Senator Bill Hagerty of Tennessee announced his support for presidential candidate Donald Trump this week, pushing the United States to become a cryptocurrency hub. Hagerty compared cryptocurrencies to the semiconductor industry, arguing that the exodus of the latter has weakened the geopolitical position of the United States, and accused the Biden administration of "going to great lengths to attack the industry" and failing to provide a regulatory framework for it. Trump and the Republican Party are aggressively courting cryptocurrency votes, accepting cryptocurrency donations, and repositioning themselves as cryptocurrency-friendly candidates.