Molly Jane Zuckerman

Jeff Albus

US presidential candidates on both sides of the two-party spectrum are taking advantage of the crypto industry.



You’ll notice how I didn’t say that crypto will be a hot button topic this election season, or that the crypto space will play any sort of role in shaping election discourse.&nbsp;



No. It’s clear to me that some of the main players in this presidential race are planning to exploit the crypto world for money and votes — and those in crypto should stop playing along.



Why should favorable cryptocurrency legislation take precedence over all else? Perhaps you really believe that the financial system is broken, and that a path forward for cryptocurrency in the US is the best way to create a new, more egalitarian society that will allow all to flourish.&nbsp;



But that’s not what I see.&nbsp;



What I see is a small number of wealthy individuals, who made that wealth from cryptocurrency, looking for the government to let them continue growing that wealth unfettered.



<a href="https://twitter.com/twobitidiot/status/1788389754502856707?s=46&amp;t=HJ9nSw8K9AtRcTq80T7XVw">Among diehard crypto evangelists right now</a>, “voting for crypto” means voting Republican for president. According to this side of the debate, any other decision will virtually assure the death of the American crypto industry.&nbsp;



This fear (true or not) has led some major personalities in Web3 to push crypto supporters into becoming single-issue voters. Their message is clear: Choose your 2024 candidates based solely on their cryptocurrency stance, or else.



In other words, Americans should prioritize their own selfish financial interests over broader societal and ethical concerns. When you promote the idea of voting for America’s crypto industry above all else, you’re deciding to ignore all of the other issues that are really at stake this election season — healthcare access, Social Security, gun legislation, women’s rights, LGBT issues, immigration, to name a few.&nbsp;&nbsp;



I want to be clear — I do not care if you vote Republican, Democrat, or third-party, as long as you care about the issues at stake, and truly believe that the candidate in question is representative of your views. But voting for a candidate you would not otherwise support, simply because they favor the deregulation of a sector in which you hold a profit motive, is a compromise that you should not make.



<h2 class="wp-block-heading">Crypto isn’t political by accident</h2>



Cryptocurrency has undeniably (and perhaps unfortunately) become a partisan issue.



Blockchain technology, which underpins the entire crypto industry, is neither inherently good or bad. But it’s the actions of individuals and what they do with this technology that has drawn regulatory scrutiny over the years. This has transformed a neutral technology stack into a deeply partisan issue, with sharply divided views across party lines concerning its integration into the American financial system and beyond.



On the left side of the political spectrum — the same side already in favor of stricter financial regulations — politicians often place crypto against a global backdrop of scams, money laundering and market manipulation to strengthen their calls for oversight. Their tagline is to keep consumers safe.



Lawmakers on the right — who already favor less financial regulation as a rule — instead posit that intense crypto regulation will cripple innovation and impede technological advancement. They say that their aim is to keep American innovation moving forward at a brisk pace, far ahead of other countries like China.&nbsp;



However, their supposed motivations are arguably applicable only during the election season. Because what all politicians actually want is your attention, your money, and ultimately your ballot. As with most issues, when the time comes, it is unlikely that much in the way of meaningful change will come from either side of the aisle. Instead, it will be the actions of the innovators within the crypto space that move the needle forward — which you would think that anyone who truly supports a limited government would appreciate.



The very idea that crypto needs to be “voted” into office has led to the platforming of some very unsavory people who really have nothing to do with crypto at all —&nbsp;besides a shared desire to solicit donations from this niche, newly rich subset of Americans.



Vivek Ramaswamy <a href="https://messari.io/mainnet/videos/fireside-with-presidential-candidate-vivek-ramaswamy">gave a fireside chat</a> at Messari’s Mainnet last fall, promoting his presidential crypto plan a few months before he dropped out of the race. Consensus will have <a href="https://www.coindesk.com/policy/2024/05/07/robert-f-kennedy-jr-a-pro-crypto-presidential-candidiate-to-appear-at-consensus-2024/">Robert F. Kennedy Jr. speak</a> this year, announcing the news with a headline calling him a “pro-crypto presidential candidate.” I can think of a lot of other modifiers for RFK Jr. that are more headline-worthy than his stance on crypto. 



