Donald Trump, the presumptive Republican nominee for the 2024 presidential election, is teaming up with Bitcoin Magazine CEO David Bailey to draft a comprehensive crypto policy agenda, as revealed in a May 11 announcement on X.
Bailey disclosed that he has been collaborating with Trump for a month to formulate a “comprehensive executive order” to be enacted on “day 1” of a potential Trump presidency. The initiative aims to address key issues within the crypto space and signal Trump’s commitment to the industry.
Bailey also highlighted efforts within the crypto community to raise a $100 million war chest for the Trump campaign, emphasizing the importance of ensuring Trump’s return to the White House.
This development comes as Trump, previously critical of Bitcoin, reverses his stance and expresses support for the cryptocurrency. Notably, Trump is now seeking donations in cryptocurrency to fund his legal expenses, estimated to exceed $100 million.
During an event at Mar-a-Lago on May 9, Trump underscored his pro-crypto stance, positioning himself as the candidate supportive of crypto innovation, contrasting with perceived hostility from other political figures.
Meanwhile, President Joe Biden and SEC chair Gary Gensler face criticism from prominent figures in the crypto industry, such as Cardano founder Charles Hoskinson and billionaire Mark Cuban. Cuban has voiced concerns about the SEC’s approach to crypto regulation, urging Congress to enact tailored legislation for the industry.
The Biden administration’s stance on crypto remains ambiguous, although an executive order from September 2022 hinted at the need to regulate crypto responsibly in light of recent market turbulence and scandals involving prominent crypto firms.
Despite skepticism among some American voters regarding crypto’s safety and reliability, Trump’s outreach to crypto enthusiasts reflects its growing significance as a political issue. Recent surveys suggest that a significant portion of voters, particularly in swing states, consider crypto policy a key factor in the upcoming elections.
Trump’s collaboration with Bailey underscores the evolving landscape of crypto in politics, with potential implications for future regulatory frameworks and industry dynamics.
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