The crypto industry demands Trump to join his government
On October 30, New York State Department of Environmental Conservation officers entered the home of 34-year-old Mark Longo to seize his pet. It was squirrelbut not just anyone, but P’Nuta celebrity with half a million followers on Instagram. Owning wild animals is illegal and potentially dangerous, so authorities decided to euthanize her to determine if she had rabies. Soon after this, Elon Musk, JD Vance or Donald Trump Jr. They took this opportunity to politicize it and blame the government Joe Biden.
They weren’t the only ones trying to capitalize on this phenomenon Internet. November 4, the day before elections V USAsomeone created PNUT, new cryptocurrency in honor of the late squirrel. converted to memewas gaining followers until industry news portal CoinTelegraph assured that Donald Trump He was its largest owner. It was a lie, but it didn’t matter to investors. In just 10 days, this mysterious asset went from being worthless to being worth around $2 billion, according to CoinMarketCap.
PNUT’s explosive growth further demonstrates the volatility of the unpredictable cryptocurrency market, an industry hit by cases fraud who is now rubbing his hands about the return of Trumpists to White House. During his first term, Trump disavowed digital currencies, even declaring that Bitcointhe most famous and valuable of them was “ fraud against him dollar“All this animosity disappeared when he and his family started their own crypto business. Trump became a believer and turned to cryptobropromising them to change course to transform USA in the “crypto capital of the world”, give preference to the interests of the sector and put an end to regulation anticrypto, managed democrats. “Biden’s Hate for Bitcoin Only Helps” China, Russia and radical left communists. We want all remaining bitcoins to be MADE IN THE USA!!!” he exclaimed in June.
Money to “buy influence”
Realizing that the choice is between Trump and Kamala Harris put them at a crucial time for their future, cryptocurrency companies have invested over $245 million in elections By 2024, nearly half of all corporate spending will be aimed at influencing the democratic process, according to the Federal Election Commission. This huge amount money primarily through Fairshake, a political action committee that supports industry-friendly political candidates, both Republican and Democratic. This “influence buying” operation was headed by Kinbase And Rippletwo companies investigated or convicted regulators.
“Most Americans are unaware of or have an unfavorable opinion of cryptocurrencies, but by spending so much money, these corporate interests have made it impossible to ignore their demands for light regulation and minimal enforcement,” warned Rick Claypool, director of research for the consumer protection division. “Public Citizen” group. What lobby will go further. Several firms are already raising tens of millions of dollars to influence the 2026 midterm elections.
Promises of change
Now the crypto industry is putting pressure on Trump to gain influence in the next administration. Senior executives from companies such as Coinbase, Ripple or Circle they are courting Howard LutnickBitcoin investor and co-president of Trump’s transition team, it turns out New York Times. Its main task is to place cryptobro in the US government to reconstruct Securities and Exchange Commission (SEC is an acronym in English), the body that monitors the markets and has so far taken a very critical approach to cryptocurrencies. Trump will remove his president Gary Genslervery hated in this matter, and in his place could put “crypto friends” as Dan Gallagher or Chris Giancarlo.
Taking control of the White House and both houses of Congress, republicans will have complete discretion to pass legislation that will allow crypto companies to operate without restrictions and speed up their entry into the cryptocurrency market. bagand this could make it difficult for the SEC to investigate possible violations. Trump has also promised to create a national cryptocurrency strategic reserve during his second term and create an advisory council on the issue to influence regulation, a body that has generated interest in the sector. “A lot of people are trying to make a wish list and approach the (Trumpist) campaign,” Christine Smith, executive director of the Blockchain Association, told the NYT.
Conflict of interest?
If it does, the change of course could, of course, personally benefit Trump himself and his three sons (Eric, Barron and Don Jr.), who launched the cryptocurrency company in September. World financial freedom. The project has had a bumpy start so far. Although he intended to sell 20 billion tokens (assets) worth nearly $300 million, a week after his presidential victory he had only raised 19.8 million, according to his website.
Bitcoin through the roof
Trump’s victory sparked optimism in the crypto industry. Bitcoin has been setting records for more than a week and its value According to CoinMarketCap, it already exceeds $91,000. investors They are so confident that Trump will keep his word and that it will benefit the sector that they are increasing their bets. This Tuesday capitalization The total volume of the cryptocurrency market reached $1.76 trillion, thus exceeding the value of the global cryptocurrency market. silver and consolidating itself as the eighth asset investments the most valuable thing in the world, surpassed only goldfive tech giants (NVIDIA, Apple, Microsoft, Alphabet And Amazon) and oil company Saudi Aramco.
Entrepreneurs like Joe Lubin, CEO of Consensys, specialize in technology. blockchainare already publicly celebrating that investigations into the sector will be “discontinued or resolved” under Trump’s presidency. “Our industry will save hundreds of millions of dollars in the future,” he predicted during the DevCon 2024 conference.
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