And most importantly, Crypto Twitter has, for the most part, <a href="https://twitter.com/twobitidiot/status/1788389754502856707?s=46&amp;t=HJ9nSw8K9AtRcTq80T7XVw">widely embraced</a> former President Donald Trump’s words of support for NFTs and crypto. And far be it for me to say whether that support is genuine, or more largely based on the fact that he&#8217;s made millions of dollars selling NFTs branded with his own image.



Backing these candidates simply because they seem to make positive noise about crypto isn’t taking back the power from Wall Street or helping make the world a more financially equitable place —&nbsp;it’s falling for empty campaign rhetoric.&nbsp;



The idea that any presidential (or gubernatorial or senatorial) candidate is trying to win favor with the crypto crowd because they truly believe in crypto is laughable. These candidates are looking for crypto money, nothing more and nothing less. Those in crypto who support such candidates are either willing to pretend that these officials understand even the basic strokes of how crypto works under the hood (let alone its implications for the broader frameworks of finance and democracy), or they are willing to compromise their morals and ethics for the mere possibility of moon-making crypto legislation in the future.



As the one, big, obvious example: If you believe that Donald Trump will truly support the crypto industry, you have to be willing to overlook his judicially acknowledged sexual assault charges, overt institutional fraud and genuine attempts to overthrow American democracy when you cast your vote in November.&nbsp;



Is cryptocurrency really that important to you?



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Molly Jane Zuckerman is the opinion editor at Blockworks. She previously led educational content at CoinMarketCap and ran the news desk at Cointelegraph. Molly Jane is now based in New York after almost a decade in Russia, and can talk your ear off about Russia lit and detective novels. 



Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for over a decade, most recently working as US news editor at Cointelegraph. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities, and exploring fairer models of world governance.

Only a fool would vote on crypto alone

David Canellis

They say art reflects culture. If that’s true, then memecoins reflect the baser instincts: greed, hunger, self-preservation and the human urge to buy the bottom to sell the top.



So too, then, must memecoins invoking political figures gauge sentiment for their avatars ahead of the US presidential election later this year.



There’s only four tokens in the “<a href="https://www.coingecko.com/en/categories/politifi">PolitiFi</a>” category with measurable market caps, according to CoinGecko.&nbsp;



Memecoins joe boden (<a href="https://blockworks.co/price/boden">BODEN</a>) and MAGA (<a href="https://blockworks.co/price/trump">TRUMP</a>) make up 99.7% of that value, while others include a ragtag bunch of spinoff Trump tokens and one for Argentina’s fiery new president, Javier Milei.



Neither Republican or Democrats have confirmed nominees but incumbent <a href="https://blockworks.co/tag/joe-biden">Joe Biden</a> and former US president <a href="https://blockworks.co/tag/donald-trump">Donald Trump</a> are widely presumed to be running against each other again in November.



Read more: <a href="https://blockworks.co/news/cash-grab-trump-nfts-political-cultism">In latest cash grab, Trump mixes NFTs and political cultism</a>



BODEN launched on Solana less than one month ago and is already valued at twice TRUMP’s cap — $487 million to TRUMP’s $222 million. TRUMP was first issued on Ethereum in late August last year.



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Interactive or visual content" src="https://flo.uri.sh/visualisation/17439393/embed#?secret=O9sTbEC2nA" data-secret="O9sTbEC2nA" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div><figcaption class="wp-element-caption">TRUMP sent to an Ethereum address tied to Trump NFT drops are now worth $2.66 million</figcaption></figure>



The big two PolitiFi tokens have multiplied in price 10 and 20 times over this year, and all things considered, are some of the best performing on the market — albeit one clearly preoccupied with <a href="https://blockworks.co/tag/meme-coins">memecoins</a>.&nbsp;



Realistically, the success of BODEN probably has little to do with widespread positive sentiment about the actual guy.&nbsp;



