Introduction
The US election will reach its ultimate showdown tomorrow, with the fierce competition between Trump and Harris attracting global attention. In this election, although BTC, blockchain and other digital assets will not directly appear on the ballot, their influence has permeated various aspects of American politics. Whether it is the frequent meetings between congressmen and crypto industry leaders, or former President Trump's "new adventure" in Non-Fungible Token and DeFi projects, or the digital currency regulatory plans of the two party candidates that are at odds with each other, the cryptocurrency issue has become a hot topic of discussion.
In this year's campaign, Trump promised to support the development of digital assets through Non-Fungible Token, and the Republican Party has also officially included BTC in its party platform, vowing to protect the BTC industry, while the Democratic Party has highlighted its attention to the crypto industry through the Crypto4Harris campaign. These dynamics not only reflect the changing attitude of the American political arena towards digital assets, but also make BTC and blockchain new ways to attract votes. In this election competition centered on crypto assets, digital currencies are no longer just experiments in the financial field, but are gradually entering the political arena, shaping the future policy direction of the United States.
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Trump's Crypto Journey: From Non-Fungible Token Promises to Political Commitments
In May 2023, former President Donald Trump held a new Non-Fungible Token event at his private Mar-a-Lago estate. He promised to support the development of digital asset companies in the US, and won the enthusiastic support of cryptocurrency enthusiasts. This event not only attracted the attention of the crypto-friendly crowd, but also helped Trump gain the support of this special group. At the event, Trump faced the creator of the Non-Fungible Token project DeGods, and with a humorous tone, vowed to protect the crypto industry, which sparked heated discussions on social media. Although the scene was somewhat ridiculous, this moment was hailed as a "turning point in crypto politics".
This Non-Fungible Token event has become a symbol of Trump's relationship with the cryptocurrency industry. Although the outside world has mixed reviews on this move, Trump's statement undoubtedly won the hearts of some cryptocurrency supporters. The Non-Fungible Token event is not only a stage for Trump to demonstrate his friendly attitude towards the crypto industry, but also a means for him to connect with potential voters in an innovative way.
The Republican Party Officially Includes BTC in its Platform
In July 2023, the Republican Party officially expressed its support for BTC in its party platform, making it a component of its future policies. The platform promises to protect the rights of BTC mining and self-custody of cryptocurrencies, and vows to end the "illegal and un-American" crackdown on the US crypto industry. The declaration of the Republican National Committee broadly supports the development of digital asset companies, further legitimizing BTC and other digital assets.
This move indicates that the Republican Party hopes to incorporate digital currencies into mainstream political issues and use them as a tool to win votes. Supporters of the crypto industry believe that this declaration reflects the party's recognition and protection of cryptocurrencies, making BTC a legitimate topic on the political agenda. This move also reflects the Republican Party's active response to the needs of the crypto industry, trying to win the votes of this group.
Promises at the BTC Conference: Dialogue between Trump and RFK Jr.
On July 27, the BTC Conference was held in Nashville, where Trump gave a speech, announcing that if elected president, he would establish a strategic BTC reserve at the Federal Reserve. In addition, he vowed to fire the current chairman of the US Securities and Exchange Commission, Gary Gensler, and appoint crypto-friendly regulators to take over regulatory affairs. Trump's commitment is obviously aimed at winning the support of crypto industry supporters.
At the same time, the current independent presidential candidate Robert F. Kennedy Jr. (RFK Jr.) also expressed his support for BTC at the conference and detailed his BTC promotion plan. However, RFK later suspended his campaign and announced his support for Trump's campaign activities. The joint statements of the two at the BTC conference further pushed the politicization of the crypto industry and sparked widespread discussion on social media.
Trump's DeFi Project: The Launch of World Liberty Financial
In August, the Trump Organization announced the launch of a DeFi project called World Liberty Financial (previously called The DeFiant Ones). The project aims to "liberate ordinary Americans from the control of big banks and financial elites". This statement sparked heated discussions in the cryptocurrency community, with some supporters feeling excited about it, while others questioned Trump's deep involvement in the crypto industry and the potential conflicts of interest.
In September, in a live interview on Rug Radio under Decrypt, Trump shared more details about World Liberty Financial and conducted a token sale in October. Although the project details are limited, its subsequent plans also include the launch of a stablecoin to further expand the application of cryptocurrencies. However, some commentators are skeptical about the project's prospects, believing that Trump's crypto adventures may carry risks.
Crypto4Harris Roundtable: Democratic Party's Support for the Crypto Industry
In August, New York Democratic Senator Chuck Schumer promised to organize a digital town hall meeting for Democratic presidential candidate Kamala Harris, aimed at promoting crypto industry regulatory legislation in the US. This Crypto4Harris roundtable brought together several members of Congress, major crypto industry participants, and billionaire investor Mark Cuban.
