Former President Donald Trump has publicly expressed his support for crypto miners. This stance was conveyed during a notable gathering at Mar-a-Lago on Tuesday, hosting key figures from the crypto mining sector.
Trump’s pro-crypto posture could potentially mobilize support among tech-savvy voters and key stakeholders in the digital asset sector.
Donald Trump Meets With CleanSpark and Riot Platforms Executive
Matthew Schultz, Executive Chairman at CleanSpark Inc., shared insights from the event, during which Trump expressed his understanding and appreciation for crypto. Riot Platforms CEO Jason Les and the head of public policy, Brian Morgenstern, also met with Trump.
“President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin, and for many of us, to work in the Bitcoin industry,” Morgenstern said.
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Trump highlighted Bitcoin mining’s role in stabilizing the energy grid and affirmed his support for the sector. Emphasizing energy dominance, Trump pledged to champion these technologies, particularly if he were to return to the White House.
“We want all the remaining Bitcoin to be made in the USA. It will help us be energy-dominant,” Trump said.
These developments occur as crypto miners face intense scrutiny over their environmental impact and the strain they place on local power grids. Trump’s backing could significantly influence public and political perceptions, potentially swaying the broader narrative around the industry.
In February, the US Energy Information Administration (EIA) started to collect data on how much electricity crypto miners use. However, this initiative met with strong resistance, leading to a court decision that temporarily stopped the data collection.
Moreover, the Biden administration is taking decisive steps toward regulating digital assets, citing environmental sustainability. A notable measure from the Department of the Treasury proposes a 30% tax on the electricity that crypto mining firms use by 2025, contained within the Fiscal Year 2025 Revenue Proposals.
Trump, in contrast, is actively engaging with the crypto community to bolster his political comeback. At a recent Libertarian Party convention, he vowed to commute Ross Ulbricht’s sentence and announced his campaign’s acceptance of crypto donations. His involvement was further highlighted during a fundraiser that attracted leading figures like the Winklevoss twins and raised $12 million to support his campaign against Joe Biden.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Trump’s renewed focus on crypto appears to be a strategic move to attract new voters, positioning digital assets as a key component of his platform. This stance starkly contrasts with the current administration’s approach, which leans heavily towards stringent regulations.
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