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Donald Trump, the presumptive Republican nominee for the 2024 presidential election, is working with bitcoin magazine CEO David Bailey on a crypto policy agenda.
In a May 11 post on
“Day 1” also coincides with the moment when Trump, according to comments made in Iowa in December, plans to be a dictator. Trump later said It is time that the comment was made “in jest”.
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Additionally, Bailey noted that he and other players in the crypto space are looking to raise a $100 million war chest for the Trump campaign to ensure the twice accused and accused quadruple The candidate returns to the White House.
Bailey's revelation comes as Trump, currently on trial in New York for allegedly falsifying business records, reverses his stance on bitcoin, which he previously called “a scam” and “based on thin air.”
Trump relies almost entirely on campaign donations and political action committees (PACs) to pay his lawyers — bills estimated to top $100 million by early 2024. He now hopes donations can be made in cryptocurrency. .
At an event at Mar-a-Lago on May 9, Trump declared: “If you are pro-crypto, you will support me because the others want to crush it.”
In a later post, Bailey said: “It's time for bitcoin to elect the next president of the United States.”
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Meanwhile, President Joe Biden and US Securities and Exchange Commission Chairman Gary Gensler continue to draw widespread criticism and opposition from major players in the crypto industry. twitter.com/IOHK_Charles/status/1788294144181543383″ data-type=”link” data-id=”https://twitter.com/IOHK_Charles/status/1788294144181543383″ target=”_blank” rel=””>as Cardano founder Charles Hoskinson.
Even billionaire Mark Cuban has expressed concern about Biden's re-election prospects, discussing the SEC's tough stance on cryptocurrencies.
Cuban criticized Gensler for creating obstacles for legitimate crypto companies and urged Congress to address the issue through specific legislation tailored to the industry.
The Biden administration has given no indication that it is anti-crypto. Rather, in a September 2022 executive order, the White House apparently referenced Terra's $50 billion downfall and “the wave of insolvencies” that wiped out more than $600 billion of investor funds. and consumers as reasons to “harness” crypto potential responsibly.
The industry has also had its share of scandals, including FTX's bankruptcy and Binance's recent sizable settlement with the US government after former CEO Changpeng Zhao pleaded guilty to violating US money laundering laws. .
Scenarios like these have left a section of the American voting public skeptical about the overall security and reliability of cryptocurrencies. according to the Pew Research Center.
But Trump's pandering to cryptocurrency enthusiasts comes as polls indicate it is a hot commodity among his potential supporters. For example, a recent survey Conducted by DCG and Harris Poll indicated that around 20% of American voters in swing states consider cryptocurrencies to be a key issue in the upcoming elections.
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