Trump to Speak at Bitcoin 2024 Conference

By Stephanie Kelly, Suzanne McGee and Hannah Lang
NASHVILLE (Reuters) – Republican nominee and former U.S. President Donald Trump, who once called cryptocurrency a “scam,” is headlining one of the industry’s largest conferences.

Trump will speak on Saturday, the last day of the three-day Bitcoin 2024 convention in Nashville. Other speakers include independent U.S. presidential candidate Robert F. Kennedy Jr., Republican former candidate Vivek Ramaswamy, and Senators Bill Hagerty and Cynthia Lummis. U.S. Representative Ro Khanna from California represents the Democratic side.

Following the collapse of FTX and other crypto companies in 2022, the industry has quickly rebounded, and proponents claim that cryptocurrency users are becoming a significant political force this election cycle. It remains unclear how many voters will prioritize crypto over other issues.

The Republican Party is targeting these votes by advocating for lighter regulations, linking a currency designed to circumvent government to a major political party.

“For most of its history, crypto was a nonpartisan issue,” stated David Yermack, a professor at New York University’s Stern School of Business. However, he believes Republicans have recently accelerated their engagement with the industry.

Stand With Crypto, a nonprofit group supported by crypto exchange Coinbase, has mobilized over 1.3 million advocates. Additionally, three pro-crypto super PACs have raised over $230 million to support candidates who favor cryptocurrency.

Pro-crypto PAC Fairshake has spent over $10 million this year against California Democratic candidate Katie Porter, who lost her primary after criticizing bitcoin mining’s environmental impact.

Some notable crypto supporters include the Winklevoss twins, who donated $1 million in bitcoin to Trump but had to retract the donations due to federal law limits.

According to a May Federal Reserve report, 7% of U.S. adults held or used crypto in 2023, a decline from previous years.

Critics, like Dennis Kelleher from Better Markets, argue that the industry aims to influence politicians to diminish regulation.

Trump’s participation in Bitcoin 2024 signifies his ongoing support for the industry, having criticized Democrats’ regulatory efforts during a fundraiser. He has also met with bitcoin miners at Mar-a-Lago and expressed a desire for more U.S. bitcoin mining.

Crypto executives are voicing concerns about regulatory actions by the Securities and Exchange Commission under the Biden administration, which has accused firms like Coinbase and Binance of improperly trading securities. The Biden-Harris administration continues to engage with stakeholders to ensure crypto innovation progresses safely.

If elected, Vice President Kamala Harris might further Biden’s crypto policies.

Neither Trump nor Harris’s campaigns have commented on this story.

Traders anticipating a second Trump presidency are focusing on asset classes expected to thrive under his potential administration.

As described by conference attendee Hillary Adler, the Republicans are pivoting towards supporting crypto due to their longer-term political strategies.