This article was originally written by ChainDD by Dorji
After experiencing the "Trump assassination" incident, former US President Trump not only accepted an interview with Bloomberg Businessweek and talked about not wanting other countries to take over the Crypto industry, but also confirmed that he will attend the Bitcoin conference in Nashville, Tennessee on July 27 and deliver a speech.
Shortly before this major event that shocked the world, the Republican National Committee released a draft party platform for the 2024 general election, which explicitly expressed support for the cryptocurrency industry and vowed to end the "illegal crackdown" on cryptocurrencies. The release of this draft party platform has attracted widespread attention, especially in the cryptocurrency community. The Republican Party promises to defend the right to mine Bitcoin and allow cryptocurrency holders to keep their assets themselves, and opposes the creation of a U.S. central bank digital currency (CBDC). These policies are seen as part of the "Trump version" of the blueprint for future U.S. policies, aimed at attracting more voter support.
Combined with the fact that JD Vance, who has close ties with the Crypto community, was nominated as the Republican vice presidential candidate, the Republican Party has directly put crypto-friendliness on the table in this US election. This attitude has not only allowed the Republican Party to win over potential votes from 50 million cryptocurrency holders, but also more than 1% of Trump’s campaign funds were donated in cryptocurrencies.
As the Republican Party’s victory in the US election grows louder and louder, Crypto is also being pushed into the house of cards at the center of American power.
Trump, who has released NFTs: From an opponent of encryption to today’s top figure in the circle
Trump, who had just experienced an assassination attempt, showed extraordinary tough guy temperament. Not only did he cheer at the assassination scene, he also went to play golf leisurely the next day. He also showed his political thoughts humorously in an interview with Bloomberg Businessweek.
When asked by a Bloomberg Business reporter: Cryptocurrency - I remember you saying that cryptocurrency is a "fraud" and "a disaster waiting to happen." By the way, you're right. There have been disasters and frauds. But recently, you've started to embrace the community. You said it should be made in the United States. So tell me why you changed your mind.
I was right all along, Trump said. Because the answers are very similar. If we don’t do it, China will take it, or somebody else, but most likely China. China is very interested in this. And, it’s not going away. It’s amazing. I met a lot of people — like at the meeting in San Francisco (Trump’s June 6 fundraiser). I went to San Francisco and met a lot of people — these are the people who really think this is becoming an industry.
Now, if I put that aside, it would be accepted by another country, most likely China - they're pretty advanced in this space. So you have to look at it - what I want, again, is what's good for the country. If we don't do this... Another thing is, I did something like the NFT. And I noticed that 80% of the money was paid in cryptocurrency. It was incredible. So, the NFT was very successful. We had a year to sell it, but it sold out in one day. It sold out completely: 45,000 cards. I did it three times, and I'm going to do it again because people want me to do it again. The spirit is incredible. It's beautiful. But what I really noticed was that all the payments were made - I would say almost all of them were made in cryptocurrency, in this new currency. It was eye-opening for me.
So we have a great foundation. It's still a baby. It's still in its infancy right now. But I don't want to be responsible for letting another country take over this space. So I think we're going to do just fine. Also, I've gotten to know the people in the industry, and they're all first-rate people. If you ask Jamie Dimon, Jamie Dimon used to be very negative, and now all of a sudden his attitude has changed a little bit.
The above content is the content of Trump’s conversation with Bloomberg Businessweek. This is not only Trump’s current political attitude towards Crypto, but also expresses his ambition to keep Crypto in the United States.
In fact, when Trump last entered the White House, he was not interested in the crypto industry and attacked Bitcoin’s value as being based on “nothingness,” saying that Coin is not a currency. He also criticized Libra and suggested that regulators should supervise Facebook.
In 2021, Trump also criticized Bitcoin as a scam in an interview with Fox, and he would not be surprised if it fell below $6,000. Trump admitted that the reason he hated Bitcoin was that Bitcoin was competing with the US dollar.
