6 min read
Although Bitcoin won't be on the ballot this Election Day, it's hard to deny digital assets’ grip on U.S. politics this election cycle.
From U.S. congressmen's public powwows with crypto industry leaders to Trump's DeFi project launch to both presidential candidates’ promises to support new regulations for the digital assets industry, crypto has dominated mainstream media headlines and echoed across social media platforms.
Here's a roundup of the crypto industry's most significant milestones ahead of Election Day on Tuesday.
Donald Trump elicited cheers from a crypto-friendly crowd in May for promising to keep digital assets companies stateside during an event for his latest NFT collection at Mar-a-Lago.
The former president's vow to protect the burgeoning U.S. crypto industry came as a response to a question from an NFT builder from the prominent DeGods project, sporting a pair of Pit Viper shades at the soiree.
The memeified moment caught fire on social media, bolstering positive sentiments about the future of U.S. crypto regulation and policy amongst some crypto enthusiasts. Despite the silliness of the moment, some hailed it as a turning point for crypto in politics.
The GOP rallied behind Donald Trump’s crypto pivot in early July, vowing to “defend the right to mine Bitcoin” and self-custody crypto in its party platform.
The Republican National Committee’s manifesto also expressed broader support for digital assets companies, promising to end an “unlawful and un-American crackdown” on the U.S. crypto industry.
Donald Trump promised to create a strategic Bitcoin stockpile for the U.S. Federal Reserve if elected, during a speech at BTC Nashville on July 27. He also vowed to fire Securities and Exchange Commission (SEC) Chair Gary Gensler and put regulators partial to crypto into power.
Meanwhile, then-independent presidential candidate Robert F. Kennedy Jr. (RFK Jr.) offered a more nuanced and detailed plan to promote Bitcoin during a separate event at the same conference. RFK ultimately suspended his campaign, however, and threw his support behind Trump.
The Trump Organization revealed in August that it would embark on yet another crypto-related venture.
The details of the business, a DeFi platform called World Liberty Financial (formerly The DeFiant Ones), remained largely unclear at the time. However, Trump promised that the project would free “the average American” from “the big banks and financial elites” in a post on Truth Social.
The announcement was met with excitement among users on Crypto Twitter, but it also invited questions about potential conflicts of interest posed by Trump's deepening enmeshment with the crypto industry ahead of his potential re-election.
Trump shared more details on the project in a September live-streamed interview with Rug Radio, Decrypt’s sister company, and hosted a token sale in October that saw middling demand.
Decrypt also reported in October that World Liberty Financial plans to issue its own stablecoin, citing sources familiar with its plans.
Sen. Chuck Schumer (D-NY) vowed to pass legislation that gives clear regulatory guardrails for the crypto industry in the U.S. at a grassroots-organized digital town hall meeting for Democratic presidential nominee Kamala Harris in August.
The 90-minute Crypto4Harris livestream brought together several U.S. Democrat congressmen, such as Wiley Nickel, a host of key crypto industry players, and billionaire investor and entrepreneur Mark Cuban. The event marked one of the first public showings of solidarity between U.S. Democrats and digital asset companies.
In August, crypto holders expressed excitement about the Trump family's plans to roll out a DeFi platform called World Liberty Project. But their enthusiasm was blunted when WLF came up against the greatest scourge of the decentralized finance world—scammers.
In early September, scammers spun up several fake pages for the much-awaited project. The links were promoted on several Trump family members’ social media accounts, which appeared to be hacked.
The confusion led some would-be WLF investors to click on malicious links and lose their crypto holdings. The scams marred the launch of the DeFi project, which has experienced lackluster participation and token sales.
Further complicating matters were conflicting claims over whether the DJT token was ultimately an “official” Trump coin created with the help of Donald’s son, Barron Trump, as “PharmaBro” Martin Shkreli claimed. That was never proven, however, and former Trump ally Roger Stone said that it was not a legit Trump project.
Trump bought a round of burgers with Bitcoin in September at PubKey, a BTC-themed bar in Manhattan. The campaign stunt came several months after the Republican nominee spoke at Bitcoin Nashville.
In video clips shared from the bar, he used a smartphone to make the purchase using Bitcoin. He then proceeded to call them “crypto burgers” in a potential faux pas, as Bitcoiners attempted to correct him, but none of the die-hard BTC fans appear to be holding it against him.
Vice President Kamala Harris broke her silence on crypto at The Economic Club of Pittsburgh in September, surprising her supporters and detractors.
The Democratic presidential nominee said in a speech that her administration would fight to help the U.S. “remain dominant in AI and quantum computing, blockchain and other emerging technologies.”
The public comments came roughly a week after Harris reportedly talked about digital assets with donors at a fundraising event for her campaign.
Her acknowledgment of the crypto industry also came shortly after the vice president's senior campaign advisor on policy said at the Democratic National Convention that Harris’ administration would support emerging technologies.
Harris’ campaign made waves on social media for promising to champion new digital assets regulations in the U.S. as part of its official strategy to target Black voters.
In a platform called “Kamala Harris Will Deliver for Black Men,” the Harris campaign said it would support “a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”
The platform was met with a mix of derision and praise on social media, with some Crypto Twitter users criticizing the campaign's use of identity politics.
Other detractors questioned the platform's decision to single out Black men, raising questions about the extent to which Black male voters care about crypto as an election issue. The campaign ultimately clarified that such plans would be pursued without any specific race-related limits.
Edited by Sebastian Sinclair and Andrew Hayward
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