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Trump Tasks Bitcoin Magazine CEO to Set ‘Day 1’ Crypto Policy.
Donald Trump, the presumptive Republican nominee for the 2024 presidential election, is working with Bitcoin Magazine CEO David Bailey on a crypto policy agenda.
In a May 11 post on X, Bailey said he had been working with Trump for a month on a so-called “comprehensive executive order” to be signed on “Day 1.”
“Day 1” also coincides with the one in which Trump, second Comments made in Iowa in December, plans to become a dictator. Trump later said It’s time the remark was made “in jest.”
Over the past month we have been working with the Trump campaign to develop their policy agenda on bitcoin and cryptocurrencies. We proposed a comprehensive executive order for President Trump to sign on day one. I will share these details soon. This week Trump took the first step, but…
— David Bailey🇵🇷 The threshold is 0.65 million dollars/btc (@DavidFBailey) May 11, 2024
Furthermore, Bailey pointed out that he and other players in the cryptocurrency industry are trying to raise a $100 million war chest for the Trump campaign to ensure the impeached twice AND quadruple indicted the candidate returns to the White House.
Bailey’s revelation comes as Trump – currently on trial in New York for allegedly falsifying corporate documents – reverses his position. position on Bitcoin, which he previously called “a scam” and “based on nothing.”
Trump is relying almost entirely on campaign donations and political action committees (PACs) to pay his lawyers — bills estimated at around $100 million by early 2024. He now hopes the donations can be made in cryptocurrency.
During an event at Mar-a-Lago on May 9, Trump said, “If you are for cryptocurrencies, you will support me because others want to crush it.”
In a subsequent post, Bailey said, “It is time for Bitcoin to elect the next president of the United States.”
It’s time for Bitcoin to elect the next president of the United States.
— David Bailey🇵🇷 The threshold is 0.65 million dollars/btc (@DavidFBailey) May 11, 2024
Meanwhile, President Joe Biden and U.S. Securities and Exchange Commission Chairman Gary Gensler continue to draw widespread criticism and opposition from top figures in the cryptocurrency industry. Pleases Cardano founder Charles Hoskinson.
Billionaire Mark Cuban also spoke out concerns on Biden’s re-election prospects, analyzing the SEC’s tough stance towards cryptocurrencies.
Cuban criticized Gensler for creating obstacles to legitimate cryptocurrency businesses, urging Congress to address the issue through specific legislation tailored to the industry.
The Biden administration has given no indication that it is anti-cryptocurrency. Rather, in a September 2022 executive order, the White House appears to have referenced the $50 Billion Earth Collapse and “the wave of defaults” that wiped out more than $600 billion in investor and consumer funds as reasons to “exploit” the potential of cryptocurrencies responsibly.
The sector has also had many scandals, including the FTX bankruptcy and Binance’s recent major hit settlement with the US government after former CEO Changpeng Zhao pleaded guilty to violating US money laundering laws.
Scenarios like these have left a portion of the American voting public skeptical about the overall safety and reliability of cryptocurrencies, second at the Pew Research Center.
But Trump’s pandering to cryptocurrency enthusiasts comes as polls indicate it is a popular item among his likely supporters. For example, a recent one survey conducted by DCG and Harris Poll indicated that approximately 20% of American voters in swing states consider cryptocurrencies to be a key issue in the upcoming elections.