BODEN memes make Joe look feeble, old and silly. Perhaps BODEN going up makes those attributes official in the minds of crypto, in which case positive price action isn’t exactly a positive. It’s also likely a product of the <a href="https://blockworks.co/news/solana-crosses-200-amid-memecoin-airdrop-interest">Solana memecoin bonanza</a> which has provided <a href="https://blockworks.co/news/bonk-pump-on-coinbase-listing">BONK</a> and <a href="https://blockworks.co/news/memecoin-dogwifhat-shibainu-lasvegas-sphere">WIF</a>.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/TnwU772I8bTluJmoB5Z_G04t3TIeZrdHQjFcK50Zp_2H_fBgOgxi8lOW4qXlRYjegevWCfHzWUSigt4DIhlO2cy2sxKTvJhtk2R4dxeiL-HNkZkM3JDNui4JHMKnRr_Nbwoa_VZnE1ZJumwv6Ybl9D4" alt=""/><figcaption class="wp-element-caption">Own onli Boden nd be happy (<a href="https://bodenonsol.xyz/#">Source</a>)</figcaption></figure>



Polymarket currently has Trump beating Biden by 47% to 44% in November, if they’re both to run.&nbsp;



Interestingly, betters <a href="https://polymarket.com/event/presidential-election-popular-vote-winner-2024?tid=1712333705753">say</a> Biden will win the popular vote in a landslide: 63% to 28%, which would more reflect what the memecoins are saying. 



Both hold similar approval ratings in the real world, <a href="https://projects.fivethirtyeight.com/polls/">according</a> to FiveThirtyEight, with Trump having the edge.



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If elections were settled with memecoins, Biden would win by a landslide

Casey Wagner

Former President Donald Trump says he is “not sure” if he would crack down on bitcoin and other cryptocurrencies after alleging that digital assets were a popular form of payment for his recently-launched sneaker collection.&nbsp;



“I noticed that so many of them were paid for with this, with the new currency,” Trump <a href="https://www.cnbc.com/squawk-box-us/">said</a> of accepting crypto as payment for his new footwear launch during an interview Monday on CNBC’s “Squawk Box.”&nbsp;



“People were going crazy for these sneakers. You probably were, too. Everybody was. Every friend I have had called me for a pair of sneakers. And I noticed that so many of them were paid for with the new currency. It’s a new cryptocurrency. I couldn’t believe the amount,” he added.&nbsp;



Read more: <a href="https://blockworks.co/news/donald-trumps-nft-gala">I attended Trump’s NFT gala. Here’s why it matters</a>



<a href="https://blockworks.co/tag/donald-trump">Trump</a> claimed Monday that the “last pair” in the sneaker collection sold for $450,000, not specifying whether the transaction was completed in fiat or crypto. Each sneaker in the collection was originally sold for $399 a pair, and Blockworks was unable to verify a $450,000 shoe sale amount on any secondary markets at press time.



It was previously <a href="https://www.marketwatch.com/story/trumps-limited-edition-sneakers-are-already-being-listed-for-up-to-45-000-on-ebay-but-can-they-hold-their-value-620c3bbc">reported</a> that someone listed a pair of the shoes for $45,000 — not $450,000 — on eBay. However, it is unclear whether or not they sold for that amount. At time of publication, a pair of the shoes recently <a href="https://www.ebay.com/itm/326040246922?itmmeta=01HRQ4D8AQHDB4DCTBSD4EEGNF&amp;hash=item4be9835a8a:g:UkkAAOSwN-dl5e9C&amp;itmprp=enc%3AAQAIAAAA8DTP4EJj09NpDwvtC90FupDyA0%2FmUJlgqGk0JOwNqHG%2B9BfNBs55nu0xj%2B4t4PouYBhPkG06njbjIRzV90HAM%2BdH%2BEdeEKwx51sm0zgLitKgqFq3fgbFROBS6fjx8tXf6DVQi6dWXfk%2FnNRMGWRJvBt8062qkQANMe9rWflDPzFYmdCLON3YYyb2OogP8w0wAygCEIZj7niQXXHiTxKWT0%2BR0TemQc2F6mUbowpZypMxhXwNTTYd5U6q6bMHypvqNxMo2VBtq3soaLmOL--PX33aLnuxjUVu2qqBfUJHVHzxwZJk5YdfkW5Nul0yHAoTig%3D%3D%7Ctkp%3ABk9SR86FteTFYw">sold</a> for $5,100 on eBay.



