Trump Changes His Mind on Crypto Policy

Donald Trump is making plans to change some of the decisions he made on cryptocurrency policy, if he is elected president in November.

During his presidency, Trump took a number of positions on a variety of policies that he may be backtracking on very soon. Although he has called Kamala Harris a flip flopper, it looks like Trump will have to use that same title on himself.

Trump famously tried to ban TikTok while he was in office, standing behind a ban due to national security fears regarding the platform and how it might be used by the Chinese government to spy on US citizens and US government officials. During his presidency, there was a TikTok ban in the White House.

He has expressed support for the social media platform recently in statements he made on his own platform Truth Social. He said that if you get rid of TikTok, then Facebook will end up making double their current revenue.

In 2019, Trump posted to social media that cryptocurrency and Bitcoin are not money, and he is not a fan. Their value, he said, is “highly volatile and based on thin air.”

But during this election cycle, Trump has touted his continued support for cryptocurrency, talking about setting up a government fund for crypto and making cryptocurrency a major part of his Global Liberty Financial project. He has also said that he stands behind limited regulation of crypto so that China and other countries do not get the crypto business that could go to the United States.

What Is the Danger?

While politicians are known for flip-flopping on major issues all the time, it is more serious when it comes to a presidential candidate and the election is drawing to a close. That kind of behavior leaves voters wondering what kind of decision the politician will make. Trump has also changed his mind about marijuana legalization, vaping regulations, SALT tax caps, and filibusters.

The concern for cryptocurrency investors is that Trump might not be as serious about crypto as he appears to be and that he might change his mind about his strong support once the election has been decided. If he loses the election, then Trump could even pull back on his crypto support and take the Republican Party with him in that stance. These are the fears at least, and we will have to wait to see if they are unfounded or not.