Donald Trump Convicted on 34 Felony Counts, Now What for Cryptocurrency?

A New York jury convicted Donald Trump of 34 felony charges for falsifying business records, a groundbreaking event as he is the first former U.S. president to be found guilty of a crime. These charges stemmed from a hush money payment orchestrated by his former lawyer, Michael Cohen, to adult film actress Stormy Daniels during the 2016 election campaign.

Scheduled for sentencing on July 11, Trump faces a range of penalties from fines to up to four years in prison for each count, with expectations of concurrent sentencing. Reacting to the verdict, Trump denounced the proceedings as “a disgrace” and criticized the judge as “corrupt.”

Testimonies critical to the trial came from Michael Cohen and Stormy Daniels. Cohen, who has been a controversial figure, described the payment arrangements, while Daniels recounted a past encounter with Trump. The defense argued these payments were legitimate legal fees, not attempts to influence the election.

Throughout the trial, evidence presented by prosecutors painted a picture of a planned effort to affect the election outcome by silencing critics with financial payouts, which they argued turned legal misdemeanors into felonies.

As Trump faces this conviction, he continues to deal with other legal battles, including those related to election interference and mishandling of classified information, none of which are expected to go to trial before the next presidential election. The case highlights ongoing tensions and divisions surrounding the former president’s legal and political saga.

Donald Trump’s conviction could stir uncertainty in the cryptocurrency markets, especially considering his past support for certain policies favorable to the industry. Investors often react to political developments, and the legal troubles of a high-profile figure supporting the sector could lead to volatility. This verdict might provoke regulatory scrutiny if associated with broader financial misconduct discussions, influencing investor confidence and possibly impacting market stability in the short term.

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