Trump Backs Crypto Bill as Bitcoin Hits Record High

Former U.S. President Donald Trump has taken a significant step in halting the cryptocurrency regulatory war initiated by President Joe Biden. This move comes as Bitcoin, the world's leading cryptocurrency, surges to a new all-time high of $96,771.60.

Trump's administration had been relatively crypto-friendly, with the former president even considering the possibility of a U.S. government-issued cryptocurrency. However, Biden's administration has taken a more cautious approach, with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) increasing their scrutiny of the crypto market.

In a recent development, Trump has announced his support for a bill introduced by Senator Cynthia Lummis (R-Wyo.) and Senator Kirsten Gillibrand (D-N.Y.), which aims to provide a clear legal framework for cryptocurrencies. The bill, titled the "Responsible Financial Innovation Act," seeks to classify cryptocurrencies as commodities, placing them under the jurisdiction of the CFTC rather than the SEC.

This move by Trump is seen as a strategic attempt to counter Biden's regulatory approach and promote a more favorable environment for cryptocurrency growth. The bill, if passed, could potentially lead to a more streamlined and predictable regulatory landscape for the crypto industry.

The surge in Bitcoin's price to a new all-time high is seen as a reflection of the growing interest and confidence in the cryptocurrency market. This development comes amidst increasing institutional investment in Bitcoin and other cryptocurrencies, as well as the growing acceptance of cryptocurrencies as a legitimate asset class.

However, the regulatory landscape remains uncertain, and the outcome of the proposed bill is yet to be determined. As the crypto market continues to evolve, investors and industry participants alike will be closely watching the developments in Washington D.C. and their potential impact on the future of cryptocurrencies.