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Donald Trump: The Crypto President

His July speech at the Bitcoin Conference, in Nashville, was a turning point for crypto, promising an easier path for the industry heading into 2025.

The morning after Bitcoin hit $100,000 for the first time, Donald Trump took a victory lap.

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“CONGRATULATIONS BITCOINERS!!! $100,000!!!” he posted on his platform Truth Social. “YOU’RE WELCOME!!!”

The price of Bitcoin has been on a tear over the last month, rising over $30,000 — some 45% — since Trump won election to a second term as president of the United States. While some price action after the election was was predicted whoever won the election, the speed at which bitcoin hit triple-digits was widely seen as a direct result of Trump’s win. The industry hopes that, with Trump in the White House next year, it will finally get regulatory clarity clearing a way for further growth and expansion of the digital assets sector.

This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here.

The first time he was president, Trump did not do a whole lot for the cryptocurrency industry. While some of his regulators were ostensibly pro-crypto, by and large his administration proposed rules and took on enforcement actions seeking to limit the size of the industry.

That has all changed that all changed as Trump took the stage at the Bitcoin Conference in Nashville on July 27, promising to make the U.S. the “crypto capital of the planet,” free Ross Ulbricht, fire SEC Chair Gary Gensler and take a dramatically different approach to crypto than the Biden Administration.

“They don’t understand it,” he said of Democrats at the time. “They are blocking your path. They’re blocking your way. But I’ve made it a lot easier for you because the SEC has been very, very tough on you.”.

In doing so, Trump elevated an already-emboldened crypto industry to a new level in the political discourse. While the industry — largely funded by the executives of the now-defunct FTX empire — threw a fair bit of money around in 2022, that campaign war chest was not deployed as strategically or as effectively as it was in 2024. And it shows signs of only becoming more overt. And the industry at large has celebrated what it views as a potentially friendlier four years of policymaking than outgoing President Joe Biden’s administration provided.

For these reasons, Donald Trump, alongside executives who encouraged his pivot to crypto this electoral cycle, including Amanda Fabiano, David Bailey and Ryan Selkis, is among CoinDesk’s Most Influential figures in 2024.

Popular discourse

2024 was the year that crypto has really broken out as an election issue. Candidates at multiple levels mentioned crypto as they ran for office, ranging from the presidential contest to candidates for the House of Representatives and Senate.

Trump actively solicited support from the crypto industry for months. Before Nashville, he issued several non-fungible token launches, stretching back to 2022. He’s involved in World Liberty Financial, a crypto project heavily supported by his sons which recently received a $30 million infusion from Tron and HTX’s Justin Sun, allowing Trump himself to directly profit off the venture.

One lawmaker, who did not wish to be identified, pointed to the amount of crypto money donated to his campaign,and the possibility of even just a few more votes, as reason enough for Trump to appeal to the crypto industry earlier this year.

“If crypto is going to define the future, I want [it] to be mined, minted and made in the USA. It’s going to be,” Trump said in his Nashville appearance. “It’s not going to be made anywhere else. And if Bitcoin is going to the moon, as we say, it’s going to the moon, I want America to be the nation that leads the way and that’s what’s going to happen.”

Since the election, crypto has enjoyed a surge in popularity. Mainstream news organizations are writing about the sector’s quirks again, while companies trying to tie digital assets to the more traditional financial markets have filed a flurry of applications to list exchange-traded products for Solana and XRP.

Some of Trump’s initial picks seem poised to support the crypto industry. Scott Bessent, Trump’s pick for Treasury Secretary, said he was “excited” by Trump’s “embrace of crypto.”

“Crypto is about freedom. The crypto economy is here to stay,” Bessent said during a Fox News appearance earlier this year. “To me, one of the most exciting things about Bitcoin is a generation of investors who maybe post the Great Financial Crisis had been looking for investment opportunities, maybe they soured on markets, crypto is bringing in young people, it’s bringing in people who haven’t participated in markets.”

Paul Atkins, Trump’s pick to chair the Securities and Exchange Commission, is an adviser to crypto projects including Securitize and Reserve, and joined The Digital Chamber’s board in 2018.

And just Thursday night, Trump named venture capitalist David Sacks as his “AI and crypto czar.” It’s unclear as of press time just what responsibilities this position will have, but Sacks is a longtime crypto booster. His company, Craft Ventures, has invested in a plethora of crypto companies, ranging from Bitwise to Lightning Labs.

2025

When Trump takes office next month, he’ll do so having eked out a narrow popular vote win and with a Republican trifecta — the Grand Old Party will hold the majority in the House and Senate. This means there is a real chance Republicans can enact a comprehensive crypto-friendly legislative regime. Ahead of November’s election, some Republicans used that as a talking point.

“We have a real opportunity to do big things,” Congressman Andy Barr (R-Ky.), one of several lawmakers vying to run the powerful House Financial Services Committee, told me. “The digital asset agenda, both stablecoins and market structure, needs to be a prominent feature of the House Financial Services Committee’s legislative agenda.”