Also in 2021, when the NFT wave hit, Trump eventually became deeply involved and issued three NFTs related to himself. At that time, the related NFTs became popular, and "45,000 were sold out in one day." Not only did Trump, as a businessman, make a lot of money, he also began to re-examine the industry, and crypto-friendly attitudes began to change during this period.
The cryptocurrency industry, a huge force rejected by the Democratic Party, well-funded and eager to make friends in Washington, has finally found the most suitable partner on the stage of the US election: Trump.
In March, Trump told CNBC that if re-elected president, his administration would not crack down on the use of Bitcoin or other cryptocurrencies through regulators. Bitcoin is already widely used.
“The Biden administration has stumbled into an anti-crypto administration, largely due to the actions of the SEC,” said Justin Slaughter, policy director at Paradigm, an investment firm focused on cryptocurrencies. “With polls showing that about 20% of Democrats own cryptocurrencies, and owners predominantly young and non-white, this is politically unwise.” Trump has moved to fill the void. He announced in a speech in May that he would “stop Biden’s cryptocurrency-smashing campaign.”
As the world's largest economy, although past national policies have been unfriendly to cryptocurrencies, the penetration rate of the crypto industry in the United States is actually very high. According to TripleA data, the United States has more than 52 million cryptocurrency users, and most holders have a high level of education. The United States is also the government that holds the most Bitcoin.
On the other hand, from the perspective of miners, the United States controls nearly 40% of Bitcoin's computing power, ranking first in the world. The BTC spot ETF launched this year also has the largest amount of capital inflow in the world. In Silicon Valley, Galaxy Digital data shows that there are 324 venture capital companies focusing on cryptocurrencies in the United States, far more than the 66 in Singapore, which ranks second.
Because of such a large crypto community, people are not only dissatisfied with the Biden administration’s policies, but also contribute political donations and votes to the Republican Party, which has clearly written support for the cryptocurrency industry into the draft party platform for the 2024 general election.
At a fundraiser at Lakeshore Manor, Trump received funds raised from Bitcoin miners. At the dinner, Trump said, "If you support cryptocurrency, you will vote for Trump because they (Biden) want to end it." Trump's campaign team later announced that it would "build a cryptocurrency army."
Trump has actively participated in cryptocurrency-related activities, strengthening his influence in the field. On June 12, Trump issued a statement on his Truth Social, expressing his hope that Bitcoin mining activities would remain within the United States to strengthen the country's control over cryptocurrencies and economic influence. That evening, Trump held a meeting with several Bitcoin mining company representatives at Mar-a-Lago, known as the "Presidential Roundtable on Bitcoin Mining." Participants included executives from companies such as CleanSpark, Riot Platforms, and Marathon Digital. Trump expressed his support for Bitcoin mining at the meeting and promised to cheer for miners in the White House.
After gaining support from American miners, Trump wrote that Bitcoin mining may be our last line of defense against central bank digital currency (CBDC). We hope that all remaining Bitcoins are made in the United States. This will help us achieve energy dominance.
From ensuring that Web3 happens in the United States to the fact that the crypto industry is still a baby, we must ensure that it grows under US regulation. Trump’s repeated public expressions have earned him unprecedented popularity.
Trump's cryptocurrency policy shift is not only a public statement, but also reflected in specific fundraising activities. In early June, Trump attended an event hosted by technology venture capitalists in San Francisco, raising $12 million. The event was attended by crypto industry leaders such as Coinbase executives and Gemini co-founders Winklevoss brothers. The highest ticket price for this fundraiser was $500,000 per couple, and all tickets were sold out, showing the strong support of the crypto community for Trump.
Currently, two super political action committees (Super PACs), Trump 47 Committee and America PAC, which are the main channels for Trump’s fundraising, have submitted disclosure documents for accepting donations, and donations from several crypto industry leaders or crypto friends have surfaced.
