Donald Trump is working with Bitcoin Magazine on crypto policy agenda.

May 13, 2024 Jobson Edward Cryptocurrency News Comments Off

Donald Trump is working with Bitcoin Magazine on crypto policy agenda ”day1”

Trump made clear statement in IOWA back on December that he wanted “comprehensive executive order,” and now trump is co-operating with Bitcoin Magazine chief executive officer David Bailey

For the past month, Bailey claimed to have been collaborating with Trump on a purported “comprehensive executive order” that will be signed on “day 1.”

Fund the Trump campaign.

Bailey noted that in order to guarantee that the twice-impeached and four-timely-indicted candidate returns to the White House, he and other figures in the cryptocurrency field are trying to create a $100 million war fund for the Trump campaign.

Bailey’s disclosure coincides with Trump’s reversal of position on Bitcoin, which he had previously referred to as “a scam” and “based on thin air.” Trump is presently on trial in New York for allegedly fabricating business records.

For the past month we have been working with the Trump campaign to develop their bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1. I will be sharing those details soon. This week Trump took the first step, but…
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 11, 2024

Political action committees (PACs)

Political action committees (PACs) and campaign donations are the main sources of funding for Trump’s legal expenses, which are expected to exceed $100 million by the beginning of 2024. Now he’s hopeful that cryptocurrencies could be used for donations.

On May 9, Trump said, “If you’re pro-crypto, you’ll support me because the other guys want to squash it,” during an event held at Mar-a-Lago.

It’s time for Bitcoin to elect the next President

Leading figures in the cryptocurrency space, like as Charles Hoskinson, the founder of Cardano, continue to voice their disapproval and criticism of President Joe Biden and U.S. Securities and Exchange Commission chair Gary Gensler.

Even billionaire Mark Cuban, who has closely examined the SEC’s strict stance on cryptocurrency, has voiced doubts about Biden’s chances of winning re-election.

Gensler’s actions, according to Cuban, are impeding the growth of legal cryptocurrency businesses. He called on Congress to take action by passing industry-specific laws.

It’s time for Bitcoin to elect the next President of the United States.
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 11, 2024

Biden administration on crypto policy

There has been no hint from the Biden administration that it is anti-crypto. Instead, the $50 billion Terra crash and “the wave of insolvencies” that destroyed over $600 billion in investor and consumer assets appear to have been mentioned by the White House in an executive order dated September 2022 as justifications for “harnessing” the potential of cryptocurrencies in a responsible manner.

A number of scandals have also rocked the sector, such as FTX’s bankruptcy and Binance’s recent large settlement with the US government following former CEO Changpeng Zhao’s guilty plea to charges of breaking US money laundering regulations.

Scenarios like these have left a section of the American voting public skeptical of crypto’s overall safety and reliability, according to the Pew Research Center.

But Trump’s pandering to crypto enthusiasts comes as polls indicate that it’s a popular item among his likely supporters. For instance, a recent survey conducted by DCG and Harris Poll indicated that about 20% of American voters in swing states consider crypto a key issue in the upcoming elections.