As Election Day approaches, digital assets are making waves in U.S. politics, even though Bitcoin won’t be on the ballot. From public exchanges between congressmen and crypto industry leaders to presidential candidates’ promises to create new regulations for the sector, the influence of cryptocurrency is undeniably shaping this election cycle. Here’s a roundup of the most significant crypto-related milestones that have dominated headlines and sparked debate in the political arena.
Donald Trump has made a series of high-profile moves involving the crypto industry, sparking both excitement and controversy among supporters and critics alike.
In May, during an event for his NFT collection at Mar-a-Lago, Trump promised to protect U.S. digital asset companies, vowing to keep them stateside. This statement came in response to a question from an NFT creator from the popular DeGods project, drawing cheers from a crypto-friendly crowd. The meme-worthy moment, which quickly went viral on social media, generated optimism among crypto enthusiasts who viewed it as a turning point for crypto in U.S. politics.
Trump doubled down on his crypto stance in July when the Republican National Committee (RNC) incorporated a commitment to defend the right to mine Bitcoin and self-custody crypto in its platform. The GOP also promised to end what they called an “unlawful and un-American crackdown” on the U.S. crypto industry, signaling their support for digital assets.
In late July, Trump further solidified his crypto stance with a bold promise to create a Bitcoin stockpile for the U.S. Federal Reserve if elected. Speaking at BTC Nashville, he also vowed to fire Securities and Exchange Commission (SEC) Chair Gary Gensler and place crypto-friendly regulators in power.In August, Trump’s organization unveiled plans for a DeFi platform named World Liberty Financial (WLF). Though the details of the platform were vague, Trump promised it would “free the average American” from the influence of "big banks and financial elites." While crypto Twitter was abuzz with excitement, the announcement raised concerns about potential conflicts of interest, particularly as Trump’s growing involvement with the crypto space could complicate his presidential campaign.
The platform’s token sale in October was met with mixed responses, and several scams surrounding the WLF launch diluted some of the initial enthusiasm.
While Trump’s embrace of cryptocurrency has garnered widespread attention, the Democratic Party has also made moves to align itself with the crypto industry.
In August, Sen. Chuck Schumer (D-NY) participated in a digital town hall meeting for Democratic presidential nominee Kamala Harris, where he vowed to push for clear regulatory guidelines for the crypto sector. The event, called Crypto4Harris, included several Democratic congressmen and prominent figures from the crypto world, including billionaire investor Mark Cuban. This marked a rare moment of public alignment between U.S. Democrats and the cryptocurrency community.
Despite the excitement surrounding Trump’s crypto ventures, the launch of World Liberty Financial was marred by scams. In early September, fraudulent pages linked to the WLF project were circulated on social media, leading would-be investors to lose funds to malicious actors. This situation led to confusion over whether the DJT token, allegedly connected to Trump, was legitimate or simply a scheme to capitalize on his brand. As the situation unfolded, former Trump ally Roger Stone denied the coin's legitimacy, further muddling the waters.
In a curious campaign stunt, Trump made headlines in September by buying a round of burgers with Bitcoin at PubKey, a Bitcoin-themed bar in Manhattan. The incident, which was captured on video, saw Trump using his smartphone to make the purchase in BTC. He humorously referred to the meal as “crypto burgers,” which raised eyebrows among Bitcoin enthusiasts, though the faux pas did not dampen the goodwill of many of his crypto supporters.
For months, Vice President Kamala Harris remained largely silent on digital assets, but in September, she finally addressed the issue. Speaking at The Economic Club of Pittsburgh, Harris outlined her administration’s goals to help the U.S. “remain dominant in AI and quantum computing, blockchain, and other emerging technologies.” This was one of the first times Harris publicly acknowledged the importance of blockchain and crypto, signaling that the Biden-Harris campaign is aware of the growing influence of digital assets.
However, Harris’ camp made waves for a different reason when it unveiled its “Kamala Harris Will Deliver for Black Men” platform. Among other initiatives, it promised to support a regulatory framework for cryptocurrencies to protect Black men who invest in or own digital assets. The platform was met with both praise and criticism. Some crypto enthusiasts took issue with the race-focused angle, while others praised the platform’s focus on financial inclusion for historically marginalized communities.
As the 2024 U.S. presidential election heats up, cryptocurrency is no longer just a niche issue for the tech-savvy; it’s becoming a significant topic of conversation at the highest levels of government. Both major political parties are now competing for the favor of digital asset advocates, with candidates from both sides of the aisle making bold statements about their crypto policies.
Trump’s embrace of Bitcoin, DeFi, and blockchain technology contrasts with Harris' more cautious approach to digital assets, but both recognize the growing role of crypto in shaping the future of finance. As Election Day draws near, it’s clear that digital assets will continue to echo through the halls of power, shaping not only the political discourse but the future of the U.S. economy as well.
With regulatory frameworks, digital asset protection plans, and public promises to support crypto, the 2024 election may prove to be a landmark moment for the cryptocurrency industry. As politicians on both sides work to craft policies that will shape the future of digital finance, it’s clear that the influence of crypto is here to stay in U.S. politics.
November 2024, Cryptoniteuae