Donald Trump’s Strategy to Take Over Crypto Industry: A Move Towards Monopoly?

Since the date Donald Trump won the US presidential election, he has positioned himself as one of the biggest players in the digital assets sector. From introducing ProCrypto regulatory rules to launching meme coins and decentralized finance (DeFi) protocol, Trump’s deep & rapid inclination toward the crypto space appeared to be considered as an effort to dominate the space. His family’s active involvement, including Melania Trump’s crypto ventures and the launch of TruthFi, indicated a deeper ambition to influence and control various aspects of the crypto market.

Key Developments in Trump’s Crypto Expansion

Favorable Crypto Policies

• Trump’s administration introduced executive orders aimed at bringing crypto-friendly rules & laws.
• The American Securities Regulatory Body (SEC) also adopted a friendly stance toward this innovative space, revoking previous bad stances and supporting new products with digital assets.
• Plans to integrate Bitcoin into national financial reserves were discussed.

Trump’s Meme tokens & Market Influence

• $TRUMP meme token: Launched on the popular Proof-of-stake (PoS) Solana blockchain network with an initial valuation exceeding $27 billion in 24 hours.
• $MELANIA Coin: Introduced by Melania Trump, further expanding the Trump family’s influence in the meme coin market.
• Many crypto experts raised concerns about crypto token market manipulation, as a big supply of the token held by Trump-backed entities.

Expansion into DeFi with TruthFi and World Liberty Financial

• TruthFi: Trump Media & Technology Group launched this new trademarked project by Trump Media & Technology Group. They aimed to develop a new crypto trading & payment processing platform.
• World Liberty Financial: A decentralized lending and borrowing service on the top second-ranked crypto blockchain, Ethereum, launched with a governance token (WLFI). This project raised big concerns about insider control.

Concerns and Potential Impact

Market Influence & Manipulation Risks

As we know on-chain data is very big proof that Trump has significant control over his meme tokens and DeFi projects. His dominance raises concerns about price manipulation and insider trading. However, no clue came to the public domain regarding such potential risks.

Regulatory & Ethical Issues

Many serious crypto enthusiasts noted that SEC’s crypto policy shift under the leadership of Trump’s administration could lead to conflicts of interest. People believe the SEC body’s regulatory decisions may favour Trump-affiliated crypto projects.

Crypto Adoption & Institutional Growth

Despite several potential risks & concerns, the US president’s endorsement of crypto could push Crypto under mainstream acceptance and provide a better level of safe integration into the traditional financial economy.

   

 

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Conclusion

Donald Trump’s systematic involvement in the digital assets space, changing Crypto-related regulations, and the launch of meme tokens and Defi platforms suggest a strategic attempt to consolidate influence. While Trump’s strategy may push the mass level of crypto & Blockchain technology adoption and innovation simultaneously, they also pose high risks related to crypto ethics, market control, and regulatory favouritism.

Read also: New Crypto regulation will provide benefits for US-based crypto tokens: Report

Donald Trump’s Strategy to Take Over Crypto Industry: A Move Towards Monopoly?

 

 

Source:  https://bitcoinik.com/donald-trumps-strategy-to-take-over-crypto-industry-a-move-towards-monopoly/feed/