“If you think of it, it&#8217;s an additional form of currency and I used to say, ‘I want one currency, I want the dollar, I don&#8217;t want people leaving the dollar,’” Trump said.&nbsp;



“But I will tell you, it has taken on a life,” the former President added. “And I’m not sure that I’d want to take it away at this point.”



It’s not the first time the presumed Republican nominee has cashed in on the public’s growing interest in digital assets. His <a href="https://blockworks.co/news/cash-grab-trump-nfts-political-cultism">NFT collection last year</a> earned at least six figures of income, <a href="https://www.citizensforethics.org/wp-content/uploads/2023/04/Disclosure-Report-Part-1-4-14-23.pdf">according</a> to 2023 financial disclosures.&nbsp;



Even so, Trump maintained that dollar dominance is still essential.&nbsp;



“I hate when countries go off the dollar. I would not allow countries to go off the dollar because when we lose that standard, that will be like losing a revolutionary war,” Trump said. “That will be a hit to our country just like losing a war, and we can’t let that happen.”&nbsp;



Read more: <a href="https://blockworks.co/news/america-financial-alternative-crypto">America deserves a financial alternative — and it’s crypto</a>



Trump’s comments come after Anthony Scaramucci, founder of alternative investment firm SkyBridge, said in an X Space last week that another Trump presidency would likely not be good for bitcoin. “I did read the Constitution and I did go to law school,” said Scaramucci, who briefly worked as the White House communications director for ten days in 2017 under Trump. “[Trump’s] people are absolutely nuts, and you don’t want him to return to the presidency.”



Trump has previously tweeted negatively about bitcoin. In 2019, for example, the then-president said bitcoin and other crypto assets “are not money” — adding that their values are “highly volatile and based on thin air.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity&#8230;.&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In 2021, Trump <a href="https://www.bbc.com/news/business-57392734#">told</a> the BBC that bitcoin “seems like a scam.”&nbsp;



&#8220;I don&#8217;t like it because it&#8217;s another currency competing against the dollar,&#8221; he added.&nbsp;



Scaramucci noted that while many voters tend to think Republicans are more favorable toward crypto, Trump is the exception.&nbsp;



“He really doesn’t have an opinion one way or another, but there are people who in general think [a] Republican [means] less regulation,” Scaramucci said. “But this is not a garden-variety Republican; this is a dangerous man with a very, very smart, well-disciplined team.”



Trump is currently leading in the Republican Presidential primary as the only candidate from the party still in the race. The former president currently faces four criminal indictments, totaling 91 felony counts.&nbsp;



On the civil front, Trump was found liable for sexual abuse and defamation against writer E. Jean Carol in 2023. In a separate proceeding, a federal jury awarded Carroll $83.3 million.&nbsp;



The former president also owes $454 million in civil penalties after being found liable for fraudulent financial reporting. Trump is appealing the case but is required to pay the full amount or purchase a bond to cover it by March 25.&nbsp;



Trump’s next legal hurdle comes this week in his classified documents case, in which prosecutors allege he mishandled confidential information at his Florida estate. Judge Aileen M. Cannon is scheduled to hear arguments related to two of Trump’s dismissal motions on Thursday in a hearing that is expected to take several days.&nbsp;



Ben Strack contributed reporting.



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Trump cites merchandise sales in apparent bitcoin U-turn

Michael McSweeney

Former US president and courtroom enthusiast Donald Trump’s political merchandising empire has debuted a new collection of blockchain-based collectibles.&nbsp;



The subject: Trump’s August mugshot, taken when he was charged with racketeering in connection with efforts to subvert a federal election in the US state of Georgia. <a href="https://en.wikipedia.org/wiki/Mug_shot_of_Donald_Trump">The mugshot</a> in question swiftly became political pay dirt, appearing on campaign fundraising emails and T-shirts.&nbsp;



Which leads us to Trump’s new NFT collection. It’s a sequel to the 2022 clutch of NFTs, which was largely focused on Trumpain hero worship (figuratively and literally) and generated several million dollars’ worth of purchases. Some of those who bought into the collection later scored invitations to <a href="https://blockworks.co/news/donald-trumps-nft-gala">a gala event</a> at Trump’s glitzy compound in Florida.&nbsp;



A glance at the new collection’s website leaves one (me, I’m one) wondering whether we’re all being taken for a ride. Proudly declaring “Just Like Baseball Cards, But You Collect Them Digitally!” the site outlines how you, the prospective buyer, can score a chance at a piece of history for the low price of just $4,653 — that is, 47 NFTs at $99 apiece.



