I actually think Trump only adopted a pro crypto stance because the dems were so antagonistic of it.
Then realized that there was an opportunity for self-dealing (his favorite business model).
Something a lot of ppl probably forgot is that in the final month of the first Trump presidency, his treasury secretary Mnuchin almost pushed through a last minute choke-point-esque law that aimed to KYC wallets and impose the traveller rule on p2p transfers.
Yeah, that almost happened in December 2020.
In fact, every previous crypto bull market occurred in the face of intense political and legal hostility.
Crypto was born out of the trenches of the 90s cypherpunk movement, the cryptography mailing list, silk road, wiki-leaks, and eventually ICOs and DeFi summer.
The real trenches, not this Memes ‘R’ Us bullshit that they be calling the trenches today.
Crypto grew to its peak in 2021 and became mass adopted without any political favoritism whatsoever.
Political interference in crypto is a critical bug.
It was never a feature.
Make crypto cypherpunk again.
I have a hot take about Clarity that I'm surprised I'm not seeing on the timeline.
In the last election, the industry was left with two very bad choices. The Dems were politicizing all things crypto at the behest of Warren/Gensler and unfairly targeting them for god knows what reason -- a political power play? Being paid by China to ensure the US is no longer at the frontier of tech and finance? Only God knows.
In comes Trump, promising to be The Crypto President, promising the crypto community that if they vote for him, he will get rid of Gensler, create a bitcoin stockpile, protect self-custody, etc.
But come on, how many people didn't know, based on his track record, that this would be a deal with the devil? And if they didn't know it then, then how many people still didn't know it after he launched a memecoin during the Crypto Ball and became the Max Extractor in Chief? (Also, let's not forget about solana:FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P.) The fact is that if the President and his family hadn't done so much crypto self-dealing during this administration, then Clarity would have had much better odds of passing. In fact, I would dare say it likely would have passed.
The last time Kristin Smith was on my show, she said at this point, all the details about crypto had been worked out, and the main issues left to negotiate had to do with ethics. Basically, the remaining issues had to do with the president, and not crypto or Clarity itself.
So, did the crypto industry shoot itself in the foot by throwing its lot in with Trump? I'm not saying that Kamala would have for sure been the better choice, but I do think it's worth asking this question.