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Former US President Donald Trump May Change Crypto Stance Dramatically, Says Ex-SEC Official

Former US President Donald Trump May Change Crypto Stance Dramatically, Says Former SEC Official

The U.S. Securities and Exchange Commission’s former head of internet enforcement says former U.S. President Donald Trump’s anti-crypto stance may change dramatically. He further predicted that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, at a minimum, approve a bitcoin exchange-traded fund (ETF) and “may even slow down considerably SEC crypto-related enforcement efforts.”

Former SEC Official on Donald Trump’s Anti-Crypto Stance

Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has argued that former President Donald Trump could “dramatically” change his position on cryptocurrencies. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Trump is running for president in 2024.

“Former President Trump is on record as being strongly anti-bitcoin and anti-crypto,” Stark wrote on social media platform X Wednesday. However, the former SEC official argued:

Crypto-voters might be one-issue voters and are a powerful and passionate constituency, so perhaps former President Trump will change his crypto-tune dramatically.

Citing multiple media reports, he also noted that Trump now owns some cryptocurrency. The former U.S. president reportedly disclosed crypto holdings of $2.8 million in ether (ETH) in August after debuting a non-fungible token (NFT) collection last year.

In 2019, Trump stated that he is “not a fan of bitcoin or other cryptocurrencies,” emphasizing that they’re not money. He further said they are “based on thin air,” adding that “unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.” Moreover, he said in 2021 that crypto is very dangerous.

The former SEC internet enforcement chief concluded on Wednesday:

Under any circumstance, it seems likely that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, in the least, approve a bitcoin spot ETF and may even slow down considerably SEC crypto-related enforcement efforts.

Last month, Stark highlighted a number of potential changes that could benefit the crypto industry. They included a Republican president being elected, SEC Chairman Gary Gensler resigning, and “crypto mom” Hester Peirce being appointed as the acting SEC Chair.

Do you think former U.S. President Donald Trump will become crypto-friendly? Let us know in the comments section below.

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