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Author: Huohuo, Source: Plain Language Blockchain
On September 15, former President Donald Trump, a Republican presidential candidate, once again avoided a shooting and assassination.This is the second attempted assassination incident that Trump encountered just two months later.It was just July 13 that Trump was shot at a campaign rally in Pennsylvania, causing his right ear to be injured.
Since Biden announced his withdrawal from the 2024 U.S. election on July 21, Trump’s rival has changed from Biden, 81, to Harris, who is nearly 20 years younger and full of vitality.Moreover, Harris’ approval rating has been rising, making the situation that seemed to be a stable win confusing again.
In order to gain more support, Trump took the lead in frequently showing goodwill to the crypto industry.At the Bitcoin Conference on July 27, Trump said that if he is re-elected, he will fully support crypto development and is committed to making the United States a “bitcoin superpower.”Let’s not talk about it for nowHow credible is Trump’s promises?》, but he did make many promises to win support from crypto voters.
From black to fan, how did Trump’s attitude towards the crypto industry reach this point today?What possible impacts will it bring?
01Trump’s “black to fans” process of crypto assets
Born on June 14, 1946, Trump grew up in New York City, graduated from the University of Pennsylvania Wharton School and is the son of real estate developer Fred Trump.With the family business, Trump accumulated considerable wealth and reputation in the 1970s and 1980s, with assets covering the real estate market in New York City and several business projects, including Trump Tower and multiple companies.Luxury hotels and casinos.
Later, Trump became even more famous for being the host of NBC’s reality show “The Apprentice”, in which he became popular in the public eye as a “smart businessman”.
In 2015, Trump officially announced his election as a Republican candidate to participate in the 2016 U.S. presidential election.Then in November 2016, he successfully defeated Democratic candidate Hillary Clinton and was elected the 45th president of the United States.
1) Identified black powder
During Trump’s presidency (January 20, 2017-January 20, 2021), his attitude towards crypto assets was generally negative.His early stance on crypto can be traced back to July 2019, when he first publicly criticized Bitcoin and crypto assets on Twitter, making it clear in his tweet at the time: He is not a “fan of Bitcoin and other crypto assets””, criticizing Bitcoin is not a real currency, and pointing out that it is “very volatile and based on thin air”, it will not be surprised to fall below $6,000; in addition, he said that Bitcoin and other crypto assets may be used for illegal use.The activity expressed concerns, such as drug dealing and other illegal acts.
On Facebook’s 2020 digital currency Libra (now called Diem), Trump criticized Libra on Twitter, saying that the United States has only one real currency, that is the US dollar, and any other crypto assets trying to replace the US dollar shouldUnder strict supervision.He believes that only a regulated financial system based on “strong” national currencies such as the US dollar can ensure stability and security.
During Trump’s tenure as US President, his administration also adopted a more conservative and strict policy stance on crypto assets:
Anti-money laundering and terrorist financing:The Trump administration’s main concerns about encryption are focused on its potential illegal uses, including money laundering, tax evasion and terrorist financing.The Financial Crime Enforcement Network (FinCEN), a subsidiary of the U.S. Treasury Department, has strengthened supervision of crypto asset transactions and requires crypto trading platforms to comply with anti-money laundering (AML) and Knowledge Customer (KYC) regulations.Treasury Secretary Steven Mnuchin has also repeatedly stressed that crypto assets pose a threat to national security and need to strengthen supervision.
Securities Regulatory:Under Trump, the Securities and Exchange Commission (SEC) continues to crack down on unregistered crypto-asset securities issuances.The SEC launched enforcement actions against several ICO projects, accusing them of failing to register as securities sales.In addition, the Trump administration has stepped up scrutiny of crypto trading platforms to ensure they comply with existing securities laws.
Homeland Security and Law Enforcement Action:During Trump’s presidency, the Department of Homeland Security (DHS) and the FBI have also increased surveillance of crypto assets to combat cybercrime and illegal activities.The Trump administration has repeatedly stressed that illegal activities using crypto assets (such as drug transactions, cyber attacks, etc.) are a major threat to national security.
Trump hasn’t talked too much about crypto assets during the new 2020 presidential election, but his administration team has taken a tougher regulatory stance on crypto assets.Treasury Secretary Steven Mnuchin and other government officials have repeatedly stressed the need for strict regulation of crypto assets, and mentioned that these assets could pose a threat to financial stability.
