Trump aims to be the first "Bitcoin President" of the United States

Author: 0xFacai, BlockBeats

On May 22, the Trump campaign team announced on its official website that it would begin accepting Bitcoin donations for its campaign. Currently, Trump supporters can donate to Trump using any cryptocurrency accepted by Coinbase Commerce products.

The announcement stated: "Biden's proxy Elizabeth Warren has claimed in her attacks on cryptocurrency that she is building an 'anti-cryptocurrency army' to limit Americans' right to make their own financial choices… MAGA supporters now have a new cryptocurrency option, and they will build a cryptocurrency army on November 5 to push the campaign to victory!"

Clearly Opposing Biden's Crypto Policies

This move undoubtedly further clarifies the policy differences between Trump and Biden regarding cryptocurrency. During this outgoing term, Biden and his Democratic Senator Elizabeth Warren have launched a fierce and comprehensive "regulatory attack" on the cryptocurrency industry, with numerous regulatory lawsuits causing significant distress among many practitioners.

In June last year, Biden stated that he would eliminate tax loopholes for cryptocurrencies and hedge funds, insisting that the wealthy and large corporations must pay their fair share of taxes. In March this year, VanEck CEO Matthew Sigel mentioned in an interview that "the Biden administration does not want banks and brokers to engage with digital assets; if there is a change in the presidency, we will see more support for the industry."

Recently, the U.S. House of Representatives voted to pass a resolution H.J. Res 109 concerning the cryptocurrency industry, which would allow heavily regulated financial companies to act as custodians for Bitcoin and other cryptocurrencies. However, this resolution faced opposition from President Biden's office, stating, "The government strongly opposes the passage of H.J. Res. 109, which would disrupt the SEC's efforts to protect investors in the cryptocurrency market and the broader financial system… If the president receives H.J. Res. 109, he will veto it."

In a statement on Wednesday, Biden expressed his strong opposition to interference with the SEC's work, stating, "SAB 121 was issued in response to existing technical, legal, and regulatory risks that have caused significant losses to consumers."

In contrast, Trump has a much friendlier attitude towards cryptocurrency. During his presidency, Trump appointed former Coinbase Vice President Brian Brooks as the Comptroller of the Currency, allowing banks and financial institutions to hold cryptocurrencies. This decision took effect in the last year of Trump's term and has been referred to by many as "the most significant Bitcoin development initiative in U.S. history."

During a campaign event in New Hampshire in January, Trump also promised that if elected president, he would not allow the Federal Reserve to create a Central Bank Digital Currency (CBDC), which has been a key policy pushed by the Democrats. Trump stated during the event that he would "protect Americans from government tyranny."

"Deep Players" in Digital Assets

In addition to showing a friendly attitude towards cryptocurrency, Trump may also be the first presidential candidate to personally engage in the cryptocurrency industry.

A few weeks ago, after appearing in court, Trump flew back to Florida to host a private dinner with major buyers of his "Mugshot Edition" NFT trading cards. The Mugshot Edition NFT series features images from his arrest last year in Georgia for allegedly conspiring to overturn the state's 2020 election results, along with various derivative illustrations, including arrest scene photos, illustrations of Trump wearing a cowboy hat, and a cartoon image of Trump holding a lightning bolt with the caption "American Superhero."

These NFTs are priced at $99 each, and attendees of the dinner had to purchase more than 47 NFTs. Buyers holding 100 NFTs were also eligible to attend a "VIP" cocktail party before the dinner, receiving cards printed with Trump's arrest suit from 2020, and "lucky buyers" would receive Trump's autograph.

Frank, the founder of DeGods and a well-known figure in the U.S. NFT community, also attended the dinner. In addition to the aforementioned video, Frank posted another video from the event on his X account, where Trump stated, "We need to make NFTs hot again."

During the event, Malcolm, a member of de Labs (the parent company of DeGods), asked Trump about the issue of crypto companies leaving the U.S. due to regulatory concerns. Trump responded that he would work to keep these teams in the U.S., saying, "I will stop this hostility; if we are to embrace crypto, we need them to stay here."

In addition to NFTs, Trump also holds a significant amount of cryptocurrency. On May 16, data from on-chain analysis platform Arkham showed that the value of Trump's crypto assets had increased significantly, currently amounting to approximately $8.97 million, including 579,290 meme coins TRUMP, valued at $5.79 million, 431.018 ETH, valued at $1.3 million, and 374.724 WETH, valued at $1.13 million. Additionally, he received $750,000 in other meme coin airdrops.

Cryptocurrency as an Important Campaign Issue

In November last year, "Bitcoin fanatic" Javier Milei successfully became the President of Argentina, and during his campaign, he was a "pro-crypto" politician. Javier often envisioned in public that Bitcoin would become the main currency after shutting down the central bank, serving as a remedy for Argentina's inflation. Before the presidential election, Javier Milei frequently appeared on various talk shows, often promoting the benefits of Bitcoin and cryptocurrencies, stating, "Bitcoin can eliminate central banks."

In recent years, some savvy politicians have discovered that the young voters in the crypto world are a "battleground" in the national electoral war, especially in South Korea, where the competition is fierce and young people are eager to get rich quickly through cryptocurrency speculation. According to the Financial Services Commission (FSC) of South Korea, there are 3.08 million young people aged 20-39 trading cryptocurrencies, accounting for 23% of the population in that age group (13.43 million), nearly one-fifth.

During the South Korean presidential election in March 2022, the current president Yoon Suk-yeol promised to relax regulations on the cryptocurrency industry and also vowed to take legal action against those who illegally profited from cryptocurrencies by confiscating assets and returning them to victims. At that time, Yoon Suk-yeol's main competitor, Democratic candidate Lee Jae-myung, who was seen as the successor to former President Moon Jae-in, not only announced earlier that he would accept cryptocurrencies as political donations for his campaign but also stated that he would mint NFTs for campaign donors as proof of donation and souvenirs, with the issued NFTs including Lee Jae-myung's photos and political views.

This year, the People Power Party led by President Yoon Suk-yeol promised to postpone the imposition of a digital asset tax. Since the FSC previously prohibited domestic brokerages from acting as agents for overseas-listed Bitcoin spot ETFs, the People Power Party is now considering allowing cryptocurrency products approved by developed countries like the U.S. to enter the local market, including Bitcoin spot ETFs. Other friendly proposals for the virtual asset industry that may be included in the election commitments include establishing a Digital Asset Promotion Committee, completing legislation related to token securities within the year, and allowing financial institutions and companies to invest in virtual assets for asset management purposes.

Early this morning, the U.S. House of Representatives passed the SAB121 repeal bill, which the crypto community sees as a "huge victory." In a leaked recording, former SEC enforcement official John Reed Stark stated, "As long as the Democrats control the SEC, the SEC's attack on cryptocurrencies will continue. Regulation will not ease, and enforcement actions will not slow down." It is foreseeable that the binding of the cryptocurrency industry with partisan struggles will continue to develop.