President Trump should tell Gary Gensler… 'You're fired”

Although now seen somewhat as its savior, Trump was not always gung-ho on crypto. While serving as President, Trump was consistently critical of cryptocurrencies.

Crypto lobbyists are pulling out all the stops to influence the 2024 presidential election, donating heavily to candidates and wooing them at events like the GOP Convention.

Their goal? To fight back against Gary Gensler's SEC and secure a crypto-friendly administration.

Coinbase, Ripple, and Andreessen Horowitz were among the crypto companies represented at the convention. Representatives from Coinbase and Ripple also attended Trump's event in San Francisco.

Co-founder Ben Horowitz voiced his frustration with the SEC during a conversation with Trump, complaining about the agency's tactics and arguing that they were "nuking the industry."

Coinbase increased its lobbying expenditures from 80,000 in 2017 to $2.86M in 2023 while Ripple increased from $50,000 to $1.2M during the same period.

According to new research by Social Capital Markets, lobbying expenditures by crypto companies increased by 1386% from $2.72 million to $40.42 million between 2017 and 2023.

Coinbase, which #DisruptionBanking covered here, and Ripple, covered here, have both felt the wrath of the SEC firsthand.

Coinbase increased its lobbying expenditures from 80,000 in 2017 to $2.86M in 2023 while Ripple increased from $50,000 to $1.2M during the same period.

Coinbase and Ripple both attended the GOP Convention, along with Andreessen Horowitz, the VC tech giant.

When Co-founders Ben Horowitz and Marc Andreessen announced that they were supporting Trump, Horowitz complained of the SEC, “They have just fought us every step of the way, and using very nefarious means. They are nuking the industry.”

Those three firms, along with the Winklevoss twins, are reportedly major contributors to Fairshake, a pro-crypto super PAC, which put together a $160-million war chest that has D.C. politicians all aquiver or alternately up-in-arms.

Crypto firms are pushing for less regulatory oversight of their industry, and if Trump wins in November, it’s a sure bet that Gary Gensler will be sent packing in January 2025. The leading lights of the crypto ecosystem would like nothing better.

Although now seen somewhat as its savior, Trump was not always gung-ho on crypto.

While serving as President, Trump was consistently critical of cryptocurrencies. He said: “We have only one real currency in the USA and it will always stay that way. It is called the United States Dollar!”

As late as 2021, Trump labeled Bitcoin as a scam and a “disaster waiting to happen.”

Given the sheer number of hacks and frauds, especially the catastrophic collapse of FTX in November 2022, it would seem Trump’s instincts were correct.

Nevertheless, there were undercover Bitcoin bros likely whispering in his ear.

According to emails obtained by Coindesk with a FOIA request, Jared Kushner, a senior adviser in the Trump White House, was advocating for digital currencies behind the scenes. Sounds like a crypto-evangelist.

Kushner emailed Steve Mnuchin, Treasury Secretary, arguing that a digital dollar “could change the way we pay out entitlements as well saving us a ton in waste fraud and also in transaction costs.” Sounds like a crypto-evangelist to me.

By March of 2024, Trump started to publicly pivot his position on crypto, drawing a contrast between himself and President Biden.

By May of 2024, Trump completely walked back all of his previous criticism of cryptocurrencies, promising to protect crypto at the libertarian convention.

It’s possible Trump had a real change of heart about cryptocurrencies. Maybe he’s a true believer, but nothing he has said on the topic suggests he has any interest in or understanding of how it works.

More likely, his embrace of the crypto industry is purely transactional. Crypto companies are ready to shell out good money for their preferred policies, and it’s well-known there’s no better way to get Trump’s attention.

In June of 2024, Trump appeared at the San Francisco mansion of venture capitalist David Sacks for a pricey fundraising event that brought in $12 million for his campaign.

Among those in attendance were the chief legal officers of both Ripple and Coinbase. At the dinner, Trump promised to loosen crypto regulations and embrace innovation.

Seated in between David Sacks and Chamath Palihapitiya, the former president informally polled the room on who should be his running mate. The resounding response was J.D. Vance.

Indeed, Vance had organized the fundraising dinner and spent the

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