With the crypto industry being worth billions of dollars, it was essentially inevitable that it would begin to wield more political influence. We have seen more institutional support of cryptocurrency, with two tokens getting their own spot ETFs this year alone. On top of that, there are more avenues to use cryptocurrency than ever before. 

Take gambling, for example, which sees a bigger presence of cryptocurrency these days. Thanks to the value of major tokens like Bitcoin, increased privacy, and more control for users the number of online casinos accepting crypto has only continued to grow. 

Beyond crypto betting sites or even speculative trading, more people are using digital assets to pay for food, clothing, flights, and much more. With so many people having a vested interest in the industry’s success, crypto is more of a hot topic in the political arena. 

This is why, when former US President Donald Trump spoke at the annual Bitcoin Conference in Nashville, Tennessee, it made headlines around the world. This appearance is one of the clearest statements of support for the industry Trump could have made and follows months of reaching out to the crypto community. 

Earlier this year, Trump made history when he became the first US Presidential candidate to accept cryptocurrency as campaign donations. Around the same time, he publicly denounced the current US administration for its alleged treatment of the crypto industry and promised to make it a priority should he enter the White House. 

So far, he has gotten over $3 million in crypto donations and the endorsement of prominent figures in the industry like the Winklevoss twins. The appearance at the convention, mere weeks after surviving an assassination attempt, has seen Trump not only reiterate his commitment to crypto but shed some light on his plans for America. 

He says that he will turn the US into, “the crypto capital of the planet and bitcoin superpower of the world.” For years, there has been seemingly a race between several countries to become a crypto superpower. The UK has declared its intention amidst passing several pieces of crypto regulation, China has launched the digital yuan, and El Salvador has made Bitcoin legal tender. 

The US, while having a heavy concentration of crypto companies, has been criticized for not being proactive enough. The Digital Dollar has been stalling for years and some pieces of crypto regulation have been criticized by stakeholders. 

Throughout the current election cycle, Trump has been perhaps the most proactive candidate in endearing himself to crypto investors and the Bitcoin Convention appearance was especially blunt. Trump said that if elected, he would fire current Securities and Exchange Commission Chair Gary Gensler and put a new Crypto Council in place that will cater to the needs of the industry. 

It is no secret that the SEC and the crypto industry have had a bit of a contentious relationship. Major companies like Binance, XRP, and Coinbase have found themselves the target of lawsuits by the Commission and while there have been small victories such as the approval of spot crypto ETFs, the tense relationship remains. This was also acknowledged by Trump during his speech. 

“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” he said.

Other promises made included setting up Bitcoin as a national asset for the United States and commuting the sentence of Ross Ulbricht. Those familiar with crypto history will remember Ulbricht as the founder of Silk Road, a darknet marketplace known for the sale of drugs and other illegal activity. While a controversial statement, it has endeared Trump to some in the industry. 

It certainly had an impact on the price of Bitcoin, which is currently pegged at $68,000, about $5,000 off from its all-time price high. The Bitcoin price had been slightly rallying in the lead-up to Trump’s appearance and is reflective of the overall excitement around his support. 

Interestingly, Trump didn’t always have good things to say about the crypto sector, even calling it a scam at one point. But in the years since then, he and his wife have released NFTs and his attitude seems to have softened. 

Still, as is the case with anything connected to Trump, there has been some controversy. Not everyone is convinced of his intentions for the industry and believes that he is simply pandering to secure votes. The way they see it, he will not fulfil any of his promises if actually elected. Outside of the space, some crypto critics see Trump’s endorsement as more of an indictment of the industry and proof that it is illegitimate. 

For now, Trump’s story with the crypto industry is still being written, with much more to come.