Former President Donald Trump continued his outreach to the crypto community by hosting an event for holders of Trump Cards NFT Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida.

During the gathering, Trump reiterated his support for cryptocurrencies, announcing intentions to accept digital asset donations for a potential re-election campaign. He also underscored the necessity for a regulatory landscape conducive to the flourishing crypto industry.

Subsequent to his remarks, a Trump-inspired MAGA memecoin without utility surged by over 40%, making it the top performer on CryptoSlate's list of gainers during the period.

Pro-crypto sentiments were evident in videos circulated on social media, wherein Trump critiqued the Biden administration's crypto policies, hinting at potential policy changes under his leadership.

Trump cited the departure of crypto companies from the US due to regulatory hostility, pledging a more welcoming environment domestically if he were to return to office.

He criticized Biden's purported lack of comprehension of crypto, attributing it to the administration's unfavorable stance:

"Biden doesn’t know, Gensler is very much against it, the Democrats are very much against it."

Despite his previous negative stance on crypto, including labeling Bitcoin as a scam in 2021, Trump's recent actions indicate a shift in his views, evident in his embrace of non-fungible tokens (NFTs) featuring his likeness.

Trump aims to garner support for a potential presidential campaign, asserting:

"If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump."

These developments have prompted speculation about the potential benefits for crypto under a Trump presidency, with financial institution Standard Chartered suggesting that a second Trump term could offer advantageous investment opportunities for Bitcoin and other digital assets.