2024

David

Bitcoin

<p class="is-style-lead">Donald Trump, the presumptive Republican nominee for the 2024 presidential election, is working with Bitcoin Magazine chief executive officer David Bailey on a crypto policy agenda.</p> 
<p>In a May 11 post on X, Bailey stated that he has been working with Trump for a month on a so-called “comprehensive executive order” to be signed on “day 1.” </p> 
<p>“Day 1” also happens to be when Trump, according to <a href="https://apnews.com/article/trump-hannity-dictator-authoritarian-presidential-election-f27e7e9d7c13fabbe3ae7dd7f1235c72" data-type="link" data-id="https://apnews.com/article/trump-hannity-dictator-authoritarian-presidential-election-f27e7e9d7c13fabbe3ae7dd7f1235c72" target="_blank" rel="">comments</a> made in Iowa back in December, plans to be a dictator. Trump later <a href="https://time.com/6972021/donald-trump-2024-election-interview/" data-type="link" data-id="https://time.com/6972021/donald-trump-2024-election-interview/" target="_blank" rel="">told</a> Time that the remark was made “in jest.”</p> 
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   <p lang="en" dir="ltr">For the past month we have been working with the Trump campaign to develop their bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1. I will be sharing those details soon. This week Trump took the first step, but…</p>— David Bailey🇵🇷 $0.65m/btc is the floor (@DavidFBailey) <a href="https://twitter.com/DavidFBailey/status/1789141605544538467?ref_src=twsrc%5Etfw" target="_blank" rel="">May 11, 2024</a>
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<p>Additionally, Bailey pointed out that he and other players in the crypto space are looking to raise a $100 million war chest for the Trump campaign to ensure the <a href="https://time.com/5928988/donald-trump-impeached-second-time/" data-type="link" data-id="https://time.com/5928988/donald-trump-impeached-second-time/" target="_blank" rel="">twice-impeached</a> and <a href="https://apnews.com/article/donald-trump-investigations-other-charges-b8b064a00caad4306fb54d2f6a320468" data-type="link" data-id="https://apnews.com/article/donald-trump-investigations-other-charges-b8b064a00caad4306fb54d2f6a320468" target="_blank" rel="">quadruple-indicted</a> candidate gets back into the White House.</p> 
<p>Bailey’s revelation comes as Trump — currently on trial in New York for allegedly falsifying business records —reverses his <a href="https://crypto.news/donald-trump-crypto-tolerance/" target="_blank" rel="">stance</a> on Bitcoin, which he previously called “a scam” and “based on thin air.” </p> 
<p>Trump relies almost entirely on campaign donations and political action committees (PACs) to pay his lawyers — bills estimated to be north of $100 million at the start of 2024. He’s now hoping donations could be made in cryptocurrency. </p> 
<p>At an event in Mar-a-Lago on May 9, Trump declared, “If you’re pro-crypto, you’ll support me because the other guys want to squash it.” </p> 
<p> You might also like: <a href="https://crypto.news/blockchain-firm-match-systems-saves-68m-dust-attack/" rel=""> Blockchain firm Match Sytems saves $68m from ‘dust attack’ </a> </p> 
<p>In a later post, Bailey said, “It’s time for Bitcoin to elect the next President of the United States.”</p> 
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   <p lang="en" dir="ltr">It’s time for Bitcoin to elect the next President of the United States.</p>— David Bailey🇵🇷 $0.65m/btc is the floor (@DavidFBailey) <a href="https://twitter.com/DavidFBailey/status/1789340903699816756?ref_src=twsrc%5Etfw" target="_blank" rel="">May 11, 2024</a>
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<p> Meanwhile, President Joe Biden and U.S. Securities and Exchange Commission chair Gary Gensler continue to spark widespread criticism and opposition from top movers in the crypto industry, <a href="https://twitter.com/IOHK_Charles/status/1788294144181543383" data-type="link" data-id="https://twitter.com/IOHK_Charles/status/1788294144181543383" target="_blank" rel="">like</a> Cardano founder Charles Hoskinson.</p> 
<p>Even billionaire Mark Cuban has expressed <a href="https://crypto.news/mark-cuban-sec-biden-re-election-chances-trump-crypto/" target="_blank" rel="">concerns</a> about Biden’s reelection prospects, scrutinizing the SEC’s tough stance on crypto.</p> 
<p>Cuban criticized Gensler for creating obstacles for legitimate crypto businesses, urging Congress to address the issue through specific legislation tailored to the industry.</p> 
<p>The Biden administration has given zero indication that it’s anti-crypto. Rather, in an executive order from September 2022, the White House seemingly referenced the <a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/" data-type="link" data-id="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/" rel="">$50-billion crash of Terra</a> and “the wave of insolvencies” that wiped out over $600 billion of investor and consumer funds as reasons to “harness” crypto potential responsibly. </p> 
<p>The industry has also had many scandals, including FTX’s bankruptcy and Binance’s recent hefty <a href="https://crypto.news/binance-settlement-plea-deal/" target="_blank" rel="">settlement</a> with the U.S. government after former CEO Changpeng Zhao pleaded <a href="https://crypto.news/binance-ceo-changpeng-zhao-steps-down-with-response-to-the-sec-following-guilty-plea/" data-type="link" data-id="https://crypto.news/binance-ceo-changpeng-zhao-steps-down-with-response-to-the-sec-following-guilty-plea/" rel="">guilty</a> to violating U.S. money laundering laws.</p> 
<p>Scenarios like these have left a section of the American voting public skeptical of crypto’s overall safety and reliability, <a href="https://www.pewresearch.org/short-reads/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/#:~:text=Among%20the%20vast%20majority%20of,survey%20conducted%20March%2013%2D19." data-type="link" data-id="https://www.pewresearch.org/short-reads/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/#:~:text=Among%20the%20vast%20majority%20of,survey%20conducted%20March%2013%2D19." target="_blank" rel="">according</a> to the Pew Research Center. </p> 
<p>But Trump’s pandering to crypto enthusiasts comes as polls indicate that it’s a popular item among his likely supporters. For instance, a recent <a href="https://theblockchainassociation.org/swingstatevoter/" data-type="link" data-id="https://theblockchainassociation.org/swingstatevoter/" target="_blank" rel="">survey</a> conducted by DCG and Harris Poll indicated that about 20% of American voters in swing states consider crypto a key issue in the upcoming elections.</p> 
<p> Read more: <a href="https://crypto.news/vc-roundup-arbelos-zkm-volta-hemera-score-funds/" rel=""> VC roundup: Arbelos Markets, ZKM, Volta, Hemera and more score new capital </a> </p>

Trump taps Bitcoin Magazine CEO to draft ‘day 1’ crypto policy

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