Justin Sun urges crypto community to back pro-crypto presidential candidate
Sun made this appeal in a May 26 social media post, emphasizing the importance of aligning with a candidate who endorses cryptocurrencies to ensure the industry’s voice is heard and interests protected. He said:
“We should support a presidential candidate who endorses cryptocurrencies. We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices should be heard and whose interests should be protected.”
So, the upcoming election presents a crucial opportunity for the crypto community to influence the regulatory environment by backing a candidate who supports the industry’s growth and integration into the broader economy.
Biden, Trump jostle for crypto
Sun’s statement comes amid a changing regulatory landscape in the US regarding cryptocurrencies.
Recently, crypto has become a hot political topic, with bipartisan support for two crypto-related bills—SAB121 and the FIT21 Act. These bills aim to enhance the industry’s regulatory framework and provide the necessary clarity for it to thrive.
Additionally, the traditionally crypto-skeptic Securities and Exchange Commission (SEC) unexpectedly approved spot Ethereum exchange-traded funds (ETFs) 19-b filings, marking a pivot from its previous stance on the asset.
Stakeholders see these developments as a significant shift for President Joe Biden‘s administration, which previously favored strict regulation of the emerging industry. The White House has also shown interest in collaborating with Congress on effective crypto regulations.
Experts attribute these changes to former President Donald Trump‘s newly acquired pro-crypto stance, which has bolstered his re-election prospects. According to Polymarket, Trump has a 56% chance of winning the election, compared to Biden’s 38%. While Trump was president, he was overtly against crypto, calling it “based on thin air.”
In recent months, Trump’s chances have risen following a series of pro-crypto actions and statements. This weekend, the former president said the United States must be a leader in the crypto sector while pledging to release the imprisoned founder of Silk Road, Ross Ulbricht. Furthermore, his re-election campaign now accepts crypto donations in various digital assets, including Bitcoin, making him the first major candidate to do so.
