Where will the crypto industry be in 2025?
Written by: imToken
As of 1:00 a.m. Eastern Time on November 6, 2024 (14:00 Singapore Time on November 6, 2024), voting in the general election ended in the entire state of Alaska, marking the end of the national general election voting in the United States.
After winning the popular vote in the key "swing state" of Pennsylvania, the Republican presidential candidate Trump has declared "election victory" in the early morning of November 6, 2024, Eastern Time. The Associated Press has not yet announced the final winner.
According to the US presidential election system, after the general election, the Electoral College system will be entered, and the votes under the Electoral College system will be formally confirmed at a meeting in mid-December 2024. Usually, each state will award all the electoral votes it holds to the candidate who wins the popular vote in the state, but there are exceptions.
On January 6, 2025, the new U.S. Congress will convene to count the electoral votes and confirm who will be elected president. On January 20, 2025, the 47th President of the United States will be formally sworn in, and the new U.S. government will officially set sail.
In this round of what the U.S. media called "the most competitive U.S. election in 60 years," the global crypto market has become more sensitive to political trends than ever before. Now that the election results have been settled, the tense atmosphere of the game has eased temporarily. 2025 is about to usher in a new era. At this time, let us review the love-hate relationship and position change between the controversial U.S. leader Trump and the crypto industry.
Fierce opposition
2017~2021
▶ At 20:15 EST on July 11, 2019, Donald Trump, then the 45th President of the United States, spoke on the social platform Twitter, severely criticizing Bitcoin and all other digital assets. This was the first time Trump commented on digital assets during his term as US President.
“I am not a fan of Bitcoin or any digital asset that is not real money, is overvalued, lacks an enforced anchor, is built on thin air, and unregulated digital assets facilitate illegal activity, including drug dealing or other illegal activities.
Similarly, Facebook Libra's virtual currency is unreliable. If Facebook and other companies want to become a bank, they must obtain a new banking license and accept all banking regulations like other domestic and international banks.
The United States of America has only one currency, it is stronger than ever before, it is reliable and trustworthy, it is undoubtedly the most dominant currency on a global scale and will always remain so - it is the US Dollar!"
▶ During Trump’s first presidency from 2017 to 2021, regulatory and enforcement incidents targeting the digital asset industry included:
Support the Federal Reserve to establish a working group to track the development of digital assets and cooperate with central banks of other countries.
Support SEC-led enforcement actions targeting digital assets.
Enforcement Action List
2018
The lawsuit against TokenLot LLC, which was charged with operating as an unregistered broker-dealer, was settled on September 11, 2018. This was the first case in which the SEC charged an unregistered broker-dealer with selling digital tokens since it issued a compliance alert in 2017 through the DAO Report.
The case against the founder of EtherDelta for operating an unregistered exchange was settled on November 8, 2018. This was the first enforcement action brought by the SEC against a digital asset platform during the Trump administration.
On April 2, 2018, the co-founders of Centra Tech, Inc. were charged with organizing a fraudulent asset offering.
2019
On February 20, 2019, Gladius Network LLC was charged with conducting an unregistered initial public offering.
On June 4, 2019, a lawsuit was filed against Kik Interactive Inc., alleging that it failed to register in accordance with U.S. securities laws when selling digital assets to U.S. investors.
The settlement was announced on August 29, 2019, alleging that Bitqyck Inc. operated an unregistered digital asset exchange and engaged in fraud in the issuance of digital assets.
On September 18, 2019, a lawsuit was filed against ICOBox and its founders, accusing them of conducting an illegal securities offering and acting as an unregistered broker in the offering and sale of other digital assets.
The lawsuit alleges that blockchain technology company Block.one conducted an unregistered asset issuance, and a settlement was reached on September 30, 2019, with the company accepting a fine.
On October 11, 2019, it was announced that emergency action had been taken against the offshore company Telegram Group Inc. and its wholly-owned subsidiary TON Issuer Inc. for suspected unregistered asset issuance activities, and a temporary injunction was obtained.
