U.S. Republican candidate Donald Trump stated this week that the crypto market would be a "living hell" if he loses the election to Kamala Harris.
He says this considering the SEC's ongoing scrutiny over the crypto regulation issue.
Trump also announced the launch of a new crypto project during the World Liberty Financial speech.
So far, his remarks have drawn mixed reactions from the community and declining polymarket odds.
At the launch of the World Liberty Financial project, a family-founded crypto platform, U.S. Republican candidate Donald Trump issued a major warning to the crypto community for the umpteenth time.
The former U.S. president cautioned that the "crypto world" would be "living in hell" if the day comes that he loses the 2024 presidential election to Kamala Harris.
Trump made this statement from his Mar-a-Lago residence, criticizing the U.S. Securities and Exchange Commission for its "hostile" stance toward crypto. He also warned that a Kamala Harris victory could further worsen the regulatory crackdowns across the industry.
Here are the highlights of Trump’s warnings and the market’s reactions.
The former president criticized the SEC's regulatory approach to crypto, describing its actions as "extremely hostile" to the sector.
He implied that the community will suffer even worse hounding from Harris and the Democrats if he loses in November.
"Those people that were under investigation and that are free as a bird right now, people that were being looked at in the crypto world, they will be living in hell because it will start the day after the election if they win," Trump warned.
Interestingly, his comments reflect the growing tension between the U.S. crypto industry and its regulators, with the outcome of the upcoming elections set to be a major turning point.
"I think crypto’s one of those things we have to do. Whether we like it or not, it’s one of those things we have to do." he stated, reaffirming his pledge to make the U.S. the "crypto capital of the planet" as president.
Conversely, Kamala Harris has yet to release a specific stance on digital assets amid fears of harsher scrutiny from industry leaders.
Overall, recent reports indicate that Harris might be more open than previously assumed.
As expected, the crypto industry has mixed reactions to Trump's recent comments and plans to launch an official toke through World Liberty Financial.
So far, the former U.S. president has faced backlash from opposition members and even some of his supporters.
For example one user commented regarding the project's timing and lack of clarity: "Trump launching a sh*tcoin may have been the final straw to lose my vote."
Twitter users criticize Trump
Another stated, "Trump rolling out a shitcoin today that finally reminded me why [I] can’t vote for him.”
Overall, as the presidential elections approach, PolyMarket polls show a tight race between Trump and Harris.
The presidential election winner
So far, Harris is leading Trump again, with a 50% chance of winning the elections compared to Trump's 48%, according to the most recent data from the betting market as of 18 September.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but is not responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.