The U.S. election has preliminarily settled, here's an overview of Trump's tumultuous relationship with crypto assets
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The U.S. election has preliminarily settled, here's an overview of Trump's tumultuous relationship with crypto assets
Where is the crypto industry heading in 2025?
Navigating Web3 tides with focused insightsAuthor: imToken
As of 1:00 a.m. U.S. Eastern Time on November 6, 2024 (2:00 p.m. Singapore Time, November 6, 2024), Alaska concluded its presidential election voting, marking the end of nationwide voting across the United States.
After securing victory in the key swing state of Pennsylvania, Republican presidential candidate Donald Trump announced his "election win" in the early hours of November 6, 2024, U.S. Eastern Time. The Associated Press has not yet declared an official winner.
Under the U.S. presidential election system, after the popular vote concludes, the Electoral College process begins. Formal confirmation of the Electoral College vote will take place during meetings held in mid-December 2024. Typically, each state awards all its electoral votes to the candidate who wins the popular vote in that state, though exceptions can occur.
On January 6, 2025, the newly elected U.S. Congress will convene to count the electoral votes and officially confirm the next president. On January 20, 2025, the 47th President of the United States will be sworn into office, officially launching a new administration.
In what U.S. media have described as the "most competitive U.S. election in 60 years," the global crypto market's sensitivity to political shifts has reached unprecedented levels. Now that the election results are largely settled, the intense atmosphere of speculation has eased—at least temporarily. As we approach a new era in 2025, let’s revisit the complex relationship between this controversial American leader, Donald Trump, and the cryptocurrency industry—charting his shifting stances and evolving positions.
Fierce Opposition
2017–2021
▶ On July 11, 2019, at 8:15 p.m. U.S. Eastern Time, then-45th U.S. President Donald Trump took to the social media platform Twitter to sharply criticize Bitcoin and all other digital assets, marking his first public commentary on digital assets during his presidency.
"I am not a fan of Bitcoin or any other digital currencies, which are not real money and whose value is highly speculative, lacking any underlying anchor—they are built on air and hyped up. Moreover, unregulated digital currencies facilitate illegal activities, including drug trafficking and other illicit acts.
Likewise, Facebook’s Libra virtual currency is unreliable. If Facebook and other companies wish to become banks, they must obtain proper banking licenses and comply with all existing banking regulations, just like any other domestic or international bank.
The United States has only one currency. It is stronger than ever before—reliable, trustworthy, and unquestionably the dominant currency worldwide—and it will remain so: the U.S. dollar!"
▶ During Trump’s first presidential term from 2017 to 2021, regulatory and enforcement actions targeting the digital asset industry included:
Support for the Federal Reserve establishing a working group to track digital asset developments and collaborate with central banks around the world.
Support for enforcement actions led by the U.S. Securities and Exchange Commission (SEC) against digital asset offerings.
Enforcement Action Timeline
2018
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Charged TokenLot LLC with operating as an unregistered broker-dealer; settled on September 11, 2018. This was the first case in which the SEC charged a company with selling digital tokens as an unregistered broker-dealer following the DAO Report issued in 2017.
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Charged EtherDelta’s founder with operating an unregistered exchange; settled on November 8, 2018. This marked the SEC’s first enforcement action against a digital asset platform during Trump’s administration.
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On April 2, 2018, charged co-founders of Centra Tech, Inc. with orchestrating a fraudulent asset offering.
2019
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On February 20, 2019, charged Gladius Network LLC with conducting an unregistered initial coin offering (ICO).
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On June 4, 2019, filed a lawsuit against Kik Interactive Inc., alleging unregistered sales of digital assets to U.S. investors in violation of U.S. securities laws.
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Charged Bitqyck Inc. with operating an unregistered digital asset exchange and committing fraud during token issuance; settlement announced on August 29, 2019.
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On September 18, 2019, sued ICOBox and its founder for illegal securities offerings and acting as unregistered brokers in the sale of other digital assets.
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Charged blockchain technology company Block.one with conducting an unregistered asset offering; settled on September 30, 2019, with the company agreeing to pay a fine.
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On October 11, 2019, took emergency action against offshore entity Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. over alleged unregistered asset offerings, obtaining a temporary restraining order.
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Charged blockchain technology company Blockchain of Things Inc. with conducting unregistered digital asset offerings; settlement announced on December 18, 2019.
2020
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On May 28, 2020, charged blockchain service provider BitClave PTE Ltd. with conducting an unregistered digital asset offering.
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On September 15, 2020, charged Unikrn Inc. with conducting an unregistered digital asset offering.
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On December 22, 2020, charged Ripple Labs and two executives with conducting a $1.3 billion unregistered securities offering.
2021
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On June 22, 2021, charged Loci Inc. with conducting an unregistered digital asset offering and accused CEO John Wise of making material misrepresentations during the offering.
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On August 9, 2021, charged Poloniex with operating an unregistered digital asset exchange.
Active Participation
Late 2021, 2022–2023
▶ On December 16, 2021, Melania Trump launched the Melania Trump NFT Platform, releasing her first NFT titled "Melania's Vision," priced at 150 SOL.
▶ In December 2022, after leaving office, Trump launched his first series of NFTs—digital trading cards—officially beginning his journey into the crypto space. The collection featured 45 unique designs minted on the Polygon blockchain, depicting fantastical themes such as superheroes, astronauts, and Wild West sheriffs, paying homage to his status as the 45th U.S. president. A total of 45,000 NFTs were minted, each priced at $99.
▶ On June 30, 2023, Trump released the second edition of his digital trading card NFT series, themed “The 1776 Collection,” celebrating the upcoming U.S. Independence Day. Each NFT was priced at $50, with six versions available, each limited to 500 mints—all on the Polygon blockchain.