That piece of history is: A snippet from the actual suit Trump wore during his courthouse photoshoot in Atlanta.&nbsp;



No, seriously, Trump’s “world-class” political outfit is out here with the scissors in pursuit of $4,700 a pop. “It’s all cut up, and you’re gonna get a piece of it,” Trump said in an introductory video for the new collection.



I’m less interested in the particulars of Trump’s NFT collection — though it’s funny that, per the terms of service, you can’t sell the things on any secondary marketplaces until December 2024, after the next presidential election —&nbsp;than what idt says&nbsp; about the nature of American politics today.



Trump has long cultivated a kind of personality cult, built around an all-or-nothing merchandising campaign. Steaks, books, MAGA hats —&nbsp;it’s a strategy that accelerated with Trump’s first White House run.&nbsp;



“I wish I looked as good as I do in those cards, that I can tell you,” Trump says in the promotional video for the new collection. “They give me muscles where, believe me, I don’t have them.”



Read more from our opinion section: <a href="https://blockworks.co/news/gaming-nfts-collectibles-utility">Don’t use your NFT for that</a>



Trump’s small-dollar donor army is the ideal mark for a never-ending stream of merchandise. The latest NFT collection, like the one before it, fits perfectly within that strategy.&nbsp;



Considering that Trump’s campaign to be the second US president to serve two non-consecutive terms <a href="https://apnews.com/article/trump-legal-bills-pac-defense-fund-campaign-filing-2024-36fe10e4988a56de34f120cff38e1552">is spending boatloads of cash</a> on his ever-growing legal problems, an NFT cash grab starts to make sense.&nbsp;



Such a cash grab perhaps reflects poorly on the NFT space as a whole. But we can’t blame NFTs for their spokespeople, whoever they may be. As it is, NFTs have emerged as a handy digital tool for raising money — and quickly —&nbsp;and the move by Trump could portend future political applications as well.



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<div class="wp-block-post-author-biography">Michael McSweeney has worked in crypto media since 2014, including editorships at CoinDesk and The Block. In his spare time, he writes fiction and plays disc golf. Contact Michael at michael.mcsweeney@blockworks.co.</div>


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In latest cash grab, Trump mixes NFTs and political cultism

Ogle

As I was being escorted through the circuitous halls of Mar-a-Lago last weekend, I found myself questioning if I shouldn’t immediately turn around and leave. I had just arrived at the Trump NFT collection gala in West Palm Beach, Florida, with none other than Donald Trump himself in attendance.



It was both an honor and an embarrassment to be there, and I wasn’t sure how exactly I should react. Had my grandfather not been with me (I had brought him and a friend as my guests, both ardent Trump supporters), I probably would have left. But his excitement was palpable, so I continued the long walk to the final resting place of the evening, the famous gilded ballroom.



I’m no fan of Donald Trump. I’ve never loved his bombast, I disagreed with the majority of his decisions as US president, and, as a business owner, I don’t appreciate the ways he supposedly treats those he works with.&nbsp;



But despite these feelings, I spent almost $20,000 purchasing NFTs that directly supported him. It was a classic case of separating the art from the artist — only, in this situation, the “art” of the NFTs was less about aesthetic and more about opportunity to profit during a bear market.



I knew that if Donald Trump was involved in NFTs, they would probably be a great investment— as long as I timed things appropriately. In the long-run, his ventures don’t seem to do very well (Trump Steaks, Trump Shuttle and Trump University being notable failures). But, if one times the entry and exit well, his businesses in the past have done just fine.



I kept this in mind when purchasing the NFTs: Trump will probably pump the prices, so I will sell into the hype. Essentially, I’d use his marketing prowess to enrich myself. The art was unremarkable, the creator controversial, but the potential for profit was undeniable, so I made the decision to purchase.



