Nikolas Sargeant
The attendees included representatives from leading Bitcoin mining companies such as CleanSpark, Riot Platforms, Marathon Digital, and other industry figures. Key participants included Matthew Schultz from CleanSpark, Jason Les and Brian Morgenstern from Riot Platforms, Salman Khan from Marathon Digital, and Amanda Fabiano of Fabiano Consulting.
While Trump has utilized crypto to bolster his campaign, he has staunchly opposed the establishment of a Central Bank Digital Currency (CBDC). In a recent Truth Social post, Trump suggested that Bitcoin mining could serve as the nation's last line of defense against a CBDC.
Last month, Trump became the first presumptive Republican presidential nominee to accept cryptocurrency for official campaign donations. According to Bloomberg, citing Cleanspark's Scultz, Trump told attendees he "loves" and understands cryptocurrency, acknowledging that miners help stabilize the energy grid. Trump also assured that he would advocate for miners' interests if elected to the White House.
The meeting occurred amid growing criticism of crypto mining's environmental impact and strain on power grids, leading to actions like China's 2021 ban on Bitcoin mining and New York's restrictions on using carbon-based power sources for mining.
Trump Promises Crypto Support
In early May, Trump announced plans to end the hostility towards cryptocurrency in the US if reelected, criticizing incumbent President Joe Biden for lacking an understanding of cryptocurrency.
Jonathan Thomas, CEO of prime brokerage Blueberry, previously told Cryptonews that Trump's supportive stance on cryptocurrency could sway voters who prioritize crypto as their primary issue. He added that Trump's crypto-friendly rhetoric would appeal to enthusiasts, provided it doesn't conflict with other issues they consider more important.
Crypto Policies Could Define the 2024 Presidential Election
Although Trump has yet to propose specific pro-crypto policies, his supporters are encouraged by his positive statements about the emerging asset class, likely influenced by the Biden administration's perceived anti-crypto stance.
Under Biden, the current administration has adopted a cautious approach toward the cryptocurrency industry, showing reluctance to embrace Bitcoin and other digital currencies. Regulation has faced a tug-of-war between government agencies, resulting in minor tweaks and a handful of enforcements, with no clear consensus.
Billionaire Mark Cuban has weighed in, suggesting that each candidate's stance on crypto may become a defining issue in the 2024 US presidential election. "I have said many times that Biden has to choose between [SEC Chair Gary] Gensler or crypto voters, or it could cost him the White House," Cuban said.
