Brian Morgenstern of Riot Platforms shared his insights on the 2024 election’s impact on bitcoin and the crypto industry, praising former U.S. President Donald Trump’s pro-bitcoin stance and criticizing President Joe Biden’s regulatory measures. Trump promised to protect bitcoin from regulatory threats, oppose a central bank digital currency (CBDC), and support the cryptocurrency industry, aligning with global pro-bitcoin leaders, he explained.
‘Trump Acknowledges Our Right to Self-Sovereignty’
Brian Morgenstern, the head of public policy for Riot Platforms (Nasdaq: RIOT), a bitcoin mining and infrastructure firm, and former deputy assistant secretary of the Treasury and White House deputy press secretary, shared his insights on the 2024 election and its potential effects on bitcoin and the crypto industry. His views were shared in an opinion piece published by Bitcoin Magazine on Wednesday.
Morgenstern pointed out that former U.S. President Donald Trump actively engaged with the Bitcoin community, such as at the recent Libertarian National Convention. At this event, Trump pledged to shield bitcoin from regulatory threats by President Joe Biden’s administration. He promised to protect the rights of bitcoin holders, including self-custody, and to oppose the creation of a central bank digital currency (CBDC). The Riot head of public policy detailed:
Trump acknowledges our right to self-sovereignty, and perhaps no one better understands the value of decentralization, as people have been losing trust in institutions like the government and banks.
He mentioned: “Trump has been the target of unprecedented lawfare politicizing the justice system, and Trump-affiliated organizations have been debanked and de-platformed.” Morgenstern noted that Trump’s stance on BTC is clear and aligns with global pro-bitcoin leaders like Presidents Javier Milei of Argentina and Nayib Bukele of El Salvador.
Biden Has Been ‘Extraordinarily Hostile’ to Crypto
In contrast, Morgenstern described the Biden administration as “extraordinarily hostile to bitcoin and the broader cryptocurrency ecosystem.” He referenced Biden’s recent veto of a resolution to overturn the U.S. Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121 (SAB 121), which imposes stringent cryptocurrency regulations. Morgenstern stated:
President Biden, meanwhile, just vetoed legislation that would have ensured a customer’s right to have their preferred regulated financial institution custody their bitcoin or other digital assets — laughably — in the name of ‘consumer protection.’
He further highlighted additional anti-crypto measures by the Biden administration, including “Operation Choke Point 2.0,” proposed taxes on bitcoin mining, and regulatory actions against self-hosted wallets. Morgenstern characterized these efforts as attempts to undermine the cryptocurrency industry. While acknowledging that there are pro-bitcoin leaders within the Democratic Party, like Senator Kirsten Gillibrand and Representatives Ritchie Torres and Wiley Nickel, the Riot head of public policy argued that Biden’s policies, influenced by anti-crypto figures like Senator Elizabeth Warren, resemble those of the Chinese Communist Party in their restrictive nature.
In conclusion, Morgenstern asserts that Trump is the best candidate for bitcoin enthusiasts. “President Trump will protect your right to own bitcoin, to mine bitcoin, to transact with bitcoin, and for many of us, to work in the bitcoin industry. We believe he will support bitcoin miners’ ability to help revolutionize the finance and energy industries in the United States and maintain American economic leadership for the future. And he will ban a CBDC, protect self-custody, and stop out of control regulators from trying to put us out of business,” he opined.
Source: Bitcoin