Senator Tim Scott (R-S.C.), who will take charge of the Senate Banking Committee next year, said Trump “has been very clear on his position of being pro-crypto” at an event in August.

“That position puts the entire Republican apparatus on the table, leaning in, looking for a solution,” he said.

The Republican party platform said it would pursue policies that support crypto innovation and “end Democrats’ unlawful … crackdown” while supporting self-custody. Senator Cynthia Lummis (R-Wyo.) said at the same event in August that “the Republican platform was written by basically Donald Trump.”

“He’s supportive of digital assets,” she said. “He has spoken positively about digital assets. He wants to move the needle in this area.”

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Crypto Ghosted in U.S. Treasury Department’s New Strategy on Financial Inclusion

The report touts strategies to connect people with financial tools, but the only mention of crypto refers to its risks – a contrast to Kamala Harris’ positive tone on the campaign trail.

The U.S. Treasury Department has a new strategy for financial inclusion to help people get access to the financial system, but the 35-page report references cryptocurrency only once – to tout Treasury’s work on flagging the industry’s hazards.

While Vice President Kamala Harris has said on the campaign trail she’ll encourage crypto as a part of her economic agenda, the administration she’s currently working for is keeping digital assets at arm’s length in what may be the Treasury’s final mention of cryptocurrency before next week’s election.

The Biden administration’s Treasury Department noted in the Tuesday report that it “cultivates financial inclusion by developing and promoting research,” and — to that end — it had issued a report in 2022 on the “risks related to digital assets.”

“Access to safe, affordable financial products and unbiased information can help all Americans pursue financial security,” Treasury Secretary Janet Yellen is set to say at a banking event in New York on Tuesday, according to her prepared remarks in which she’ll call for the bankers’ “active partnership” in the new strategy.

From its start, the crypto sector has made a case for itself as a low-barrier entree into finance. That’s been among the core selling points, for instance, from industry lobbyists as they explain digital assets to lawmakers and regulators. But while international remittances have been an obvious little-guy use case for crypto, Treasury doesn’t seem to have been moved by the industry’s inclusion arguments.

Liberal-leaning groups such as the Center for American Progress have argued that the claim from crypto advocates about its benefits for financial inclusion “does not hold up to scrutiny,” and the Brookings Institution also sought to debunk that narrative.

It’s unclear whether the vice president’s office would have had any say in the Treasury’s latest strategy, though it would seem to contrast with the crypto openness her campaign has been signaling. While Harris’ election opponent, former President Donald Trump, has made his recent crypto enthusiasm a prominent part of his 2024 campaign, his own administration’s Securities and Exchange Commission was the first to bring a major case that attacked the legal foundation of Ripple.

Welcome to the NEW Crypto for Advisors Newsletter

Digital assets and crypto are rapidly changing the investing landscape. We’re here to help financial advisors find their way.

Danışmanlar için Kripto değişiyor. Ben Sarah Morton, bu haber bülteninin yeni editörüyüm. Gelişen kripto ekosisteminde devam eden bir yolculukta beni tur rehberiniz olarak düşünün. Müşterilerin sorduğu acil soruları yanıtlamanın yanı sıra zamanında, alakalı ve düşündürücü içerikler düzenlemek için buradayım. Ama önce: Neden ben?

Kripto dünyasına öğrenme yolculuğum altı yıldan uzun bir süre önce başladı. Blockchain teknolojilerine ve şimdi finans sektörü için yeni dijital para (“kripto” olarak da bilinir) dediğimiz şeyin yönlendirdiği yeni fırsatlar beni cezbetti. Bu yolculuk beni, müşterilerin kripto ve dijital varlıklara yatırımla ilgili sorularını yanıtlarken karşılaştıkları zorlukları anlamak için danışmanlar, finans uzmanları ve çeşitli dijital varlık topluluğu oyuncularıyla her gün çalıştığımız MeetAmi Innovations’ın kurucu ortağı olmaya götürdü.

CoinDesk’in finansal danışmanlar için dijital varlıkları ortaya çıkaran haftalık haber bülteni olan Crypto for Advisors’ı okuyorsunuz . Her Perşembe almak için buradan abone olun .

There is no question that current and next-generation investors are interested in digital assets (cryptocurrencies, tokens, smart contracts, and other digital representations of value). Just yesterday, BlackRock CEO Larry Fink suggested: “Bitcoin could revolutionize finance.” If he’s right, it would amplify demand from investors (recently surveyed by BCG) and their financial advisors for guidance on how to think about investing in this emerging asset class. And it’s not a simple answer.

Recent news adds to the complexity. In just the past couple of months

A recent Coinbase study showed that over 50% of Fortune 100 companies have started crypto, blockchain and Web3 projects. Such studies raise bigger questions like: How will these advancements affect digital assets? How will advisors navigate the complexities and rapidly changing nature of digital assets?