It paid off.&nbsp;



Of the 200 NFTs I bought, I was able to recoup more than the costs by <a href="https://twitter.com/cryptogle/status/1604268466227273730">selling</a> just one rare NFT. Besides that, I won a round of four of golf at Mar-a-Lago, several copies of his new book and sold many of the NFTs to other collectors during the boom following the release.



But throughout it all, I couldn’t shake the moral quandary going through my head.&nbsp;



While I was happy with the ROI, participating in the project prompted me to deeply reflect on the ethical dimensions of such decisions. When my conservative-leaning family asked me “what was your best investment of the year?” during the holidays, I had to sheepishly admit it was an NFT collection released by a man I had spent years trying to convince them to reconsider their love for.



Even so, attending the gala wasn’t just about political alignment; it was more about familial bonds and an attempt to step out of my “elite bubble.” I justified going to the gala by the fact that my grandfather (who is a staunch Trump supporter) would be able to meet one of his idols. It transformed the event into a generational bridge where our political divides were less central than our familial love.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="2048" height="1542" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=1024&amp;h=1024" alt="" class="wp-image-74568" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=341 341w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=291 291w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/trumpnftgala.jpg?w=80 80w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Trump NFT gala dinner by Ogle</figcaption></figure>



Sitting down for dinner in the palatial ballroom, I found myself impressed by the refined elegance that surrounded me. They served a three-course meal and seemed to spare no expense. I could imagine the impact the ballroom itself would have made in distinguished meetings of years past. Witnessing the joy of my grandfather in this setting, and especially when he was able to speak with and shake Trump’s hand, completely justified the decision to come.



Read more from our opinion section: <a href="https://blockworks.co/news/crypto-subculture-x-reliance">If we want crypto to succeed, we’ve got to give X the boot</a>



While seeing President Trump speak in person didn&#8217;t sway my stance on his international politics, the crowd’s excitement at his words was enjoyable to experience. I didn’t agree with the guy, but being around excited and happy people is infectious. However, when I posted a picture from the gala to Twitter, the impact it had on my followers was immediate: They decreased in real-time.&nbsp;



Clearly, my presence at the gala was perceived as a deliberate political statement by some, and once again I felt uncomfortable being there.



But I believe that Trump’s involvement in NFTs is a net positive for the industry. It signifies at least a soft endorsement of the space (which we rarely receive from politicians) and serves as a potential catalyst for growth, introducing a previously untapped demographic to the realm of digital assets.&nbsp;



My grandfather&#8217;s newfound curiosity about cryptocurrency and NFTs during and after the gala is testament to this notion. His questions were continuous and his curiosity obvious — and it ended in him deciding it may be wise to invest some of his own money into the space when he’s able.



What started as a simple purchase of NFTs led me to deep assessments of investment ethics, family bonds and political neutrality. It required me to consider a fundamental question: Can one participate in opportunities that conflict with personal beliefs without losing one’s moral compass, or is the act of participation itself an endorsement of those beliefs?&nbsp;



I’m not sure that I have an answer for these questions yet, but I have to thank Donald Trump for indirectly causing me to confront these complexities head-on. The experience stands as a reminder that life&#8217;s most profound lessons can stem from the simplest of actions, often leading us down paths we never anticipated.



One thing I am sure of though: The Trump steak was the best I’ve ever had.



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<div class="wp-block-post-author-biography">Ogle has been an active investor in cryptocurrencies since 2012. He stays busy building different products to benefit the space, including his upcoming networking marketplace Shibuya. He is also building a new blockchain called Glue which focuses on addressing security risks and lack of good user experience in the crypto space. In the meantime, he chases down cybersecurity criminals via his cybersecurity company, Ogle Security Group.</div>


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I attended Trump’s NFT gala. Here’s why it matters

James Cirrone

Miami Mayor Francis Suarez has dropped out of the 2024 US presidential race, making him the first Republican to quit campaigning.&nbsp;



Suarez ended his bid for the White House after spending just over two months on the campaign trail.&nbsp;



Suarez released a statement on X saying that running for the US presidency was one of the “greatest honors” of his life.



