Potential Crypto-Friendly Policies Under a Second Trump Term, Says GOP Congressman

Republican Congressman Tom Emmer has suggested that the cryptocurrency industry might see more favorable regulations if Donald Trump is re-elected as President. Despite Trump’s previous skepticism towards cryptocurrencies like Bitcoin, which he described as “highly volatile and based on thin air,” his recent foray into non-fungible tokens (NFTs) indicates a shift in his stance.

Emmer, a known advocate for the crypto sector and an ally of Trump, has endorsed the former president for the 2024 Republican presidential primary. He believes Trump’s victory could positively impact Bitcoin prices and the broader crypto market, according to a report by Politico.

The congressman’s endorsement comes despite Trump’s opposition to his bid for the House Speakership. While Trump has criticized Bitcoin and other digital currencies in the past, he has recently engaged in the crypto space by launching three NFT collections, including the latest ‘Mugshot Edition.’

Analysis of blockchain data shows Trump liquidating millions in Ethereum (ETH) proceeds from his NFT sales. Brian Brooks, a former Coinbase chief legal officer and Acting Comptroller of the Currency, opined that Trump’s potential appointees to regulatory positions might be more receptive to cryptocurrencies than the current administration.

Trump has warned of a possible stock market crash akin to the Great Depression if he isn’t elected. Meanwhile, Vaneck, an asset management firm, predicts Bitcoin reaching record highs around November 9th if Trump wins, as per their 2024 crypto predictions.

Former SEC official John Reed Stark suggested in September 2024 that Trump might significantly change his position on cryptocurrency, influenced by the growing number of crypto-savvy voters.

Trump’s Involvement in NFTs

Since leaving office, Trump has ventured into the NFT market, releasing the Trump Digital Collectible Cards, which brought in over $8.9 million in sales and $298,000 in licensing fees. His wallet balance, revealed in a financial disclosure, indicates an amount between $250,000 and $500,000, signifying his entry into the NFT market.

His $99 limited edition trading cards, featuring various images of him, including in hunting gear and as a superhero, sold out quickly, generating significant revenue despite facing criticism for using copyrighted images without authorization.

Trump’s engagement in the NFT space and the potential for a more crypto-friendly environment under his administration could signify a shift in policy if he returns to the White House.