Brothers Cameron Winklevoss and Tyler Winklevoss, founders of the cryptocurrency exchange Gemini, have donated the most to support Trump, having donated more than $2.5 million. Douglas Leone, partner of Sequoia Capital, former PayPal executives, and co-founder of Kraken are also on the list. Ripple’s chief legal officer Stuart Alderoty donated $300,000 in the form of XRP to the Trump 47 Committee. The CEOs of BitGo and Messari also appeared on the list.
Next week, Trump will attend the 2024 Bitcoin Conference in Nashville, Tennessee and deliver a speech. Guests will be able to interact with Trump and participate in roundtable discussions. Let us wait and see what views Trump will express on behalf of the Republican Party at this top industry event.
Trump, JJD Vance, and the Republican Party's attitude towards Crypto have also won them support from Crypto, Silicon Valley, and Wall Street. The richest man Musk publicly supports Trump, and J.D. Vance, supported by top investor Peter Thiel, has become a vice presidential candidate. Silicon Valley leaders have different opinions. Marc Anderson, co-founder of A16Z, one of Silicon Valley's most famous venture capital firms, has been a Democrat for most of his life. He chose to vote for Trump in 2024. He said: "For startups, we think voting for Trump is actually the right choice."
In a recent blog show, Mark Anderson also explained in detail that the future of American innovation is at a critical moment and why they turned to support Trump. The content of this podcast received an extraordinary response and was pinned by Musk on his Twitter homepage. He also stated that he would fully support Trump's presidential campaign.
After Trump’s assassination, his popularity has reached a peak. Perhaps, a Crypto-friendly US government is coming in the near future.
Solana Becomes a Crypto Power in the American System, Republicans Are Embracing Crypto
According to industry insiders, the world’s largest cryptocurrency companies have raised more than $160 million in political funds in the hope of supporting crypto-friendly candidates in this year’s U.S. election, and the Republican Party is clearly the biggest beneficiary of this plan.
The fact that Crypto has become the key factor in determining the outcome of this election is actually the inevitable result of the rising share and power of Crypto in the U.S. capital market in recent years.
Especially Solana, which has the title of Ethereum killer, has become the core blockchain venue pursued by American capital and Wall Street in the North American market. Although Solana has not deliberately disclosed its capital orientation, due to the high shareholding of FTX and the recognized North American technology circle, the market generally believes that Wall Street capital is behind Solana. This can also be seen from the capital distribution and investment background of its on-chain projects. Most of the projects based on Solana come from Silicon Valley and Wall Street backgrounds.
When FTX was at its peak, the small circle consisting of FTX, Solana and related ecological companies was called "FTX, Solana & Co" according to Wall Street convention. In this ecosystem, FTX is a centralized exchange and a direct force to take over Wall Street, while Solana is the blockchain ecosystem behind it. At that time, it was disclosed that they were backed by Jump Trading, a legendary high-frequency trading company on Wall Street.
Moreover, Solana’s early development was often influenced by Wall Street investors. A Dapp developer who invested in the Solana ecosystem once said that her AMM model protocol was required by investors to be changed to an order book model. This is because old Wall Street funds such as Jump and Wintermute prefer the order book model, which is conducive to the integration of their traditional projects.
Solana’s founding team came out of California. Its founder once worked in Silicon Valley and had employment, entrepreneurship and investment experience in Silicon Valley. Lily, the chairman of the Solana Foundation, is also a Crypto veteran with a Wall Street background. After she took office, she promoted the infrastructure construction of Solana in the European and American markets - of course, this is also what the European and American communities are best at. After the Solana ecosystem began to recover, she leveraged the capital power of Wall Street to push the SOL price back up, and began to expand the market in non-US regions, in the Asian, African and Latin American markets, so that more SOL American ecosystems can gain community support and consensus support.
After experiencing the lows of FTX, SOL recovered from less than $10 to more than $160, and there was no shortage of Wall Street traders fueling the trend behind the scenes.
After completely getting out of the trough of FTX, on June 27, asset management giant VanEck submitted an S-1 form for "VanEck Solana Trust" to the SEC. The next day, 21Shares followed closely and also submitted an S-1 application. Even though Solana has been defined as a security. From the documents, both chose Cboe BZX Exchange, with Coinbase as the custodian, and guaranteed that the fund would not participate in the verification or staking of SOL.