Advisors have a significant opportunity to support today’s clients and meet the needs of the next generation of investors – as long as they have a roadmap to navigate the digital-asset landscape.

This newsletter is here to help point the way. Each week Crypto for Advisors will share thought leadership from the industry, answer common and pressing questions from clients, and point to resources to better understand this rapidly evolving asset class.

If you have questions for our advisor network – or have topics you’d like to see covered – simply reply to this email, and we’ll try to answer them in future newsletters.

Thanks for subscribing – your readership means a lot to us.

Ask an Advisor

I educate financial advisors about digital assets. Here are the three most common questions they ask about digital asset investing.

– Adam Blumberg

Q: Is investing in digital assets secure? I’ve heard of people losing all their money.

A: It can be secure if you know how to hold the assets and do your homework regarding custody.

Digital assets and crypto are based on self-custody, meaning I hold my own assets in my own wallet(s).

However, we often use centralized custodians – such as an exchange – to hold assets for ourselves and clients, as they take on much of the technology’s heavy lifting. For both you and your clients, it’s important that you research the custodian to ensure they don’t commingle assets and are solvent.

Q: Do digital assets have real value?

A: Each crypto asset has its own value proposition and investment thesis. For example, bitcoin is often viewed as a hedge against inflation, government and banks. Ether is used to run applications on the Ethereum network. Other tokens derive their value from cash flows.

Advisors should understand some of the investment theses and value drivers of various crypto assets to properly evaluate them for client portfolios.

Q: What are the risks of investing in digital assets?

A: We’ve already talked a bit about custodial risk. Cryptocurrencies are also volatile, which poses allocation risks in client portfolios, especially with clients who may need liquidity. Many of the projects and protocols the tokens represent carry their own risks, which can be deeply technical and complicated to understand.

We don’t expect advisors to evaluate all the risks on their own, and we’re seeing more models and services which help determine crypto-asset risks as they relate to client portfolios.

Adam Blumberg is the co-founder of Interaxis, a company dedicated to educating financial professionals about digital assets.

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Bitcoin ETF’leri geliyor mu? SEC, başvuranlardan netlik talep etti, ancak “hayır” demedi.

Finansal Hizmetler ve Piyasalar Yasası, Kral Charles tarafından Kraliyet Onayını vererek, kripto ticaretini Birleşik Krallık’ta düzenlenmiş bir finansal faaliyet haline getirdi.

Birleşik Krallık, sabit paralar ve kripto para birimleri için yasalar uyguladı. Hangi ülkeler bu çerçeveyi takip edecek ve ne öğrenebiliriz?

Y Kuşağı olarak tehlikede olan 84 trilyon dolarlık servet transferi, X Kuşağı kriptolara bakıyor: BofA çalışması

Nesiller arası zenginliğin en büyük transferi, Web3 ortaya çıkarken gerçekleşiyor. Yeni nesil yatırımcıların ihtiyaçlarını karşılamak istiyorsanız, dikkate alınması gereken çok şey var.

Brazilian Central Bank Adds Crypto Exchange Mercado Bitcoin in CBDC Pilot Including Mastercard

The approved consortium includes Mastercard, broker Genial, registrar Cerc and financial software fintech Sinqia as partners.

Brazil’s central bank authorized on Thursday the largest local crypto exchange, Mercado Bitcoin, to participate in the pilot of the digital real, the South American country’s central bank digital currency (CBDC).

The consortium led by Mercado Bitcoin counts Mastercard, broker Genial, registrar Cerc and financial software fintech Sinqia as partners, local newspaper Valor reported.

Also on Thursday, the central bank gave its green light to state-owned Brazilian bank Caixa to participate in its CBDC pilot, along with card provider Elo and Microsoft.

Mercado Bitcoin had been left out of the central bank’s choice of 14 participants in late May because the consortium lacked at least one regulated financial or payment institution with direct access to Brazil’s national financial network. That changed after Mercado Bitcoin received the payment institution license from the central bank, on 2 June.

“Our participation validates the Central Bank’s intention to bring innovation to the financial system with those who have already been working with this technology and not just with the incumbents who have appropriated it,” said Fabricio Tota, director of new business at Mercado Bitcoin, Valor added.

“We are pleased to be part of the consortium selected to join the Real Digital pilot in Brazil. Mastercard continues to engage in a series of partnerships to build trust and compliance in the digital assets ecosystem, while also solving real-world problems,” Walter Pimenta, executive vice president of Products and Engineering at Mastercard Latin America and the Caribbean, told CoinDesk in a statement.

The central bank will begin incorporating participants into the Real Digital Pilot platform in mid-June 2023. According to Glovo, the consortium intends to participate in testing the issuance of the CBDC and treasury bills, and will seek to test technical aspects of the network and the governance model of the distributed ledger technology.

The CBDC is slated to be rolled out by 2024 by the central bank, which sees a digital currency as a way of increasing participation in the financial system.