Overall, Trump’s early remarks reflect his high level of skepticism and negative attitude towards crypto assets.
2) Turn black into pink step by step
After leaving office, Trump also criticized Bitcoin and crypto assets many times in an interview with the media. He believes that these digital assets may be used to undermine the US financial system and national security.But also acknowledging the rapid growth of the crypto market, he mentioned that the government should take measures to strengthen supervision of crypto assets to prevent them from being used for illegal activities.But this tone is eased than his previous opposition during his presidency, and it also shows his concern in this area:
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Easing attitude
Trump said in an interview with Fox Business in 2021 that he hates Bitcoin because it is competing with the dollar, treating it as a “competing currency” and hoping that the dollar will become “the world’s currency” and that they may fuel criminal activity, and stressed that the government should regulate more strictly.
Trump said in an interview with One America News that crypto assets are a “dangerous investment” and warned investors to be careful.
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Change of position
According to relevant news, Trump announced on November 15, 2022 that he would participate in the 2024 presidential election.Then using his personal brand and influence, Trump launched a series of NFTs with his own image as his content, which marked Trump’s entry into the crypto assets and digital collectibles market:
December 2022: Trump launches NFT series for the first time,The series totals 45,000 units, each selling for $99.These NFTs showcase Trump’s various virtual images, such as superheroes, historical figures, etc., which also marks his official entry into the crypto market.
June 2023: He launches the second series of NFTs,The series continues to focus on Trump’s own image, but adds some designs and themes and introduces some rare versions.
March 2024: The third series of NFTs will be launched,Re-emphasized scarcity and limited edition features, while providing more interaction opportunities, such as tickets to virtual events, online meeting opportunities with Trump, etc.
When launching NFTs, Trump called them “a rare collection.”He acknowledged the uniqueness and scarcity of NFTs and took the opportunity to attract the attention of supporters and investors while providing fans with new ways to interact with him.In addition, in an exclusive interview with Trump on July 16 this year by Bloomberg Business Weekly, he said that he would soon launch the fourth NFT series with his own image.
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Canvassing votes on the field
In 2024, Trump has frequently scanned his face to encrypt the crypto circle and has made public declarations on encrypting and friendly relations many times. However, before exploring the reasons behind it, it is necessary to understand the US presidential election system first.The U.S. presidential election (also known as the U.S. presidential election) is held every four years and is divided into five steps: primary election, national congress, presidential election, electoral voting, and confirmation by the U.S. Congress.Take this year’s election as an example:
Primary selection:From mid-January to June 2024, Republicans and Democrats adopted the primary or primary election (also known as party caucus) in each state to select party candidates supported by the state.
National Congress:The Republican National Congress was held from July 15 to 18, 2024, and the Democratic National Congress was held from August 19 to 22, respectively, electing the party’s presidential candidates and officially announcing the vice presidential candidates to run together.
Presidential election:It will be held on November 5, 2024, and citizens can vote for any presidential candidate (regardless of what political party the citizen himself is, whether he participated in the primary election, and who he voted for before).
Electoral Voting:The U.S. presidential election adopts the Electoral College system, and states distribute electoral votes according to population. Candidates can win a majority of popular votes in one state and win more than 270 electoral votes to be elected president.The Electoral College vote was held in their respective states on December 17.Before January 3, 2025, the electoral votes will be archived and transferred to Congress.
The U.S. Congress confirms:According to federal law in the United States, the U.S. Congress must hold a meeting on January 6, 2025 to count and announce the results of the Electoral College vote, and the winner will hold the presidential inauguration ceremony at the Capitol on January 20, 2025.
This also just explains why Trump has frequently made many promises to promote crypto development in all presidential campaigns so far in 2024.And as a campaigner, he supported accepting donations from crypto assets early this morning, and attended the 2024 Bitcoin Conference held on July 27 and delivered a speech.These are the specific statements or commitments regarding Bitcoin or crypto assets:
A. Bitcoin has developed independently.More and more people want to use Bitcoin to pay, and they are also preparing to accept Bitcoin.But some supervision is needed.
B. If re-elected as president, his government will not crack down on the use of Bitcoin or other crypto assets through regulators.He expressed hope that crypto companies in the United States will not be deported overseas.