“It was a privilege to come so close to appearing on stage with the other candidates at last week’s first debate,” Suarez wrote. “While I have decided to suspend my campaign for President, my commitment to making this a better nation for every American remains.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Running for President of the United States has been one of the greatest honors of my life. This country has given so much to my family and me. The prospect of giving back at the highest levels of public service is a motivator if not a calling. Throughout this process, I have met…&mdash; Mayor Francis Suarez (@FrancisSuarez) <a href="https://twitter.com/FrancisSuarez/status/1696566861196914997?ref_src=twsrc%5Etfw">August 29, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Suarez was perhaps the most outspoken Republican presidential candidate about crypto. <a href="https://blockworks.co/news/new-york-mayor-elect-gives-city-token-seal-of-approval">His mayoral administration was friendly to CityCoins’ first project</a>, dubbed MiamiCoin.&nbsp;



Suarez also explored giving bitcoin yield to Miami citizens who staked on MiamiCoin, which began trading in August 2021. The token has lost over 61% in value in the last year, per CoinGecko <a href="https://www.coingecko.com/en/coins/miamicoin">data</a>. Florida Governor Ron DeSantis has also emerged as a voice in the Republican party on crypto, though <a href="https://blockworks.co/news/desantis-pro-bitcoin-anti-cbdc">his concerns are centered squarely on the introduction of a central bank digital currency</a> (CBDC).



Read more: <a href="https://blockworks.co/news/us-presidential-candidates-crypto">Here’s what US presidential hopefuls are saying about crypto</a>



Ultimately, Suarez’s campaign failed to gain much traction.



As Suarez alluded to in his post, his decision to suspend his campaign came days after he mistakenly believed he had qualified for the first Republican primary debate on Aug. 23. He announced prior to the debate that he had met the Republican National Committee’s polling and fundraising requirements.&nbsp;



Nine candidates, including former president Donald Trump who didn’t appear — qualified for the debate. Suarez wasn’t one of them, and Trump continues to outstrip his opponents in public polling.



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Bitcoin-friendly Miami mayor quits US presidential race

Shalini Nagarajan

Gov. Ron DeSantis of Florida declared his candidacy for the US presidency during a Twitter Spaces conversation alongside CEO Elon Musk and venture capitalist David Sacks on Wednesday.



In a broad conversation marked by technical difficulties, there were extended periods of silence and occasional hurried whispers. But amidst these challenges, DeSantis did manage to address his position on cryptocurrencies and digital assets, providing answers to those curious about his stance.



During the <a href="https://twitter.com/DavidSacks/status/1661516057373470720" target="_blank" rel="noreferrer noopener">conversation</a>, which attracted an audience of some 2.6 million, he expressed his endorsement of bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) and portrayed the attempts made by his opponents to regulate cryptocurrency as unwarranted government interference.



“The only reason these people in Washington don&#8217;t like it is because they don&#8217;t control it,” DeSantis said in response to a question about his views on the currency posed by Sacks.&nbsp;



“They&#8217;re central planners and they want to have control over society and so bitcoin represents a threat to them,” he added.



The SEC under the Biden administration has pursued a <a href="https://blockworks.co/news/sec-crypto-enforcement-actions-accelerate">series of enforcement actions</a> against cryptocurrency companies in the last year.



Governor DeSantis also made it clear that he would strongly stand against any potential attempt by Congress to ban bitcoin, although the prospect has never seriously been considered.



Technically, it’s no more possible to ban bitcoin than it is to ban a global commodity like gold — all the US government could do would be to ban itself and its citizens from making use of Bitcoin.



DeSantis is considered a top rival to Donald Trump for the Republican nomination, although he currently lags behind the former US president by a significant margin of over 30 percentage points in <a href="https://thehill.com/homenews/campaign/3983072-trump-tops-desantis-by-36-points-in-new-poll/">early polls</a>.



Trump&#8217;s <a href="https://blockworks.co/news/us-presidential-candidates-crypto">general view on crypto has been</a> negative, although policy-wise, little happened during his presidency. Both he and his wife Melania have <a href="https://blockworks.co/news/melania-trump-announces-potus-nft-collection-amid-controversy">launched NFT collections</a> since leaving the White House.