▶ In 2023, meme coins related to Trump and his 2016 presidential campaign slogan “Make America Great Again” (MAGA) began emerging on Ethereum and other blockchains.
▶ On December 13, 2023, Trump launched the third edition of his digital trading card NFT series, titled “Mugshot Edition,” consisting of 100,000 NFTs—99,000 available for public sale—at $99 each.
Holders of 47 Trump cards would gain the chance to have dinner with Trump at Mar-a-Lago and receive the suit he wore during his arrest.
△ Trump’s Digital Trading Card – “Mugshot Edition”
Source / OpenSea
Starting with this release, the content of Trump’s digital trading card NFTs became closely tied to current events. The “Mugshot Edition” referenced Trump’s arrest in Georgia in 2022 over allegations of conspiring to overturn the 2020 election results, featuring photos and stylized illustrations—including depictions of Trump wearing a cowboy hat, wielding lightning bolts, or dressed as a superhero.
At the time, Trump was engaged in a fierce battle during the early stages of the Republican primary race, facing legal challenges and uncertain political prospects. However, the race shifted dramatically when his main rival, Ron DeSantis, abruptly withdrew and endorsed Trump.
On January 23, 2024, Trump won the New Hampshire Republican primary, defeating Nikki Haley.
Open Support
2024–Present
▶ On May 13, 2024, Trump hosted a dinner for select holders of his digital trading card NFTs. According to videos circulating on social media and accounts from attendees, Trump stated during the event that he embraces the development of digital assets and vowed to “make NFTs hot again.”
▶ Campaign Accepts BTC Donations: Since May 2024, Trump’s campaign has received cryptocurrency donations from supporters in at least 12 U.S. states. He has also gained backing from prominent "crypto-friendly" figures such as Elon Musk, the Winklevoss twins, and venture capitalists Marc Andreessen and Ben Horowitz.
▶ On June 12, 2024, Trump posted on his social media platform Truth Social that he wants “all remaining BTC to be produced in the U.S.,” claiming this would help make America an “energy superpower.”
▶ On July 8, 2024, the Republican Party released its official party platform for the presidential election, outlining several pro-crypto policies, including:
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An end to what it called the “illegal and un-American crackdown” on the U.S. crypto industry.
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Opposition to the creation of a U.S. central bank digital currency (CBDC).
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A commitment to defend the right to mine Bitcoin and “allow individuals to self-custody their digital assets… defending the right of Americans to transact without government surveillance or control.”
▶ On July 13, 2024, at 6:11 p.m. Eastern Time, Trump survived an assassination attempt during a campaign rally in Pennsylvania, triggering significant volatility in the crypto markets.
▶ On July 17, 2024, James David Vance, a known crypto advocate, accepted the nomination to become the Republican vice-presidential candidate, officially joining Trump’s ticket.
▶ On July 27, 2024, Trump made a high-profile appearance at the Bitcoin 2024 conference in Nashville, declaring his intention to ensure the U.S. becomes the global capital of digital assets and a BTC superpower. He promised that on the day he takes office, Biden and Harris’s anti-crypto agenda will come to an end.
During his speech, Trump outlined a series of pro-crypto policy proposals:
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Establish a National BTC Reserve: Trump said his administration would “retain all Bitcoin currently held or acquired in the future by the U.S. government,” forming the “core of a national strategic Bitcoin reserve.” As of October 2023, the U.S. government held over $5 billion worth of BTC, mostly seized in criminal cases.
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Create a Digital Asset Advisory Committee: Trump proposed forming a “President’s Advisory Council on Bitcoin and Digital Assets,” to be shaped by people who love the industry—not those who oppose it.
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Block the Fed from Creating a U.S. CBDC: While central banks globally are advancing CBDCs, the Federal Reserve has not decided whether to issue a fully digital dollar. Trump has publicly opposed the idea multiple times in 2024. In May, the U.S. House passed a bill banning the Fed from creating a digital dollar, though it still faces a lengthy legislative process.
▶ On August 3, 2024, in a media interview, Trump suggested using BTC or “crypto checks” to repay the U.S. government’s $35 trillion national debt, potentially averting an impending debt crisis.
▶ On August 12, 2024, Trump held a two-hour live conversation on X (formerly Twitter) with Elon Musk, a prominent entrepreneur and promoter of the DOGE cryptocurrency.
▶ On August 29, 2024, Trump launched the fourth edition of his digital trading card NFT series, titled “The America First Collection.” The series includes 360,000 NFTs, featuring images of Trump dancing at rallies and holding BTC, each priced at $99.
△ Trump’s Digital Trading Card – “The America First Collection” #17028 Source / OpenSea
▶ On September 15, 2024, Trump survived a second apparent assassination attempt at a golf course in Florida, which the FBI described as a clear act of targeted violence.
▶ On the evening of September 16, 2024, Trump and his son unveiled a newly created digital asset trading platform called World Liberty Financial, aiming to promote widespread adoption of stablecoins and decentralized finance (DeFi). Early project documents reported plans to launch a new digital token named $WLFI for public sale.
▶ Later that same evening, Trump appeared on an X Spaces audio chat, joining guest Farokh Sarmad, a digital asset investor, to discuss World Liberty Financial and the future of the crypto industry.
▶ On September 19, 2024, Trump visited PubKe, a crypto-themed bar in Manhattan, New York, where—with assistance from the bartender and staff—he purchased handmade burgers and Diet Cokes for patrons using BTC via mobile payment, becoming the first former U.S. president to use Bitcoin for retail purchases.
▶ On November 6, 2024, in the early morning hours, after winning the popular vote in the critical swing state of Pennsylvania, Republican presidential candidate Donald Trump declared victory in the election. What lies ahead for the crypto industry? The world awaits the new beginning in 2025!
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