Crypto4Harris not only showcased the Democratic Party's attention to cryptocurrencies, but also marked the first time the Democratic Party publicly established connections with digital asset companies. This meeting resonated among Democratic members who support the crypto industry, making cryptocurrencies a gradually mainstream political issue. As an open event, Crypto4Harris demonstrated the Democratic Party's open attitude towards the crypto industry, sending a signal that the Democratic Party hopes to win public support on digital asset regulatory issues.
Controversy over Trump Tokens: Speculation and Fraud
After Trump launched the World Liberty Financial project, the project became the target of scammer attacks. In August 2023, the project encountered a rug in the DeFi field, with scammers creating multiple fake websites and pages that were promoted through the Trump family's social media accounts, which appeared to have been hacked. This chaos led some investors to click on the fake links and lose their crypto assets.
This incident damaged the reputation of the World Liberty Financial project, leading to poor performance of its token sales. At the same time, there were rumors that the DJT token was the "official" token of the Trump family, even created with the help of Trump's son Barron Trump, but this news was never confirmed. Trump's former ally Roger Stone publicly denied the legitimacy of the project, further expanding the controversy surrounding this token.
Trump Buys Burgers with Bitcoin in New York
In September 2023, Trump was seen purchasing a round of burgers with BTC at a Bitcoin-themed bar in New York, with the video clip quickly going viral. While the "crypto burgers" moniker may have been a bit tongue-in-cheek, Trump's move was embraced by the Bitcoin community, reflecting his efforts to appeal to the crypto electorate during the election cycle.
Harris' Blockchain Statements and Targeted Policies
Vice President Kamala Harris made her first public mention of blockchain at the Pittsburgh Economic Club in September, stating that her administration would help the US maintain competitiveness in emerging technologies like AI and blockchain. Days later, a senior policy advisor to Harris announced at the Democratic National Convention that the Harris administration would support the development of new technologies, sparking discussions in the crypto community.
Simultaneously, Harris' campaign team released a digital asset regulatory policy designed specifically for Black male voters. The "Kamala Harris Will Serve Black Men" platform promised to support a regulatory framework for cryptocurrencies to protect Black men's crypto asset investments. However, this policy sparked widespread controversy and debate, with some crypto supporters criticizing it as racially-charged and questioning its necessity. Ultimately, the Harris team clarified that the policy would be universally applicable, not targeted at a specific demographic.
Trump Wins 2024 Election, Let's Congratulate the First Lady
Trump's victory is expected to have a positive impact on the cryptocurrency market, manifesting in policy support, market reactions, and legislative changes.
First, Trump's crypto-friendly policies are a key focus of the market. He has promised to ease regulations on crypto assets and position the US as the "global crypto capital." This would reduce regulatory barriers and attract more crypto investors and institutions to the market. Trump has also proposed using BTC as a strategic reserve asset for US national debt, a policy that could boost market optimism and drive up crypto asset prices.
Secondly, Trump's win may stimulate a short-term rally in major cryptocurrencies like BTC. Analysts predict BTC could surge to $92,000, driven by the backdrop of Trump's crypto support and market speculation. Additionally, Trump's proposal to transform the US into a global crypto asset hub is expected to further boost investor confidence in the market.
Furthermore, Trump's election could also advance the Financial Innovation Act (FIT21), clarifying the regulatory roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), helping the crypto market establish a clearer regulatory framework and providing more operational space for institutional investors. This would increase policy transparency and legal safeguards, boosting institutional confidence in the market.
However, some market observers caution that certain Trump economic policies, such as the potential for increased inflation, could impact the long-term health of the cryptocurrency market. While a strong market rally may occur in the short term, investors should maintain flexible risk management strategies and closely monitor the actual effects of policy implementation.
Conclusion
The 2024 US election cycle has witnessed the transformation of cryptocurrencies from an emerging technology to a political issue. Whether it's Trump's crypto activities or the discussions on crypto policies by the Republican and Democratic parties, these developments demonstrate the growing influence of the crypto industry in American politics. Crypto supporters and investors are playing an increasingly important role in the current election, and policymakers are gradually recognizing the significance of this emerging field.
From Non-Fungible Token activities to policy commitments, cryptocurrencies have entered the core of politics, becoming a tool for both parties to compete for votes. As digital assets continue to rise in prominence on the mainstream political agenda, the future of US cryptocurrency policy will become increasingly crucial. While the prospects of blockchain technology and cryptocurrencies may still be uncertain, they have already profoundly impacted the landscape of American politics.
