U.S. President Donald Trump has emerged as a leading supporter of the cryptocurrency industry, backed by sophisticated lobbying strategies and substantial political funding from the sector.
Trump, who previously referred to Bitcoin as a scam, made a rapid turnaround in his stance coinciding with the presidential election cycle, and the White House effectively opened its doors to the cryptocurrency industry. The sector mobilized from proposing NFT projects to campaign donations and policy ideas to bring about Trump's 'change of stance.'
The first turning point was the 2022 NFT project. President Trump accepted a proposal from his long-time business partner, Bill Zanker, and launched 'Trump Digital Trading Cards,' which sold out immediately upon release. Following this, President Trump began to significantly expand his relationship with the cryptocurrency industry after earning hundreds of millions of won in revenue.
During last year's presidential campaign, representatives from Bitcoin mining companies met with President Trump and requested that the U.S. increase its mining efforts, which he posted directly on his social media, 'Truth Social.' The industry dubbed this moment 'Trump Pump' and regarded it as a success of their strategic shift.
The cryptocurrency industry donated at least $100 million in political funds to Trump's campaign. Numerous meetings and dinners were held at Mar-a-Lago resort, where executives from major corporations like Ripple, Coinbase, Gemini, and Kraken had direct contact with President Trump. He gradually expanded his supportive remarks on Bitcoin and promised during his campaign that he would 'end Joe Biden's crackdown on cryptocurrencies.'
Ultimately, President Trump announced a federal-level plan to establish a 'strategic Bitcoin stockpile.' He even directly posted a stockpile list that included specific digital assets such as Ethereum and Ripple (XRP) through Truth Social. During this process, the value of the cryptocurrencies privately held by the Trump family skyrocketed, raising concerns about conflicts of interest.
The industry asserted that this transition was not merely a policy benefit. Following Trump's election, the price of Bitcoin surged, and the sector celebrated, saying, 'The Bitcoin pump is soon a Trump pump.' The White House stated, 'The Trump administration will make America the global cryptocurrency capital.'
The alliance between the cryptocurrency industry and President Trump has acted as a catalyst for changing the regulatory framework beyond mere policy benefits during the regime change. The interaction with industry funds led to the incorporation of these policies after the election, allowing cryptocurrencies to exert direct influence within the U.S. administration.