C.If re-elected,The sentence will be reduced and exempted from the founder of the Silk Road, Ross Ubricht, and firmly support the development of the crypto industry.
D. At the Bitcoin Conference, it is proposed to create a national Bitcoin reserve.Establish a Bitcoin and Crypto Asset Advisory Board to support the development of the industry.And said that if elected, the current chairman of the Securities and Exchange Commission (SEC) Gary Gensler will be fired to end his “persecution” of the crypto industry.
E. Will ensure all Bitcoin jobs in the United States during his presidency.to promote innovation and economic growth and never allow the creation of central bank digital currency (CBDC).
F.In an interview, Trump mentioned that Bitcoin mining may be the last line of defense against CBDC.And hopes that Bitcoin will be made in the United States to help achieve energy dominance.
G.Crypto assets will not disappear. The crypto industry in the United States has a solid foundation, but it is still in its infancy.He stressed that he did not want other countries to dominate this area.
H. Relevant plans will be formulated to make the United States a “global crypto assets capital.”
I. In addition, in February this year, Trump’s campaign announced that it would accept donations of crypto assets.Supporters can donate any crypto assets through Coinbase Commerce products, Trump’s campaign’s crypto aide revealed that he had asked whether Bitcoin could be used to solve the U.S. Treasury bond problem.
J. On September 16, Trump and his son also announced the co-founding of a new encryption platform World Liberty Financial,It aims to become a decentralized finance (DeFi) platform, providing services such as borrowing and digital asset storage.
As the US election approaches (early November), it can be seen that Trump’s attitude towards crypto has changed from skepticism, opposition to acceptance and support because he gradually realizes the importance of crypto assets in the political, economic and technological fields.and incorporate it into political strategies, proposing several policies and recommendations to support crypto development.
Trump’s pro-crypto stance has indeed attracted a portion of Republican voters and supporters of the crypto industry, and his campaign has received a lot of financial support from the crypto industry, which shows that he is likely to further promote the crypto industry in the future.
Trump has also had some impact on the crypto industry.The Trump-themed memecoin MAGA (TRUMP) soared 78% on May 9 after Trump commented on crypto assets.In addition, during Trump’s speech at the Bitcoin Conference, the crypto market fluctuated violently.The price of Bitcoin first fell $1,200 to below $67,000, and then rebounded quickly at the end of the speech, breaking through $69,000, close to the high of $70,000 in March this year.
02summary
In general, in order to gain the support of more crypto voters, Trump has repeatedly stressed that if he can be re-elected as president, he will adopt a more relaxed crypto policy.Supports the establishment of a clear regulatory framework, establishing a Bitcoin and Crypto Advisory Board to develop transparent regulatory guidelines and opposes the establishment of a central bank digital currency (CBDC), including the dismissal of the current SEC chairman to end the crypto industry”Perprise”, and establish national Bitcoin reserves to enhance the United States’ leadership in the global digital finance field, etc.
But there is no love in the world for no reason. Trump’s attitude has changed from “crypto hatred” to “crypto friendly”, from calling Bitcoin a scam to viewing it as a technological innovation.Behind this transformation, the most direct purpose is to win the crypto tycoons and their mobilized political forces to canvass for them.
David Berry, the organizer of Bitcoin 2024 conference and CEO of Bitcoin Magazine, promised to raise $100 million for Trump and mobilize more than 5 million voters to support him.Although this may be a negotiating strategy for business cooperation, such a large-scale Bitcoin conference itself shows its political power that cannot be ignored, especially among young people and people of color, which are key supporters of crypto, whileIt is also a vote base that Trump urgently needs to fight for, and this is an important foundation for the Democratic Party to support.
Therefore, whether it is fundraising or vote-raising, Trump’s clear attitude is one of his strategies to take the lead, attack opponents, and gain support from crypto voters.And that will also prompt his opponents to adopt a more friendly policy response. Mark Cuban, a well-known investor and crypto supporter, has said that Harris’s advisory team has consulted him about the crypto industry.On September 22, Harris publicly expressed his support for increasing investment in the artificial intelligence and crypto industries for the first time.
It can be said thatRegardless of who is elected in the future, the increasing importance of crypto voters in the U.S. election will also further promote compliance in the crypto industry., while paying attention to national security and financial stability, more friendly encryption policies will be promoted to a certain extent.
