cryptocurrencies, accounting for 23% of the population in that age group (13.43 million), nearly one-fifth of the total.
During the presidential election in March 2022, incumbent South Korean President Yoon Suk-yeol promised to relax regulations on the cryptocurrency industry and take legal action against those who illegally profit from cryptocurrencies, by confiscating their assets and returning them to the victims. Yoon Suk-yeol’s biggest competitor at the time, Democratic Party candidate Lee Jae-myung, who is seen as the successor to former President Moon Jae-in, not only announced earlier that he would accept political campaign donations in the form of cryptocurrencies but also pledged to mint NFTs for campaign donors as proof and commemorative items. The NFTs issued would also include photos and political views of Lee Jae-myung.
This year, the People’s Power Party, led by South Korean President Yoon Suk-yeol, promised to postpone the implementation of a digital asset tax. As the Financial Services Commission (FSC) of South Korea previously banned domestic brokerage firms from acting as agents for overseas-listed Bitcoin spot ETFs, the People’s Power Party intends to allow crypto products approved by developed countries such as the United States to enter the local market, including Bitcoin spot ETFs. Other friendly proposals for the virtual asset industry that are being considered include establishing a Digital Asset Promotion Committee, completing legislation related to token securities within the year, and allowing financial institutions and entities with asset management purposes to invest in virtual assets.
In the early morning, the US House of Representatives passed the SAB121 repeal bill, which the crypto community sees as a “huge victory.” In a leaked recording, former SEC enforcement officer John Reed Stark said, “As long as the Democratic Party controls the SEC, the SEC’s attacks on cryptocurrencies will continue. Regulation will not be relaxed, and enforcement actions will not slow down.” It can be foreseen that the association of the crypto industry with partisan struggles will continue to develop.
Tags:
Coinbase
NFT
Biden
Bitcoin
Trump
United States
Source link:
https://www.theblockbeats.info/news/53415
Note: The views expressed in the article only represent the author’s opinion and do not constitute investment advice.
Original link: https://www.bitpush.news/articles/6690751
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