Donald Trump is doing something no other presidential candidate has done before: he’s reaching out to people who trade cryptocurrency. This move has made some Democrats worried.

During an event at Mar-a-Lago, Trump told cryptocurrency supporters that they should vote for him because the Biden administration has been tough on the industry with regulations.

He mentioned that the Biden team is not in favor of it, speaking at an event where he promoted his own digital token called a non-fungible token or NFT.

This shift in Trump’s stance towards cryptocurrency is quite significant. In his first term, he criticized it, but now he’s openly embracing it. The Republican Party has been getting friendlier towards digital currencies like bitcoin lately. Meanwhile, Democrats are divided on whether to accept the industry after some scandals.

Trump’s support is a big deal for crypto companies. They’ve been lobbying hard in Washington and spending lots of money to influence the upcoming elections.

Kristin Smith, CEO of the Blockchain Association, a group that lobbies for the crypto industry, said that Trump’s remarks show how important digital assets have become in this election cycle.

Trump is using this issue to criticize Biden. Gary Gensler, the head of the Securities and Exchange Commission (SEC), appointed by Biden, has been taking action against crypto firms for breaking securities laws. The White House also recently opposed a bipartisan House bill that would change SEC rules disliked by the industry.

Trump said that Gensler and the Democrats are against cryptocurrency.

However, not all Democrats are against it. Some Democrats voted with Republicans to challenge SEC guidance on crypto. Trump’s support could turn the debate over crypto regulation into a partisan issue, which could be risky for the industry, as it’s trying to appeal to both sides.

After Trump’s comments, Representative Wiley Nickel, a Democrat from North Carolina who supports crypto, said that his party shouldn’t let Republicans take control of this issue. But prominent Democrats like Senator Elizabeth Warren have been cautious about crypto, warning about its risks.

It’s unclear if supporting digital assets will win Trump more votes. A survey by the Pew Research Center found that most Americans aren’t confident about the safety or reliability of crypto. There have been some big scandals in the industry recently, like the fraud at the FTX exchange and the U.S. government’s settlement with the Binance exchange over financial crimes.

However, a poll commissioned by crypto industry groups showed that over 20 percent of voters in key swing states see crypto as a major issue. Another survey found that crypto ownership is higher among communities of color and young people, groups that supported Biden in 2020 but might be harder for him to win over now.

Crypto has support from some conservatives who see it as an alternative to traditional finance. They’re also against the idea of a government-backed digital currency from the Federal Reserve because they think it threatens privacy.

Some Republicans, like Ohio Senate candidate Bernie Moreno, have praised Trump for supporting innovation and freedom in the crypto space.

Former Republican presidential candidate Vivek Ramaswamy, who might join a second Trump administration, has also been a crypto advocate. He pushed Trump to oppose a government-backed digital currency.

Trump’s support for digital assets wasn’t always there. He criticized crypto during his presidency, and his administration took a tough stance on the industry.