Republican presidential candidate Donald Trump officially came out in favor of cryptocurrency at this week's Republican National Convention, The Washington Post reports.

In a reversal to Trump’s earlier assessment of crypto as “a scam” and a “disaster waiting to happen,” the former president edited the Republican Party platform to state: “Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency.

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“We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets and transact free from government surveillance and control.”

Trump campaign spokesman Brian Hughes explains Trump’s support for cryptocurrency, lower taxes, and deregulation of business, saying, “Crypto innovators and others in the technology sector are under attack from Biden and Democrats.

“While Biden stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies,” Hughes adds.

Cryptocurrency executive and Trump donor Kyle Samani calls Trump’s interest in cryptocurrency both pragmatic and opportunistic. “Trump understands that the Biden administration has mishandled crypto policy and misjudged its significance,” Samani says.

“A lot of crypto people are single-issue voters, have money, and are looking for a candidate to support,” Samani says. “He and his team recognize all of the above and are capitalizing on it.”

Trump’s endorsement of digital assets comes after wealthy cryptocurrency executives showered Trump’s campaign with donations and have held fundraisers for his 2024 bid, sources say. Even Securities and Exchange Commission Chairman Gary Gensler accompanied donors to a recent meeting at Trump’s Mar-a-Lago golf club in Palm Beach, Florida.

Trump and his campaign have repeatedly met with David Bailey, a cryptocurrency entrepreneur who is holding a $15 million fundraiser for Trump in Nashville later this month. Trump is also expected to be the main speaker at a cryptocurrency conference there.

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Samani, Bailey and other Trump donors say the industry is discouraged by the Biden administration’s crypto regulations and Gensler’s aggressive positions on the largely unregulated industry. To be fair, crypto has seen a large share of failures, scams, and fraud. The SEC has filed more than 80 cases against cryptocurrency executives, most notably FTX founder Sam Bankman Fried, now serving 25 years in federal prison.

Donors are hoping, instead, for reasonable regulations and investor protections under a Trump administration. Bailey has pitched Trump senior adviser Vince Haley on a number of cryptocurrency ideas, sources say. Recently, the Trump campaign announced it would take donations through cryptocurrency.

Tim O’Brien, a Trump biographer, says he is not surprised at Trump’s new appreciation for virtual currencies.

“Anyone who has ever walked into Trump’s office and offered him an easy way to make some money — they get his attention,” O’Brien says. “They are off to the races. He’s always been opportunistic about policy.”

Crypto lobbyists have flooded Washington, D.C., with contributions in recent years, according to OpenSecrets, which tracks campaign contributions. So far this election cycle, crypto lobbyists have spent $121 million.

Earlier this year at his San Francisco home, donor David Sachs hosted a fundraiser for Trump, where the former president rubbed shoulders with cypto execs. Cameron Winklevoss and his twin Tyler, maxed out their contributions to Trump at the event, a campaign official said.

Trump, in his opening remarks, voiced his support for cryptocurrency. “It was probably 20% of the fundraiser,” according to one attendee.

“We’re really excited about what the Trump campaign has done publicly,” Bailey says. “We’re excited to see what they do in the future.”

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Greg Xethalis of Multicoin Capital, says he is happy with the Republican Party platform’s position on cryptocurrency.

“It’s pretty strong and good language,” the lawyer says. “It sets the right general policy objectives and can be followed with creating good, consistent legislative and regulatory frameworks. Crypto has become more of a political issue than we necessarily would have thought,” Xethalis says.

“The Republican Party has seen an opportunity here.”