At 6:11 pm on July 13, 2024, former US President Donald Trump suffered a shocking assassination. The bullet passed through the upper part of his right ear, and this sudden incident shocked the world. Trump not only has an important influence in American politics, but his attitude and policies on the cryptocurrency industry have also had a profound impact. Surprisingly, after the assassination, the cryptocurrency market, which had been sluggish for several weeks, suddenly picked up, and the price of Bitcoin briefly broke through $66,000 on July 17, indicating that the market expected the positive news related to the US election in advance.
A critic of encryption in the early years, but now a supporter
In earlier years, Trump had publicly criticized cryptocurrencies. Over time, however, his attitude changed significantly. Currently, there are over 50 million cryptocurrency holders in the United States. In order to win over this large group of voters, Trump chose to support cryptocurrencies. According to current polls, the probability of Trump being re-elected as president is very high, and his promised support for cryptocurrency after being elected is undoubtedly a major benefit for the entire industry. The support of a country’s president will greatly promote the compliance and popularity of cryptocurrency.
From Musk to Trump: The trendsetting trend of cryptocurrency
In the last bull market, Elon Musk was the strongest "seller" of cryptocurrency, and he made Dogecoin very popular. In this bull market, Trump has undoubtedly taken over Musk's baton and become the vane of cryptocurrency. The influence of the cryptocurrency industry has expanded from industry insiders to business tycoons and then to the former president of the United States, marking that the industry is gradually moving towards the mainstream.
Businessman Trump: Interest-driven crypto attitude
Although Trump has negative labels such as racism, incitement to violence, misogyny and anti-environmentalism, these labels just cater to the interests of a large part of the current divided and radical American society. As a shrewd businessman, Trump pays more attention to practical interests rather than political correctness or values. His specific policies and strategies, such as boosting the economy and reducing unemployment, are indeed in the interests of most Americans. Therefore, Trump is popular with young voters. In order to cater to voters, choosing to support and embrace cryptocurrency is one of his wise decisions.
First term: against encryption
During Trump's first presidency from 2017 to 2021, he was opposed to cryptocurrencies. At the time, he criticized crypto assets on social media and made it clear that he would not hold any cryptocurrencies. During this period, governments around the world were generally cautious or even resistant to cryptocurrencies. From the perspective of preventing financial risks, they issued yellow card warnings to virtual currencies. As the head of a country, Trump's remarks represent the country's attitude.
Transformation after leaving office: The nature of a businessman in the NFT wave
In 2021, after Trump left office, he was deeply involved in the NFT (non-fungible token) wave, issuing three NFT projects related to himself and earning considerable profits. During this period, Trump's business nature was fully revealed, and his attitude towards cryptocurrencies gradually changed.
2024 Election: Crypto-Friendly Campaign Promises
In the 2024 election year, both Trump and the current President Biden have stated that they will be friendly to cryptocurrencies if elected. As cryptocurrencies become more popular, it is not a wise move to go against the trend. Expressing a friendly attitude towards cryptocurrencies is undoubtedly an important means to win votes and is in the interests of the American people and government.
Trump: From businessman to presidential candidate
Although Trump is a presidential candidate, his identity as a businessman cannot be ignored. For him, cryptocurrency is first a business, and secondly a political bargaining chip. In 2024, Trump said that he would launch the fourth series of NFTs. In his view, the previous series of NFTs were successful, "45,000 sold out in one day."
Biden’s Crypto Policy and Regulation
In contrast, during Biden's tenure, the U.S. Securities and Exchange Commission (SEC) conducted strict investigations and prosecutions on the cryptocurrency industry, including investigations and legal actions against leading institutions such as Binance. However, during the campaign, Biden also expressed support for cryptocurrencies.
Politicians’ shift and bipartisan consensus
The change in politicians' attitudes towards cryptocurrencies can be seen from the change in their party's attitude towards cryptocurrencies. On May 22 this year, the U.S. House of Representatives passed the 21st Century Financial Innovation and Technology Act ("FIT21"), a landmark crypto market legislation aimed at establishing a comprehensive regulatory framework for digital assets. The bill has received bipartisan support, indicating the growing importance of cryptocurrencies in the political landscape.
The United States’ crypto strategy: from strict regulation to promoting development
To become the leader of the crypto industry, the United States has adopted a strategy of strict punishment first and then promotion of development. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have strictly regulated and taken legal action against the cryptocurrency industry to control the industry's major institutions and market share.
Regulatory measures by the SEC and CFTC
Since 2022, the U.S. Securities and Exchange Commission (SEC) has investigated whether some crypto assets on platforms such as Binance and Coinbase are unregistered "securities". After Ethereum switched from PoW (proof of work) to PoS (proof of stake), the SEC determined that it was a "security" and carried out regulatory enforcement on FTX's token FTT.
The U.S. Commodity Futures Trading Commission (CFTC) is mainly responsible for regulating the U.S. commodity futures, options and financial futures and options markets. In 2021, the CFTC filed a lawsuit against Tether and Bitfinex Exchange, accusing them of fabricating trading volumes and misappropriating customer funds, violating anti-money laundering laws, etc. In March 2023, the CFTC filed a lawsuit against Binance, accusing it of non-compliant options and futures trading and violating KYC and anti-money laundering compliance obligations.
Policy shift: promoting the development of the encryption industry
After strict supervision, the US government began to adopt a relaxed policy to support and promote the development of the encryption industry, ensuring that "Web3 happens in the United States". Currently, the United States has more than 52 million cryptocurrency users, mainly composed of wealthy people and highly educated people. The US government is also the government with the most Bitcoin in the world, and its computing power ranks first in the world.
The future of cryptocurrency: from geek toys to mainstream finance
As cryptocurrencies become more and more tied to the state, the crypto industry has undoubtedly moved away from the original intention of Satoshi Nakamoto in 2008. With the support of national governments, Bitcoin and other cryptocurrencies will become more and more mainstream. Although the code will not be changed, Bitcoin has been incorporated into traditional finance and recruited by the country it originally tried to fight against.
Conclusion
Trump's assassination and the subsequent market reaction revealed the importance and complexity of cryptocurrency in modern society. As a businessman, every decision Trump makes is strongly driven by interests, which also makes him show flexibility and adaptability when facing cryptocurrency, which is different from traditional politicians. As the next US president can be truly crypto-friendly, Web3 will move towards compliance, and cryptocurrency will also affect more people and society. Cryptocurrency is no longer a niche toy for geeks, but is gradually moving towards the mainstream and becoming an important part of the modern financial system.
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