'Extreme disadvantage': Expert fears Trump's pro-crypto plans risk 'financial stability'

Cryptocurrency could have a savior in Donald Trump if he's elected in 2024, Politico reported.

Even though he's been critical of crypto in the past, Trump could adopt a policy that's more friendly to regulatory proposals that have been drafted by GOP lawmakers and which are favorable to the currency.

The potential shift is markedly different from President Joe Biden, whose administration has taken a more adversarial approach to crypto.

As Politico points out, the difference in approach illustrates the partisan nature that has surrounded crypto and its growth.

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“The only reasonable expectation is that Trump will bring his overall financial deregulation mindset to the crypto arena,” Better Markets CEO Dennis Kelleher told Politico. “It’s going to be to the extreme disadvantage of investors and customers — and ultimately, in our view, for financial stability.”

In a post to Twitter in 2019, Trump said he's "not a fan of Bitcoin and other Cryptocurrencies, which are not money," adding that the currency's "value is highly volatile and based on thin air."

But since he's left office, Trump has invested in crypto and issued his own non-fungible token (NFT).

“The people that [Trump] would put in regulatory roles are much more likely to at least be crypto-open, if not overtly crypto-friendly, than this administration,” veteran crypto executive Brian Brooks told Politico.

Read the full report over at Politico.