In a post on X on May 11, Bailey mentioned that he has been collaborating with Trump for a month on a “comprehensive executive order” to be signed on “day 1.“
“Day 1” coincides with Trump’s stated intention, expressed during remarks in Iowa in December, to act as a dictator. Trump later clarified to Time that the remark was made “in jest.”
Furthermore, Bailey noted that he and others in the crypto industry are aiming to gather a $100 million fund to support Trump’s campaign and secure his return to the White House, despite his history of impeachment and legal charges.
Bailey’s disclosure comes amid Trump’s changing views on Bitcoin, which he once criticized as a “scam” and “based on thin air.”
Given his ongoing legal battles, including a trial in New York for alleged business record falsification, Trump primarily relies on campaign contributions and political action committees (PACs) to cover his legal expenses, which are estimated to exceed $100 million as of 2024. He is now open to receiving donations in cryptocurrency.
During an event at Mar-a-Lago on May 9, Trump stated, “Backing crypto means backing me because the opposition aims to stifle it.” In a subsequent post, Bailey remarked, “Bitcoin should play a role in electing the next U.S. President.”
Criticism towards President Joe Biden and U.S. Securities and Exchange Commission chair Gary Gensler has intensified, drawing ire from prominent figures in the crypto sector like Cardano founder Charles Hoskinson.
Notably, billionaire Mark Cuban has also joined the chorus of critics, expressing reservations about Biden’s reelection prospects while questioning the SEC’s stringent approach toward cryptocurrencies.
Cuban singled out Gensler for impeding legitimate crypto ventures and called on Congress to enact targeted legislation addressing these concerns.
Despite this, there’s no clear indication that the Biden administration is against crypto. An executive order from September 2022 referenced the Terra crash and subsequent insolvencies as cautionary tales, emphasizing the need to responsibly harness the potential of cryptocurrencies.
The crypto industry has been riddled with controversies, including FTX’s bankruptcy and Binance’s substantial settlement with the U.S. government following former CEO Changpeng Zhao’s admission of violating U.S. money laundering laws.
These incidents have led to a level of skepticism among a segment of the American electorate regarding the overall safety and dependability of cryptocurrencies, as noted by the Pew Research Center.
However, Trump’s appeal to crypto enthusiasts aligns with polling data indicating its popularity among his potential supporters. A recent survey by DCG and Harris Poll revealed that around 20% of American voters in swing states view crypto as a significant issue in the upcoming elections.
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