Donald Trump, the likely Republican candidate for the 2024 presidential election, is working on crypto policy issues with Bitcoin Magazine CEO David Bailey.
In a May 11 post on X, Bailey said he has been working with President Trump for a month on a so-called “comprehensive executive order” that is expected to be signed “on day one.”
According to comments made in Iowa in December, “Day 1” also happens to be the day President Trump plans to become a dictator. Trump later told Time magazine that the comment was made “in jest.”
Bailey also announced that he and other players in the crypto industry have committed a $100 million war chest to the Trump campaign to ensure that the twice-impeached and four-time indicted candidate returns to the White House. He pointed out that he was trying to collect.
Bailey's revelations signal that Trump, currently on trial in New York on charges of falsifying business records, has reversed his stance on Bitcoin, having previously called it a “fraud” and “baseless.” It was carried out during the
Mr. Trump relies almost entirely on campaign funds and political action committees (PACs) to pay his lawyers, whose bills are estimated to exceed $100 million by early 2024. Trump now wants donations to be made in virtual currency.
At an event at Mar-a-Lago on May 9, President Trump said, “If you're pro-crypto, you'll support me because other people are trying to kill crypto. Because there is,” he declared.
“It's time for Bitcoin to elect the next President of the United States,” Bailey said in a subsequent post.
Meanwhile, President Joe Biden and U.S. Securities and Exchange Commission Chairman Gary Gensler continue to draw widespread criticism and opposition from the crypto industry's leading proponents. like Cardano founder Charles Hoskinson.
Even billionaire Mark Cuban has expressed concern about Biden's re-election prospects and harshly criticized the SEC's tough stance on cryptocurrencies.
Cuban criticized Gensler for creating obstacles to legitimate crypto businesses and called on Congress to address the issue through specific legislation tailored to the industry.
The Biden administration has not shown any stance that it is anti-cryptocurrency. Rather, in a September 2022 executive order, the White House cited Terra's $50 billion collapse and over $600 billion in investors as reasons to responsibly “harness” the potential of cryptocurrencies. He seemed to be referring to the “wave of bankruptcies” that wiped out consumer funds.
The industry has seen many scandals, including FTX's bankruptcy and Binance's recent high-stakes settlement with the US government after former CEO Zhao Changpeng pleaded guilty to violating US money laundering laws. There was also.
According to the Pew Research Center, such a scenario has led some U.S. voters to be skeptical about the overall safety and reliability of cryptocurrencies.
But President Trump's pandering to crypto enthusiasts comes as polls show that cryptocurrencies are a popular commodity among his supposed supporters. For example, a recent survey conducted by DCG and Harris Poll shows that approximately 20% of American voters in battleground states believe that cryptocurrencies are an important issue in the upcoming election.
