Trump Found Guilty on 34 Counts
A New York jury has convicted former President Donald Trump on all 34 counts of falsifying business records, connected to a hush-money payment to adult-film actress Stormy Daniels just before the 2016 election. This historic verdict marks Trump as the first former US president to be convicted of criminal charges. As he faces current US President Joe Biden in the upcoming election as the presumptive Republican nominee, this development adds a significant twist to the political landscape.
Prosecutors contended that Trump orchestrated a broader scheme to influence the 2016 election by concealing stories of alleged sexual encounters with women. Trump has consistently denied the allegations and characterized the case as an instance of Democratic election interference. Although he could be sentenced to up to four years in prison, Trump is expected to appeal and may remain free during the legal process.
This conviction represents a critical moment in US political history, with voters now facing the prospect of a convicted felon as a presidential candidate. Despite his legal and personal controversies, Trump continues to maintain strong support within the Republican party, with robust fundraising and leading poll numbers against Biden.
Trump’s Stance on Crypto
In the current election cycle, Trump has become an unexpected advocate for digital assets and cryptocurrencies. Despite his previous criticisms of the crypto industry, Trump’s stance has evolved significantly. In February, he expressed a neutral stance on crypto, saying he “could live with it one way or the other.” By May, he had pledged to end the US government’s hostility towards crypto if elected, asserting that the US should lead in the digital assets field.
Trump’s campaign has embraced crypto donations, and he has voiced strong support for the industry, promising to protect Americans’ rights to self-custody their digital assets and opposing regulatory measures that he believes hinder the industry’s growth. This pivot aligns with a strategy to appeal to the approximately 50 million crypto holders in the US and leverage the political influence of the expanding crypto community. Trump’s pro-crypto stance contrasts sharply with the Biden administration’s regulatory approach, which he has criticized as hostile. He has vowed to dismantle what he calls Biden’s anti-crypto stance and prevent the creation of a central bank digital currency (CBDC).
Impact on Meme Coins and Election Dynamics
The conviction has also impacted the crypto market, particularly Trump-inspired meme coins. The token TRUMP (MAGA) experienced an 18% drop in the last 24 hours, with a sharp 25% decline just before the announcement. However, it rebounded by 2.4% following the jury’s decision. Lower market cap meme coins like MAGA Hat and Super Trump (STRUMP) fell by 16% within an hour, while MAGA VP (MVP) dropped by 22% in the same period. Conversely, the Joe Biden-inspired meme coin, jeo boden, saw a brief surge but remains down 3% over the past 24 hours.
As the presumptive Republican nominee, Trump’s conviction is poised to have a significant impact on the 2024 presidential race. While his supporters may view the verdict as politically motivated, others may question his suitability for office given his criminal record. This development is likely to influence voter sentiment and campaign dynamics as the election approaches.
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