Donald Trump’s Crypto Ties Could Be A Banana Skin For The Industry: Report
The cryptocurrency industry’s increasingly close alignment with president Donald Trump and the Republican Party has put its future at the mercy of American electoral cycles, raising concerns about political overreach, regulatory uncertainty and reputational damage.
What Happened: Once hailed as a decentralized alternative to entrenched financial institutions, crypto now finds itself entangled in the very power structures it once sought to disrupt, according to an article by The Economist.
Over the past six months, the industry has entrenched itself in U.S. political life, with top crypto firms among the largest political donors and Trump-aligned officials and family members holding major crypto investments.
This shift has sparked concern that the sector, once ideologically neutral and globally oriented, has effectively become a partisan tool.
“No industry that becomes so associated with one party can be immune to the mood swings of the American electorate,” the article satted.
In embracing Trump as a political ally, crypto firms may have inadvertently tethered their future to his political fortunes, it added.
This marks a …
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