The settlement was announced on December 18, 2019, against Blockchain of Things Inc., a blockchain technology company, for conducting an unregistered digital asset offering.
2020
May 28, 2020, accused blockchain services company BitClave PTE Ltd. of conducting unregistered digital asset offering activities.
On September 15, 2020, Unikrn Inc. was accused of conducting unregistered digital asset issuance activities.
On December 22, 2020, Ripple and two executives were accused of conducting a $1.3 billion unregistered securities offering.
2021
On June 22, 2021, Loci Inc. was charged with conducting an unregistered digital asset offering and its CEO John Wise was charged with making materially false and misleading statements in connection with the unregistered offering.
August 9, 2021 accuses Poloniex of operating an unregistered digital asset exchange.
Active participation
End of 2021, 2022 ~ 2023
▶On December 16, 2021, Mrs. Melania Trump announced the launch of the Melania Trump NFT platform. The first NFT issued was called "Melania's Vision" and was priced at 150 SOL.
▶ In December 2022, Trump issued the first set of "digital trading cards" series NFTs after leaving office, officially starting his crypto journey. This series of NFTs has 45 styles, minted on the Polygon chain, including a variety of fantasy images such as superheroes, astronauts and western sheriffs, to pay tribute to Trump as the 45th President of the United States. A total of 45,000 NFTs were minted, each priced at US$99.
▶ On June 30, 2023, the second issue of the Trump digital trading card series NFT was launched, with the theme of "The 1776 Collection" to celebrate the upcoming Independence Day of the United States. Each NFT in this series is priced at US$50 and is divided into 6 versions. It is also minted on the Polygon chain, and 500 NFTs are minted for each version.
▶ In 2023, Meme Coins with themes related to Trump and his slogan "Make America Great Again" (MAGA for short) used during his 2016 presidential campaign began to appear on chains such as Ethereum.
▶ On December 13, 2023, the third phase of Trump's digital trading card series NFT was launched, with the theme of "Mugshot Edition". A total of 100,000 NFTs were minted, of which 99,000 were publicly sold, also priced at US$99 each.
It is reported that users who purchase 47 Trump cards will have the opportunity to have dinner with Trump at Mar-a-Lago and receive a suit that Trump wore when he was arrested.
△ Trump digital trading card "Mugshot Edition"
Source / OpenSea
Starting with this NFT, the NFT content of the Trump digital trading card series is closely linked to current events. The "Mugshot Edition" theme content describes the on-site photos and various derivative illustrations of Trump's arrest in Georgia in 2022 for conspiring to overturn the results of the 2020 election, such as Trump wearing a cowboy hat, holding lightning or dressed as a superhero.
At that time, Trump was fighting in the early battles of the party's election campaign in the US presidential election, but the campaign situation was not optimistic for Trump, and he was entangled in multiple lawsuits. But soon after, Trump's rival Ron DeSantis suddenly announced his withdrawal from the election and supported Trump instead, and the tense competition situation suddenly took a turn for the better.
On January 23, 2024, Trump defeated Nikki Haley in the New Hampshire Republican primary.
High-profile support
2024~Present
▶ On May 13, 2024, Trump invited some holders of Trump digital trading card series NFT to a dinner. According to videos circulating on social media and releases from the parties attending the dinner, Trump said at the dinner that he would accept the development of digital assets and would "make NFT hot again."
▶ The campaign accepts BTC donations: Since May 2024, the Trump campaign has received donations in various digital assets from at least 12 states in the United States, and has received support from "crypto-friendly" entrepreneurs Elon Musk, the Winklevoss brothers, venture capitalists Marc Andreessen, Ben Horowitz and others.
▶ On June 12, 2024, Trump posted on his social media platform Truth Social that he wanted "all remaining BTC to be produced in the United States" and claimed that this move would help the United States become an "energy leader."
