GOP Could Further Embrace Crypto Sector Under Trump

Former President Donald Trump is reportedly in talks to speak at the Bitcoin 2024 convention in Nashville, Tennessee on July 25-27, another bullish pivot towards the sector after scepticism in his first term.

• Trump's move is part of a broader shift within the GOP to align with the crypto industry and follows a strong month of May when the sector won a series of legislative victories including House votes to create a regulatory regime tailored for crypto and repeal SEC crypto guidance.
• Analysts told Bloomberg the GOP, "sees crypto not just as a vote bank but also a meaningful source of funding. If the election sentiment shifts more Republican, crypto would end up as the primary ‘Trump trade’ and hopes of a favorable regulatory regime would change the ‘use-case’ narrative around blockchains.”
• Trump said on social media on June 12: “VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC [central bank digital currency]. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left...”
• Axios reports: “[Trump's] embrace of crypto has contrasted with President Biden's coolness toward digital currency — and led some wealthy crypto investors to back the Republican's campaign. Trump wouldn't be the only presidential candidate at the convention. Independent contender Robert F. Kennedy Jr. is slated to speak there, as are former GOP candidate Vivek Ramaswamy and Tennessee GOP Sens. Bill Hagerty and Marsha Blackburn.”