Donald Trump warns of 'hostile' crypto environment under Democrats

Former President Donald Trump on Monday night warned that Democrats are "hostile" to the cryptocurrency industry, and that he believed the country should be number one in the crypto business.

The comment occurred during a conversation on X Spaces with crypto investor Farokh Sarmad. The former president spoke from his Mar-a-Lago resort, one day after the Secret Service thwarted an assassination plot against him.

The conversation on cryptocurrency included allegations that the Securities and Exchange Commission (SEC) was hostile towards the digital crypto market. Multiple Republicans have accused SEC Chair Gary Gensler of punishing cryptocurrency businesses through enforcement rather than creating rules, according to CNBC.

"It's a very hostile environment right now, from what I understand, the SEC has been extremely hostile and really going after people. And I think, frankly, since they heard I was involved, they've treated people much better," Trump said. "People that were under serious investigation for having done nothing wrong are all of a sudden allowed to go free. And I really believe that's because they see, you know, this a very big market, is a very powerful area, so I'm glad I helped. If I helped." 

The former president also mentioned that he believes the United States should be "number one" in whatever it does in the crypto world.

"I just view it that we have to be the top no matter what we do, chips or anything else we're starting," Trump said. "We have to be number one."

The discussion comes as the former president looks to launch his own cryptocurrency business called “World Liberty Financial." Not much is known about the new business so far, but his sons Donald Trump Jr., Eric Trump, and Barron Trump have helped promote the endeavor. All three were present for the crypto conversation.

“We’re embracing the future with crypto, and leaving the slow and outdated big banks behind,” Trump said in a video message on X earlier this month, announcing the social media conversation.

Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.