According to Bloomberg senior ETF analyst Eric Balchunas, the deadline for the Solana ETF will be mid-March 2025. This year's election will be announced in November. In other words, Wall Street giants are betting that the new government will change the relevant regulations, which means they are more confident that Trump will eventually come to power.
Given that both the Republican and Democratic parties are currently showing goodwill towards the cryptocurrency community, the Republican Party in particular has demonstrated an extraordinary attitude towards the crypto world, especially as Bitcoin has risen sharply after the presidential debate and Trump's assassination attempt, which also proves Crypto's recognition of Trump.
Solana also has connections with the Republican Party. After the release of the Republican Party’s 2024 draft platform, Trump-related political meme coins in the Solana ecosystem rose rapidly. Trump concept coins such as MAGA (Trump’s campaign slogan) and TRUMP also aroused speculation as to whether they were supported by the Trump team.
Especially after Solana became a fertile ground for the development of MeMe tokens, it has become more closely related to American politics. It not only has financial connections, but also has more cultural core connections.
The decisive points of the U.S. presidential election every year are in the swing states. According to polls, this year's swing states are Arizona, Georgia, Michigan, Pennsylvania and Wisconsin. Among them, 26% of respondents said that the candidates' stance on cryptocurrency is their biggest concern, and 55% are worried that policymakers will stifle creativity through regulation. In these states, the cultural attributes brought by the MeMe token may directly affect the outcome of the election. The Republican Party, aware of this, has obviously begun to work on related issues.
As this year's presidential election approaches, Trump has begun actively seeking support from the cryptocurrency community, criticizing the Biden administration's hostility toward cryptocurrencies and promising to create a more favorable environment for the cryptocurrency industry after he returns to power.
In order to win the trust of the crypto community, the Republican Party not only rarely mentioned the significance of cryptocurrency in the 2024 draft party platform, but also made crypto-friendly promises after being elected, and also allowed JD Vance, a crypto representative within the Republican Party, to join Trump in the campaign.
Katie Biber, chief legal officer of crypto VC giant Paradigm, even said that the inclusion of cryptocurrency in the Republican Party's platform is a historic breakthrough.
For the United States, embracing encryption has become an indispensable means of politics and economy. As the next US president may be truly encryption-friendly, Web3 will also take another big step towards compliance, and encryption will affect more and more people and society.
Crypto is no longer the plaything of a small group of geeks, it is moving towards the mainstream.
From “Hillbilly Elegy” to the White House, J.D. Vance’s Crypto-Friendly History
After Trump was assassinated, the Republican Party of the United States officially approved the nomination of Ohio Senator JD Vance as the Republican vice presidential candidate. He will become Trump’s running mate and jointly run for the 2024 US election.
This news instantly set off a sensation in the United States. Trump and many of his campaign supporters, including Musk, Sachs, and Sequoia Capital partner Sean Maguire, expressed their congratulations on the X platform.
This representative of the American dream, who once did not get along with Trump but is now highly compatible with him and wrote the best-selling book "Hillbilly Elegy", not only has a very high reputation among the American people, but is also a more radical crypto-friendly person than Trump. It can be said that he is the crypto representative of the Republican Party.
He has repeatedly publicly criticized the SEC's policies and correct directions as being completely wrong, and accused Gensler of wanting to inject too many political factors into the actual business of U.S. securities.
JD Vance recently drafted a bill that will completely reform the regulatory methods of the US SEC and CFTC. It is reported that this bill will be more favorable to the crypto industry than a bill passed by the House of Representatives in June in response to and change the dissatisfaction of Crypto industry companies and investors with Washington’s current regulatory methods.
