Betting on Donald Trump is a mistake for pro-crypto lobbyists, says Arthur Hayes. The BitMEX co-founder says the industry should push for cryptocurrencies to enjoy “free speech” rights ahead of the November presidential election. Why?
Arthur Hayes discredits Donald Trump on the issue of cryptocurrencies
Cryptocurrency industry should not support Republican candidate Donald Trump, says Arthur HayesIn a blog post published Thursday, July 11, the co-founder of BitMEX explains that the candidate's change of direction in favor of cryptos is not sincere.
“I am appalled to see that many cryptocurrency experts, who should know better, are now blindly organizing gimmicky fundraisers for Donald Trump’s campaign. ” wrote Arthur Hayes. “Donald Trump is a smart politician. He will say whatever you want to hear to get re-elected and once he is in office, everything related to cryptocurrencies and blockchain will be a distant memory.”
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In the past, Donald Trump was against cryptocurrencies but the former US president seems to have changed his mind on the issue.
Since May, The Republican candidate has increased his pro-crypto speeches and met with several executives from companies specializing in Bitcoin mining.He has also pledged to pardon Ross Ulbricht, the creator of Silk Road, and is making cryptocurrencies a central part of his presidential campaign.
Donald Trump's new stance on crypto, in contrast to that of the Joe Biden administration, has been generally well received in the United States. In fact, Donald Trump will have to speak on the subject in Nashville on July 25, where one of the biggest Bitcoin conferences of the year will take place.
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What if we had to react before the next American presidential elections?
According to Arthur Hayes, US holders should unite and pressure Democratsthe party that opposes Donald Trump's Republicans, to pass pro-crypto legislation now.
“The best time to get concrete results is before the November elections,” did he declare. “If this cohort votes together, it could easily decide which clown will ascend the throne.”
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BitMEX co-founder says cryptocurrency industry must advocate for Bitcoin, cryptos and other forms of money, such as gold or government-issued currencies, to be protected by the ” freedom of expression “.
So the laws that protect freedom of speech would apply to different forms of money, and regulations that restrict an individual's ability to hold or transfer cryptocurrencies would disappear.
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Source: Medium
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