▶ On July 8, 2024, the Republican Party of the United States released the official party platform for the general election, proposing a number of policies that are beneficial to the development of digital assets, including:
Announced an end to the "illegal and un-American crackdown" on the U.S. crypto industry.
Oppose the creation of a U.S. version of a central bank digital currency.
Promises to defend the rights of BTC mining and “allow digital asset holders to keep their digital assets themselves…will defend the right of the people to trade without government oversight and control.”
▶ On July 13, 2024 at 18:11 Eastern Time, Trump was attacked by gunmen at a presidential election campaign rally in Pennsylvania, stimulating a sharp fluctuation in the market value of digital assets.
▶ On July 17, 2024, the crypto-friendly James David Vance announced his acceptance of the nomination and officially became the Republican vice presidential candidate and Trump's running mate.
▶ On July 27, 2024, Trump made a high-profile appearance at the Bitcoin 2024 conference in Nashville, USA, claiming to ensure that the United States becomes the global capital of digital assets and a BTC superpower, and guaranteed that Biden and Harris’ anti-crypto campaign would end on the day he was sworn in.
At the same time, Trump detailed a series of policy ideas that are friendly to the crypto industry in his speech at the conference:
Establishing a national BTC reserve: Trump said that his administration will "retain all BTC currently held or acquired by the U.S. government in the future" and will form the "core of the national strategic BTC reserve." It is reported that as of October 2023, the U.S. government holds more than $5 billion in BTC, most of which comes from asset confiscations in criminal cases.
Establishment of a Digital Asset Advisory Committee: Trump proposed the establishment of an organization called the "Presidential Advisory Committee on Bitcoin and Digital Assets," whose rules would be written by people who love the industry, not those who hate it.
Preventing the Federal Reserve from creating a U.S. version of central bank digital currency: It has become a trend for central banks in various countries to develop central bank digital currencies, but the Federal Reserve has not yet decided whether to create a fully digital dollar. Trump publicly opposed this idea many times in 2024. In May 2024, the U.S. House of Representatives passed a bill prohibiting the Federal Reserve from creating a digital dollar, but whether the bill can be finally passed into law still requires a long negotiation process.
▶ On August 3, 2024, Trump mentioned in an interview with the media that BTC or "crypto checks" could be used to repay the U.S. government's $35 trillion national debt and avoid the imminent debt crisis.
▶ On August 12, 2024, Trump had a 2-hour public interview with Elon Musk, a crypto-friendly entrepreneur and market promoter of the digital asset DOGE, on the social platform X.
▶ On August 29, 2024, the 4th issue of Trump’s digital trading card series NFT was launched, with the theme of "The America First Collection". This series has a total of 360,000 NFTs, including Trump’s election dance and current events images holding BTC. The price of each is still US$99.
△ Trump digital trading card "The America First Collection"#17028Source / OpenSea
▶ On September 15, 2024, Trump suffered a second attack at a golf course in Florida, which the FBI called an apparent assassination attempt.
▶ On the evening of September 16, 2024, Trump and his son announced the newly created digital asset trading platform World Liberty Financial, which aims to promote the widespread application of Stablecoins and decentralized finance. According to public reports, the early white paper of the project mentioned that a new digital asset called $WLFI would be launched and planned to be sold to the public.
▶ On the evening of September 16, 2024, Trump appeared on the X Spaces show, and the guest of dialogue was digital asset investor Farokh Sarmad, discussing the development of World Liberty Financial and the crypto industry.
▶ On September 19, 2024, Trump appeared at PubKe, a crypto-themed bar in Manhattan, New York. With the help of the bar owner and assistant, he paid BTC via mobile phone to buy handmade hamburgers and Diet Coke for the customers present, becoming the first former US president to use BTC for shopping.
▶ In the early morning of November 6, 2024, after winning the popular vote in the key "swing state" of Pennsylvania, the Republican presidential candidate Trump announced that he had "won the election." What will be the next journey of the crypto industry? Looking forward to the new beginning in 2025!
