The United States Election is a few months ahead, and it’s taking more importance among crypto advocates and tycoons.
Not only did both candidates add crypto and bitcoin to their agenda, but relevant people are taking sides. The most recent one was the Chief Executive Officer of Lightspark, David Marcus. Marcus’s journey is particularly relevant since he’s backing Donald J. Trump despite being a known democratic party supporter for years.
“My journey has been a gradual political 180 from where I stood in every previous election. It has been an eye-opening process of disenchantment, zero-basing lifelong beliefs, and rebuilding from there,” Marcus explained in a lengthy post on X. The anti-innovation approach towards crypto was among the reasons for Marcus to change his mind. For Marcus, “we need a President who is unequivocally pro-Bitcoin.”
Despite being considered an apolitical phenomenon, crypto and Bitcoin became crucial in the political conversation. It is a significant issue for voters and could influence the election outcome as voters seek a more friendly agenda.
For instance, during the Bitcoin Conference 2024, celebrated in Nashville at the end of July, both candidates were involved with the event. Democratic candidate and current Vice President Kamala Harris was rumored to attend but finally didn’t, but Trump gave a whole speech promising to hold bitcoin and make it more American. Even other relevant leaders like Robert F. Kennedy Jr. and Vivek Rammasnawy participated, and several senators and politicians were at the event.
“The Biden administration is scared that President Trump has expressed support for the crypto industry. After 3.5 years abusing U.S. crypto entrepreneurs and investors, they should be concerned about the electoral consequences,” founder and ex-CEO of Messari, Ryan Selkis, told me in an interview in May, when Trump announced his plans to change the current administration policy regarding the industry. Selkis even departed his executive position to focus on the country’s political shift.
Other industry figures, such as BTC Inc. CEO David Bailey, have already sided with Trump. The Republican candidate even congratulated him for his advocacy and help in participating in the conference, which the Bitcoin Conference organizes, which is part of BTC Inc.
Crypto players ready wishlist for potential second Trump administration
When former U.S. president Donald Trump promised a bitcoin conference on Saturday that if reelected he would fire Securities and Exchange Commission Chair Gary Gensler, a crypto skeptic, the crowd roared with delight.
“Wow, I didn’t know he was that unpopular,” the Republican presidential nominee shouted over the cheers.
Trump, who once derided cryptocurrencies as a “scam,” is courting the industry and winning big checks from donors hoping he will swiftly end Gensler’s crypto crackdown.
Under Gensler, a Democrat appointed by President Biden, the SEC has brought dozens of crypto enforcement actions, including against major exchanges Coinbase COIN., Binance and Kraken, and levied hundreds of millions of dollars in fines.
A Trump victory could change that virtually overnight. He could appoint a crypto-friendly chair to advance the industry’s wishlist, which includes spiking guidance that it says has limited Americans’ crypto custody options; a safe harbor for new tokens; and pulling enforcement actions.
“The most important thing we want out of a new administration is the nomination of individuals to key positions … that have an appreciation and an understanding of crypto,” said Kristin Smith, CEO of the Blockchain Association, an industry group.