The Republican National Committee of the United States recently released a draft party platform for the 2024 general election, which was co-drafted by JD Vance. It explicitly expressed support for the cryptocurrency industry and vowed to end the "illegal crackdown" on cryptocurrencies. The release of this draft party platform has attracted widespread attention, especially in the cryptocurrency community. The Republican Party promises to defend the right to mine Bitcoin and allow cryptocurrency holders to keep their assets themselves, and opposes the creation of a U.S. central bank digital currency (CBDC). These policies are seen as part of the "Trump version" of the blueprint for future U.S. policies, aimed at attracting more voter support.
Some media sources stated that JD Vance voted in favor of cryptocurrency-friendly bills 8 times. He once wrote on x: If you are politically wrong, the regime will cut off your banking access. This is why cryptocurrency is taking off;
On May 16 of this year, Vance was one of 60 senators who voted to overturn the SEC’s controversial SAB 121 accounting rules, a set of policy proposals to prevent U.S. banks from custodying crypto assets.
Vance and other Republican lawmakers wrote to Gary Gensler, chairman of the U.S. Securities and Exchange Commission, expressing concerns about inaccurate statements made by the agency in the lawsuit against the cryptocurrency startup DEBT Box, and considered the SEC's prosecution of the debt scandal "unethical and unprofessional." Vance wrote in the letter: "It is unconscionable that any federal agency...usually fulfills its regulatory mission through law enforcement actions rather than rulemaking...operates in such an unethical and unprofessional manner." The letter also asked Gary to explain the SEC's official account X's mistaken announcement of the approval of the Bitcoin ETF.
According to a video disclosed by a crypto KOL, Vance gave a speech at Remedy Fest, a private conference jointly organized by Y Combinator and Bloomberg on February 28 and criticized Gary Gensler, chairman of the U.S. Securities and Exchange Commission, as the "worst regulator" for regulating the crypto industry, and said that his approach to regulating the cryptocurrency market is "completely contrary to ideal policy." JD Vance also blasted that "Gensler wants to inject too much political factors into the actual business of U.S. securities."
After FTX went bankrupt, U.S. Senator Sherrod Brown wanted to regulate cryptocurrencies, and then-Senator Vance warned not to damage the "dynamic upside." Vance said: "Our regulatory approach should fundamentally protect consumers while ensuring that the dynamic advantages of the Internet's development are not undermined." He questioned whether the development of the Internet would have been inhibited if "overbearing" regulation had been implemented decades ago.
During the Ottawa Truckers Protest, Vance criticized the Canadian government’s decision to freeze the bank accounts of those associated with the 2022 Ottawa Truckers Protest on the X platform. He posted at the time: “This is why cryptocurrencies are booming, if you have the wrong political views, the regime will cut off your access to banking services.”
“Former President Trump made it clear that supporting our homegrown digital asset entrepreneurs would be a top priority if he wins a second term,” Blockchain Association CEO Kristin Smith said Monday. “Senator Vance is an emerging voice for crypto legislation that supports innovation and is an ideal candidate to lead the Republican crypto movement. We are pleased to see that support for crypto is becoming a litmus test for political candidates.”
In addition to his criticism and defense of Crypto, JD Vance himself is also a "coin-holding vice president."
In May 2022, Vance disclosed that he held up to $250,000 worth of Bitcoin (according to Trump’s latest financial disclosure, disclosed in the mandatory annual report for the 2022 calendar year filed in October 2023, Vice Presidential candidate @JDVance1, as of 2022, he owned between $100,001 and $250,000 worth of Bitcoin, held through Coinbase), and he also received the support of Bitcoin supporter and billionaire investor Peter Thiel through a super PAC.
While he has not yet filed financial disclosures for 2023, Fox Business disclosed that he has opened accounts at brokerage firms Robinhood and Charles Schwab. According to Cincinnati.com, it is estimated that JD Vance’s crypto net worth could be as high as $10.5 million.
According to insiders, JD Vance traded a variety of tokens on the on-chain address, including USDC, PEOPLE, LOOKS, etc.
There is no doubt that if JD Vance and Trump enter the White House together, the encryption policy of the next US government will undoubtedly be worth looking forward to.
This article was first published on Liandede APP
