Former President Donald Trump has been given the title of “America’s first crypto president” due to his administration’s approval of Bitcoin futures contracts in 2017. Chris Giancarlo, a former CFTC commissioner, made this statement at a recent crypto policy event in Washington DC. Trump’s approval of regulated Bitcoin futures was seen as a positive move for the crypto industry, as it helped establish Bitcoin as a digital commodity priced in US dollars.
The Chicago Mercantile Exchange (CME) launched its Bitcoin futures trading in 2017, following CBOE in offering this new financial instrument. At the time of Trump’s presidency, cryptocurrency was not a politically charged issue, with regulatory innovation being the focus for CFTC commissioners. However, fast forward seven years later, crypto is now becoming a significant topic in presidential elections, with Trump’s stance on crypto evolving over time.
Before becoming a proponent of cryptocurrency, Trump had criticized them in July 2019, stating that they were not real money and citing concerns about their volatility and use in criminal activities. As the political landscape continues to shift, there are mixed opinions about how the Biden administration will handle crypto regulation. Some, like Charles Hoskinson, founder of Cardano, have criticized Biden for hindering industry growth due to regulatory uncertainties, while others, like Kyle Bligen from the Chamber of Progress, see potential for positive crypto legislation under his administration.
Under Biden’s administration, there have been clashes between the SEC and the CFTC over jurisdiction in the crypto industry, with Congress struggling to pass bipartisan legislation to address these issues. Additionally, courts are facing challenges in determining whether digital assets should be classified as commodities or securities. The future of crypto regulation in the US remains uncertain, with the industry closely watching how the political landscape evolves in the coming years.
