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Trump Endorses Crypto, Eyes Voters; House to Vote on FIT21 Act Amid SEC Criticism

May 11, 2024, 04:00 PM

Recent developments indicate that cryptocurrency is becoming a significant political issue in the upcoming U.S. presidential election, particularly following former President Donald Trump's endorsement of digital assets. This stance has been perceived as a strategic move to attract the crypto voter base, contrasting with the current administration's more stringent regulatory approach under SEC Chair Gary Gensler, criticized by figures like Mark Cuban. The House of Representatives is also actively involved, with plans to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to establish a clear regulatory framework for digital assets. This legislation is seen as pivotal in defining the roles of the SEC and CFTC while enhancing consumer protections. Additionally, Trump's campaign is accepting crypto donations, further aligning his platform with crypto supporters.