Donald Trump, the Republican nominee for the presidency, has intensified efforts to court cryptocurrency enthusiasts in his latest election campaign. During a recent rally in Washington D.C., the former US president made significant pledges aimed at benefiting the crypto industry should he be re-elected in 2024.

Trump assured his supporters of his unwavering support for Bitcoin and other cryptocurrencies, emphasizing his commitment to safeguarding individuals' rights to self-custody their digital assets. He vowed to resist any attempts by government figures, including Senator Elizabeth Warren, to intervene in Bitcoin ownership.

Moreover, Trump firmly opposed the introduction of a central bank digital currency (CBDC), affirming his belief in maintaining the decentralized nature of cryptocurrencies.

With Trump's vocal endorsement of crypto, analysts speculate that a re-elected Trump administration could potentially dismiss several ongoing SEC lawsuits.

In a recent post on X, crypto lawyer James Murphy, known as "MetaLawMan," expressed caution against settling any crypto-related cases with the current SEC until after the election. Murphy cited Trump's recent pro-crypto statements, suggesting that a change in leadership could lead to a shift in the SEC's approach.

In recent weeks, Trump has positioned himself as a pro-crypto candidate, aiming to position the US as a global leader in the industry. He even pledged to pardon Silk Road founder Ross Ulbricht if elected.

However, skepticism remains among some market analysts regarding Trump's intentions, with concerns raised about his track record of reneging on promises. Adam Cochran, a partner at Cinneamhain Ventures, argued that Trump's history suggests a propensity for retracting statements and prioritizing personal interests over others. Similarly, Alexander Blume, a partner at Two Prime hedge fund, pointed out Trump's pattern of making commitments for personal gain without fulfilling them, citing an analysis by PolitiFact that found Trump failed to fulfill over half of his campaign promises in 2016.