US President Donald Trump has affirmed his support for crypto figures and the industry at large, saying the country is working to outpace China in crypto developments.
Trump says the crypto industry is “lucky” that he is president
In a July 6 statement at the White House Oval Office, Trump blamed the Biden administration for its “onslaught” against the industry. He added that the former rule was “weaponizing the government” and “putting great people in jail”. In reference to the crypto players pardoned during his reign, he said:
“You’re lucky I’m president.”
On this note, crypto personas pardoned during Trump’s reign include Silk Road Creator Ross Ulbricht, Binance Founder Changpeng Zhao and the BitMEX executive team, which includes Arthur Hayes. This presidential clemency brings to mind the proposed CLARITY Act, which shields non-custodial crypto developers from being treated as financial intermediaries.
That said, others, such as FTX Founder Sam Bankman-Fried and Tornado Cash developers Roman Storm and Roman Semenov, remain unexonerated. Both have massive evidence linking them to theft, embezzlement, and money laundering. Any administration willing to pardon such crimes would put its reputation in jeopardy.
Critics find Presidential support ironic
Trump’s statements today align with the mission of the White House Crypto Task Force: to make the US the global crypto capital.
Nonetheless, critics note the irony of his statements after recent reports revealed that the Trump family bagged $1.4 billion in profits from crypto affairs. In his statement today, Trump partially deflected responsibility for his children’s crypto endeavors, saying he did not interfere in their activities.
Meanwhile, defenders see today’s address as a legitimate policy support for innovation.
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