Trump's Guilty Verdict Unlikely to Derail Pro-Crypto Presidential Campaign
By: Eva Baxter
Despite being convicted on 34 felony counts of falsifying business records, former President Donald Trump's pro-crypto presidential campaign shows no signs of slowing down.
In a historic moment on May 30, a Manhattan jury found Trump guilty of charges related to hush money payments made to adult film star Stormy Daniels during the 2016 presidential campaign. The sentencing is set for July 11, but legal experts affirm that Trump can still run for president despite the conviction. NBC News and MSNBC legal analyst Chuck Rosenberg noted:
“There are no other qualifications other than those in the Constitution.”
The Constitution stipulates that presidential candidates must be natural-born citizens, at least 35 years old, and have lived in the US for 14 years. No part of the Constitution bars individuals with criminal convictions from running for office.
Pro-Crypto Campaign Unfazed
Robert F. Kennedy Jr., Trump's presidential election opponent, suggested that the guilty verdict might actually bolster Trump's chances in the upcoming election. Kennedy said at Consensus 2024:
“My belief is that it will end up helping President Trump among a large part of the American public.”
Kennedy also acknowledged Trump's shift to a pro-crypto stance and said it was a positive development for the American populace despite his reservations about the former President.
Furthermore, Polymarket odds indicate that Trump’s chances in the upcoming election remain strong, standing at 56% despite the conviction.
Historically, Trump is not the first convicted individual to run for president. In 1920, Eugene Debs campaigned from prison as the Socialist Party of America’s nominee. Unlike Debs, who won only 3% of the popular vote, Trump remains a serious contender in the 2024 race.
Trump’s potential presidency while serving a sentence raises complex legal questions about the enforceability of a state sentence against a sitting president.
Rosenberg stated:
“It’s a really, really hard question.”
As the November election approaches, Trump’s pro-crypto campaign continues undeterred, with his conviction adding an unprecedented dimension to the race.
Trump-Related Digital Assets
The trial and its outcome have significant implications for Trump’s public image and the performance of digital assets linked to the former President.
Trading volume for the “Trump Digital Trading Card Collection” fell 99% ahead of the trial, reflecting the intertwined nature of his legal troubles and market performance.
Meanwhile, political memecoins associated with Trump experienced significant volatility on both ends of the spectrum following the conviction announcement.
Based on CryptoSlate data, the “FreeTrump” ($TRUMP) memecoin surged 540% as of press time, while Biden-related token Jeo Boden (BODEN) fell 8.9%.
Other Trump-related tokens, such as MAGA (TRUMP) and MAGA VP (MVP), initially fell on the news but have since recovered somewhat, with the former trading up 6% as of press time, while the latter was down 5%.
