Regulation
Why Bitcoin and Trump Are Again the Biggest Crypto Story
It’s day two of Nashville Bitcoin Conferencebut many participants wait for the third day.
The reason? On Saturday (July 27), at 2:00 p.m., Republican candidate for president of the United States, Donald Trump, will deliver the keynote address at the conference.
The former president and current candidate, who once dismissed bitcoin as a “scam” competing with the U.S. dollar, is now positioning himself as a champion of the cryptocurrency industry.
Trump has already raised more than 4 million dollars in cryptocurrency for its campaign war chest, and the crypto crowd represents an attractive and lucrative voting bloc, particularly given their disillusionment in progress with the current state of national digital asset policy.
A free t-shirt offered to conference attendees reads “Vote Trump.”
According to Barron’s relationshipThe prevailing sentiment among some investors and bitcoin enthusiasts is that Trump will use his speech to make a major announcement, something like endorsing the U.S. government’s purchase of bitcoin as a “strategic reserve” asset, similar to foreign currency or oil.
Central bank investment in bitcoin would lend credibility to the cryptocurrency, potentially elevating it to gold-like status as a store of value. Any such move could have far-reaching influence on discussions about digital currencies and monetary sovereignty.
Trump, who has launched himself as “crypto president,” isn’t the only politician speaking at the cryptocurrency festival. Former Republican candidate Vivek Ramaswamy, independent U.S. presidential candidate Robert F. Kennedy Jr., and lawmakers from both parties, including Senator Cynthia Lummis of Wyoming, are also scheduled to speak.
See also: Trump Running Mate J.D. Vance’s Antitrust Views Divide Business Leaders
Cryptocurrency Industry Aims to Increase Beltway Influence
Trump’s rebranding as a crypto-friendly candidate is part of a broader trend among Republicans to embrace digital currencies and blockchain technology. This strategy aims not only to appeal to a young, tech-savvy demographic, but also to tap into the cryptocurrency industry’s vast financial resources. By aligning themselves with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to harness the political and economic potential of this rapidly growing sector.
Trump’s running mate, J.D. Vance, has maintained a positive vision in the digital assets sector during his political career and voted as a senator accordingly.
The Republican Party platform says the GOP will “end Democrats’ illegal, un-American crackdown on cryptocurrency” and “defend the right to mine Bitcoin.”
And as PYMNTS wrote earlier this month, the need for clear regulatory frameworks remains one of the most pressing issues facing the cryptocurrency industry.
“What we’re seeing, where it’s the UK, Japan, Singapore… even the European Union, more than two dozen countries have come together to provide a framework for the regulation of cryptocurrencies”, Ripple CEO Brad Garlinghouse She said last week (July 17). “It’s frustrating that we as a country can’t get that framework in place. And yet, we have this never-ending litigation coming from the SEC, this doesn’t really solve the problem.”
Ripple early this year donated $25 million to the cryptocurrency industry’s super PAC Fair Smoothiewith Garlinghouse stating at the time that such donations would continue every year, as long as the industry had its detractors.
to know more: The Benefits of Blockchain for Regulated Industries
As the 2024 election approaches, the cryptocurrency sector is set to play an increasingly significant role in American politics, for both parties.
For a politician relationship On Tuesday (July 23), billionaire investor and bitcoin enthusiast Mark Cuban believes Democratic presidential candidate Kamala Harris would be “much more open” to cryptocurrencies, although he noted that this “certainly hasn’t been confirmed by the vice president.”
One factor that could contribute to the wider adoption of cryptocurrencies is that institutions are also starting to appreciate digital assets.
Coinbase Asset Management It is said that he is creating a tokenized money market fundwhile the asset manager Black rock introduced a tokenization of real-world assets: a fund called BUIDL that holds U.S. Treasuries and has gained $500 million in assets since its launch in March.
THE tokenization of real-world assets It’s a feature of the blockchain landscape that has captured the attention of players in the payments, finance and commerce industries, PYMNTS reported in April.
As PYMNTS Intelligence last report revealed, regulated industries, including healthcare and financial services, must comply with numerous requirements, such as know your customer (KYC), anti-money laundering (AML), and data privacy regulations. Blockchain could help these industries in this regard.