Donald Trump, the presumptive Republican nominee for the 2024 U.S. presidential election, is working with Bitcoin Magazine CEO David Bailey to develop a cryptocurrency policy agenda.
In a May 11 tweet, Bailey said he had been working with Trump for a month to draft a so-called "sweeping executive order" that he planned to sign on his "first day in office."
Trump previously said at an event in Iowa that the "first day in office" was also the day he planned to become a dictator. But Trump later clarified to Time magazine that this statement was just a "joke." This shows that Trump's statement may not be serious, but a humorous or sarcastic expression in a specific situation. Or in a political context, such a statement may attract widespread public attention and different interpretations.
Additionally, Bailey noted that he and other players in the crypto space are seeking to raise a $100 million war chest for Trump’s campaign to ensure the twice-impeached and four-times-indicted candidate returns to the White House.
Bailey's revelation came as Trump was on trial in New York for allegedly falsifying business records, and also coincided with a change in his attitude toward Bitcoin.
Trump's shift in attitude towards cryptocurrencies
Trump once criticized Bitcoin as a scam with no real value, but it now appears that he may be reassessing or adjusting his views on cryptocurrencies.
This could be an effort to gain support from the cryptocurrency community or because of a change in his personal understanding of cryptocurrency. This shift in stance could be related to his political strategy for the 2024 presidential election.
Trump relies almost entirely on campaign donations and political action committees (PACs) to pay his legal bills, which are estimated to exceed $100 million in early 2024 alone. However, he now wants donations to be made in the form of cryptocurrency.
At an event at Mar-a-Lago on May 9, Trump made pro-cryptocurrency remarks and claimed that if people support cryptocurrencies, they should also support him because he believes other candidates may suppress the development of cryptocurrencies. Trump's remarks are intended to position himself as an ally of the cryptocurrency community, while suggesting that his policies in the field will be more friendly and supportive than those of his opponents.
Bailey said in a subsequent post, "It's time to let Bitcoin choose the next US president." Bailey's point of view shows that Bitcoin and the cryptocurrency community it represents should play a decisive role in the upcoming US presidential election. His remarks seem to call for the use of Bitcoin's influence to shape the country's future leadership direction, suggesting that the political power of cryptocurrency voters is enough to have a significant impact on the election results.
The Biden Administration’s Stance on Cryptocurrencies
Meanwhile, U.S. President Joe Biden and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler continue to face widespread criticism and opposition from top figures in the crypto industry, such as Cardano founder Charles Hoskinson.
Even billionaire Mark Cuban expressed concern about Biden's re-election prospects and criticized the SEC's tough stance on cryptocurrencies.
Cuban criticized Gensler for creating obstacles for legitimate crypto businesses and urged Congress to address the issue by passing specific legislation targeting the industry.
The Biden administration has shown no signs of being anti-crypto. Instead, in a September 2022 executive order, the White House appeared to cite Terra’s $50 billion collapse and a “ripple of bankruptcies” that wiped out more than $600 billion in investor and consumer funds as reasons to “responsibly exploit” the potential of cryptocurrencies.
The Biden administration has shown no signs of being against cryptocurrencies. In fact, the White House appears to be actively seeking a responsible way to harness the potential of cryptocurrencies, according to an executive order issued in September 2022. In the executive order, the Biden administration specifically cited the $50 billion collapse in the Terra ecosystem and the series of bankruptcies that followed, which together resulted in more than $600 billion in losses of investor and consumer funds.
By citing these events, the Biden administration emphasized the importance of proper regulation of the cryptocurrency industry to protect the interests of investors while ensuring that the positive potential of cryptocurrencies is realized.
The Biden administration's position reflects its recognition of the potential of cryptocurrency technology and its commitment to maintaining financial stability and protecting consumer rights. In this way, the government hopes to ensure the security and transparency of the market while promoting the development of the cryptocurrency industry.
Major events related to cryptocurrency regulation
The cryptocurrency industry has experienced a series of controversial events that have attracted widespread attention, including the collapse of the well-known trading platform FTX and the settlement agreement between former Binance CEO Changpeng Zhao and the US government for a huge fine for violating US anti-money laundering regulations. FTX's bankruptcy had a profound impact on the entire cryptocurrency market, while Changpeng Zhao's case highlighted the challenges faced by the crypto industry in terms of compliance. These events not only had a direct impact on the companies involved, but also had an important impact on the regulation of the entire industry and investor confidence.
The Pew Research Center pointed out that a series of recent events have caused some American voters to begin to question the security and credibility of cryptocurrencies as a whole.
As Trump seeks support from the cryptocurrency community, polls reflect that cryptocurrencies have a place among his potential supporters. Specifically, a recent survey conducted by DCG and Harris Poll showed that about 20% of American voters in key swing states see cryptocurrency as a core issue in the upcoming election. This suggests that Trump's friendly approach to cryptocurrency may coincide with the concerns of his voter base.
Summarize
Against the backdrop of major changes and controversies in the cryptocurrency space, Trump, through his collaboration with Bitcoin Magazine CEO David Bailey and his public statements at Mar-a-Lago, has demonstrated his willingness to support the development of cryptocurrencies and may promote related policies after taking office.
This stance is in stark contrast to the Biden administration's relatively cautious regulatory approach, which, while promoting the responsible use of cryptocurrencies, also emphasizes the importance of preventing risks and protecting consumer rights. Polls show that cryptocurrency is a hot topic among Trump's potential supporters, which may prompt him to pay more attention to this area in his political strategy. As the 2024 US presidential election approaches, the policy stance on cryptocurrency may become one of the key factors for voters to consider.
At the same time, the cryptocurrency industry is entering an important stage of development, and it needs to find a balance between innovation and regulation. In the future, no matter which candidate is elected, they must face the challenge of how to formulate effective policies to promote the healthy development of cryptocurrency while protecting the interests of investors and maintaining the stability of the financial market. #特朗普 #加密货币政策