"Crypto Lobbyists Fuel Trump's Bitcoin Comeback, Harris Seeks 'Reset'"

Crypto Lobbyists Win: Trump headlines Bitcoin 2024 while Harris seeks 'reset'Crypto lobbyists are making significant strides in their efforts to influence the 2024 US presidential election. Former President Donald Trump, who once criticized cryptocurrencies, has now become a key figure in the crypto community. At the Bitcoin 2024 conference in Nashville, Trump headlined the event, promising to fire SEC Chairman Gary Gensler if elected. This move has been met with enthusiasm from the crypto industry, which has been fighting against what they perceive as Gensler's bias against the industry.The crypto community's support for Trump is not limited to his promise to fire Gensler. Trump's recent pivot on crypto, where he has walked back his previous criticism of cryptocurrencies, has been a significant factor in his newfound popularity among crypto enthusiasts. This shift has been accompanied by a substantial increase in lobbying efforts by crypto companies. For instance, Coinbase, which increased its lobbying expenditures from $80,000 in 2017 to $2.86 million in 2023, has been actively engaging with the Trump campaign.In contrast, Vice President Kamala Harris, who was invited to the Bitcoin 2024 conference, declined the invitation. However, her campaign has been reaching out to major crypto companies, including Coinbase, Circle, and Ripple, with the goal of building a constructive relationship and creating a smart regulatory framework to foster the growth of the industry. This approach is seen as a significant shift from the Biden administration's aggressive enforcement of SEC regulations.The crypto industry's efforts to influence the election have been substantial. According to OpenSecrets, crypto companies, executives, and investors have shelled out $121 million in an attempt to defeat potential foes and elect new friends in Washington. This spending has been focused on creating a pro-crypto environment, which includes less regulatory oversight.The crypto community's push for less regulation is driven by the industry's rapid growth and the fear of stringent new rules. The downfall of FTX, the world's third-largest crypto marketplace, and subsequent regulatory scrutiny from the SEC have led many crypto firms to view regulation as a threat. This sentiment has been amplified by the SEC's lawsuits against prominent crypto firms, including Coinbase and Ripple.Despite the industry's efforts, some national Democrats are also seeking to engage with the crypto community. A small group of party officials recently met to discuss how to better engage with the politically ascendant industry. This move is seen as an attempt to counterbalance the significant influence of the crypto industry on the Republican side.The crypto industry's push for less regulation and its support for Trump are likely to continue as the election approaches. The industry's ability to influence the outcome of the election will depend on its ability to convince voters that its interests align with their own.