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Trump Launches Pro-Bitcoin Campaign as MiCA Regulation Shakes Up Stablecoins

In a surprising turn, Donald Trump has launched a pro-Bitcoin campaign, courting crypto voters and donations. Meanwhile in Europe, the new MiCA framework has stablecoin providers scrambling to adjust. What will this mean for the 2024 elections and the future of crypto? Read on to find out...

The crypto world was rocked in June 2024 by two major developments on opposite sides of the Atlantic. In the US, Donald Trump shocked pundits by pivoting to a vocally pro-Bitcoin stance as he ramps up his presidential campaign. Meanwhile, the EU’s newly implemented MiCA regulations sent shockwaves through the stablecoin space.

Trump Courts the Crypto Crowd

In a surprising about-face from his previous crypto skepticism, the former president has now fully embraced Bitcoin. Early in the month, the Trump campaign began accepting BTC donations via the Lightning Network. He followed this up at a fundraiser by declaring his intention to become the “crypto president”.

I want to be the president of crypto, the president of Bitcoin, the president of digital currency – that’s where the world is heading, folks.

– Donald Trump, 2024 presidential candidate

This charm offensive continued with Trump meeting prominent figures from the US crypto mining industry and pledging his support for the sector. The overtures seem to be working – crypto PACs like “Stand For Crypto” and “Fairshake” have thrown their weight behind his campaign, as have individual influencers:

  • The Winklevoss twins of Gemini
  • Jesse Powell, CEO of Kraken exchange

With the Democrats scrambling to adjust their messaging after years of SEC hostility under Gary Gensler, this pro-crypto pivot could be a game changer for Trump. The Biden campaign’s struggles on this front were highlighted by a disastrous debate performance at the end of June.

MiCA Shakes Up European Stablecoins

As the US political winds shift in crypto’s favor, the regulatory environment in Europe took a different turn with the activation of the Markets in Crypto Assets (MiCA) framework. Stablecoin providers in particular are feeling the heat, with critics like Tether’s CTO Paolo Ardoino calling the new rules “problematic”.

Rival issuer Circle has taken a more proactive approach, moving quickly to align its euro-backed offerings with the new laws. With the euro stablecoin market growing rapidly, the stakes are high for these companies to adapt to the post-MiCA landscape.

Other Notable News

  • Worldcoin’s “eyeball scanning” ID project continues to generate both excitement and controversy
  • Some FTX creditors are opting for partial refunds now vs. waiting for full compensation later
  • French legislative elections sow uncertainty after Macron calls snap vote
  • Rumors swirl about a huge Bitcoin selloff by the German government

Key Takeaways

  • Donald Trump has made a strong play for crypto voters and donors by embracing Bitcoin
  • The EU’s MiCA regulations are forcing stablecoin issuers to rapidly adapt their offerings
  • 2024 is shaping up as a pivotal year for crypto, in both politics and regulation worldwide

One thing is clear: with the US presidential race taking shape and landmark legislation like MiCA coming into force, the remainder of 2024 will be a crucial period for the future of cryptocurrency. Be sure to stay tuned to our monthly recaps to stay on top of all the action in this fast-moving space!

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