Republican nominee and ex- U.S. President Donald Trump had once referred to cryptocurrencies as a “scam.”
But now, Donald Trump will be speaking at an event on Saturday, the last day of the three-day Bitcoin 2024 convention in Nashville. Republican former candidate Vivek Ramaswamy, Senator Bill Hagerty of Tennessee and Senator Cynthia Lummis of Wyoming are also scheduled to speak.
Among some of the notable Democrats, U.S. Representative Ro Khanna of California is on the speaker list.
The blockchain and crypto industry has rebounded following the FTX collapse and a series of other crypto firms collapsing in 2022, sending crypto prices falling and forcing many companies to file for bankruptcy.
Crypto asset supporters note that cryptocurrency users are becoming a stronger political force during this US election cycle, but it is not certain how many users would focus on crypto over other matters at the ballot box.
The Republican Party is going after votes by promising progressive regulation for crypto.
David Yermack, a professor at New York University’s Stern School of Business, said:
“For most of its history, crypto was really a nonpartisan issue, because Republicans and Democrats alike did not understand it or care to learn more.
I do think the Republicans in the last year or two have begun to move a little more quickly in the area.”
Stand With Crypto, a nonprofit industry group supported by crypto exchange Coinbase, has organized 1.3 million advocates.
And three pro-crypto super political action committees – Fairshake, Defend American Jobs, and Protect Progress, raised $230 million to support crypto friendly candidates.
Fairshake, a super PAC supporting pro-crypto candidates, reportedly spent more than $10 million this year against California Democrat Katie Porter, who had been running for the Senate. Porter, who questioned BTC mining’s impact on climate change, lost her primary.
Some crypto professionals are backing Trump, like the Winklevoss twins who founded crypto firm Gemini. Each gave Trump $1 million in bitcoin but had to take back the funds since it exceeded the maximum permitted US under federal law.
Trump’s appearance at Bitcoin 2024 is his most recent indication of support for the nascent industry.
During a recent fundraiser, he criticized the Democrats’ attempts to regulate the sector. He met bitcoin mining firms at his Mar-a-Lago resort last month.
Jayson Browder, head of public policy for Marathon Digital Holdings, said:
“We have tried to engage with the Biden administration and they have not been receptive unfortunately. And former President Trump has been more than receptive and is now being an active supporter of our industry.”
Trump suggested that he would like to see more bitcoin mining by U.S. firms.
It is worth noting that Crypto execs are upset with the Securities and Exchange Commission’s enforcement actions under U.S. President Joe Biden.
The White House reportedly told Reuters the Biden-Harris administration will be meeting with stakeholders and working with Congress to develop safeguards to tap the benefits of crypto-asset innovation.
Harris would probably focus on advancing Biden’s crypto policies if she wins the presidential election.
Conference participant Hillary Adler, who co-founded BitcoinOS, had voted Democratic however now says she is more left-libertarian.
Referring to herself as an undecided voter, Adler noted she is not surprised that certain Republican politicians have decided to support crypto.