“I as president will protect the ability to do things like bitcoin,” DeSantis said. “I just do not have an itch to have to control everything that people may be doing in this space.”



He added that the Biden administration has clear hostility towards cryptocurrencies and that if it stays in power for another four years, “they&#8217;ll probably end up killing it,” without putting forward any theory on how.



Sacks agreed with him and acknowledged the large crypto community on Twitter, while Musk <a href="https://blockworks.co/news/elon-musk-crypto-dogecoin">chimed in</a> to mention the presence of a similar audience for dogecoin (<a href="https://blockworks.co/price/doge" target="_blank" rel="noreferrer noopener">DOGE</a>).



Relatedly, DeSantis mentioned that he is not in favor of central bank digital currencies (CBDCs). He highlighted that Florida recently <a href="https://blockworks.co/news/florida-approves-cbdc-ban">banned the use of government issued digital dollars</a> as a form of money in the state.



“If I&#8217;m President, we are not doing a central bank digital currency,” he said regarding the potential implementation of a CBDC on a national level. “I think that that would be a huge, huge imposition on people&#8217;s financial freedoms and financial privacy.”



He expressed that CBDCs would result in a significant shift of power from individual consumers to a central authority, and that this would be detrimental to a free society.



DeSantis has previously defended efforts in Florida school districts to ban books from libraries over the <a href="https://apnews.com/article/desantis-book-bans-censorship-florida-5e648efdf241e333c9d5b042e65a7be6" target="_blank" rel="noreferrer noopener">objections</a> of advocates for literary freedoms.



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DeSantis Campaigns on Pro-Bitcoin, Anti-CBDC Message

Morgan Chittum

<div id="highlights-block_620eb6ad49980" class="highlights">
 <ul>
 <li>The new collection will consist of 10,000 NFTs and each will cost $50</li>
 <li>The forthcoming sale will begin on Feb. 21 — Presidents’ Day</li>
 </ul>
 
</div>



Despite <a href="https://www.bloomberg.com/news/articles/2022-02-16/who-won-the-melania-trump-nft-auction-trump-crypto-wallet-linked-to-185k-funds" target="_blank" rel="noreferrer noopener">reports</a> that Melania Trump herself won an auction for her first NFT, the former first lady is rolling out another set of digital collectibles.



“POTUS NFT Collection” will “recognize important moments in [America’s] history,” such as NFTs (non-fungible tokens) depicting Mount Rushmore, the White House and Air Force One, Trump said in a statement. Up for sale: 10,000 solana NFTs priced at $50.



“Collectors will enjoy an element of surprise, as the artwork of each NFT is revealed only after purchase,” Trump said. “Of course, collectors can make multiple purchases to own the entire POTUS Trump Collection.”



The sale is set to begin on Feb. 21 — Presidents’ Day.



Trump’s NFT efforts are in question after <a href="https://www.bloomberg.com/news/articles/2022-02-16/who-won-the-melania-trump-nft-auction-trump-crypto-wallet-linked-to-185k-funds" target="_blank" rel="noreferrer noopener">Bloomberg reported</a> the former first lady purchased her first NFT herself. The funds used to purchase Trump’s collection were traced back to a wallet that belongs to the creators of the project.



Trump announced her <a href="https://melaniatrump.com/head-of-state" target="_blank" rel="noreferrer noopener">“Head of State Collection”</a> late last year, which featured a white hat, along with a painting of herself and voice recording, as part of the “historic auction.”  Although the starting bid was $250,000, the NFT sold for roughly $180,000.



A spokesperson for Trump denied that the project&#8217;s creator purchased its NFT.



&#8220;The nature of Blockchain protocol is entirely transparent. Accordingly, the public can view each transaction on the [blockchain],” a representative said in a <a href="https://www.bloomberg.com/news/articles/2022-02-16/who-won-the-melania-trump-nft-auction-trump-crypto-wallet-linked-to-185k-funds" target="_blank" rel="noreferrer noopener">statement</a>. “The transaction was facilitated on behalf of a third-party buyer.”



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