Trump and Biden shift strategies to compete for crypto voters: CNBC Crypto World

Trump and Biden shift strategies to compete for crypto voters: CNBC Crypto World

today Bitcoin continues its losses from last week the sec’s crypto asset enforcement Chief leaves the agency and Jacob Marton of two Punk Capital weighs in on crypto’s growing influence in Washington DC welcome to cnbc’s crypto world I’m Brandon Gomez Bitcoin kicking off the week with a 2% Slide by noon Eastern the cryptocurrency traded at the $65,000 level ether also falling more than 2% the morning to $34.95 while salana dropped 4.8% to $141 okay let’s talk about the top stories for today Gemini is Distributing the last of its repayments to users of its earn lending product the crypto lender said on Friday that the remaining 3% of digital assets owed to customers would be available in their Gemini accounts within 7 Days Gemini said it would be the final distribution of assets and that earn users will have received 100% of the assets owed to them as of November 16th the last day withdrawals were suspended at the same time Gemini said it reached an agreement with the New York State Attorney General to settle a lawsuit brought back in October the AG’s office announced on Friday that it had recovered $50 million from Gemini to repay investors it says were defrauded by the earned program next a black rock exec says financial advisers are wary of Bitcoin ETFs but might be slowly warming up to them as well while speaking at the coinbase state of crypto Summit last week Samara Cohen the asset manager’s Chief investment officer of ETF in index Investments said that right now about 80% of Bitcoin ETF purchases are likely coming from self-directed investors now those are people who have for instance made the purchase through their online brokerage account Cohen said this asset class has faced as high as 90% price volatility and that it is an investment advisor’s job to do risk analysis and due diligence which is what they’re doing right now you can read her full comments and more from the coinbase conference over at cnbc.com cryptoworld last the head of the sec’s crypto asset and cyber enforcement unit has left the agency according to a post on LinkedIn David hir announced that Friday was his last day after serving at the agency for 9 years hir played a role in several pivotal crypto enforcement actions by the SEC including those against Kraken coinbase and terraform Labs he said in his LinkedIn post that he got to work on quote more complex challenging investigations than he would have ever imagined and express pride in the historic work done by the crypto asset and the Cyber unit Team all right let’s keep talking about Washington for our main story today crypto world’s T mckel spoke with Jacob Martin co-founder of two Punk Capital about crypto’s growing influence in the 2024 election and on Capitol Hill what do you make of the recent focus on crypto uh coming from both the Trump and to some extent the Biden campaigns ahead of the upcoming uh election here in the US yeah I think one is obviously reactionary to the other uh like you mentioned I think the the Biden administration’s a little easier to reference as far as like if if the Trump campaign thinks it’s as important as they seem to with kind of constantly talking about crypto right now calling himself the crypto president whatever that might mean at David Sax’s dinner last week um and then you know speaking of mining in the US and whatnot like the administration uh the campaign is saying they will go quite hard and then the current Administration seems to be saying well okay maybe we’ll start accepting donations in crypto let’s talk to coinbase let’s let’s start to open the conversations a little bit but uh we’re not hearing anything specific from the president right now on what he likes or even dislikes right it’s more people under him something uh I and I’m sure you and a lot of people are hearing again and again is this idea that crypto has become a key issue for the upcoming election um I know as a reporter covering the markets and investing side of crypto that it certainly has become something of a catalyst for the price of Bitcoin but in the other direction how much weight do you give that give me a reality check on this are we all just living in our own little bubble here or is it growing that much as a topic of interest for the election yeah I think when you look at how important it’s becoming in foreign countries that helps kind of Point towards what should happen here and what I think is trailing so when you see El Salvador’s president purchasing Bitcoin and and talking about what they’re going to change at a country level and then a16z opening offices in London and christic and posting pictures with the Prime Minister over there and and saying look if if england if London is going to be open to us we’ll come work over there like we’ll open an office so I think um in the US when you’ve got 60 to 80 million people people depending on which data you’re looking at that have crypto in a wallet and that you know through the ETF inflows I I’ve seen you know anywhere between 70 and 80% of those purchases are self-directed retail as well like people want to have crypto themselves and they want access to it and I don’t know if we’ve ever had a topic where 60 to 80 million people cared about it and the incumbent president didn’t care about it right if it was manufacturing if it was Labor if it was schools if it was hospitals 60 to 80 million people is a large enough chunk of the country that it should be a major campaign topic what would a Trump versus Biden presidency mean for the crypto industry but more importantly what does their support at this moment um mean for the industry taking into account that you know it’s likely that neither of them might be able to f fulfill on every single promise that is made other priorities come up so can you talk a little bit about the support that we’re hearing Now versus you know what that might look like in reality down the road on either side yeah I think uh bull markets cause statements of excitement that can’t be fully expected to uh be acted upon right and I think there’s a lot of things being said by one side right now with not much being said by the other side so if you’re going to just take the law of percentages a little bit in an Ideal World if you had a trump presidency and he’s saying this many things and you have a Biden presidency who’s saying this many things that he’ll do for crypto even if the Trump campaign only converts on 10 to 20% of what they’re saying right now and keep in mind I think the most important thing that typically gets missed by the average consumer is checks and balances our country is built with checks and balances for a reason so even a president can put forward a 100 things they really like and if only 10 of them go through the 10% conversion rate is not exactly they only fulfilled 10% of what they said it’s like that’s what got through a bipartisan Senate and House and you know both sides had to have agreed to a certain amount of these things so I think in the last you know week it’s important to note that you know president Trump has mentioned everything from let’s get rid of income tax and Go full to tariffs all the way to let’s keep Bitcoin mining fully in the us like not all of these things can or will happen obviously but I think the way it’s being seen and the way I’m seeing it received is more positive towards crypto means one side is more likely to actually do something useful as far as stable coin bills go or allowing for ETFs to pursue uh you know further angles towards consumers having crypto and not being scared of what might happen next crypto is vast there are different players in it different use cases different um sectors it’s not just all about Bitcoin anymore um what would you say to either of the candidates should be the biggest priority for the crypto industry in terms of you know bringing allowing capital and talent to kind of flow back over here in the US when this country has struggled on the regulatory front with crypto for so long and seen um at least a beginning of a Exodus or outflow of that talent and capital to other countries yeah I I went to Washington DC last summer for the first time as a donor where I gave money to both red and blue candidates that seemed open to crypto with a a small contingent of 12 people and in these sit Downs you know the point was just to get across like look coinbase’s reach overseas is growing mainly because it’s not comfortable here in the US to like they keep getting sued right the SEC has gone after coinbase repeatedly M multiple of our top C companies in this country have been directly sued by the government after asking for years what the rules should be or say hey here’s what we think the rules are can you give us more clarity so what I would tell current President Biden and potential future President Biden as well as former president Trump potential future president Trump is if you don’t want to see Innovation go offshore you know most of the top people working at these companies well most of the top people you would want working at these companies are coming out of the Ivy League schools or the uc’s which skew quite Democrat anyways well at some point if they feel like voting blue is going to make them have to leave the country that’s a problem so if you’re going to make a country seem or be directly hostile to an entire Innovation stack that is enough to send people offshore and the data shows you know I think as recently as last year 15 of the top 20 CTO companies were foreign based legal entities not in the US CEOs not in the US even if they were born here they know operating here is not in their best interest right now and that’s a problem okay that’s all for crypto world today we’re back again tomorrow we’ll see you then

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Jacob Martin, co-founder of 2 Punks Capital, discusses crypto’s growing influence in the 2024 election.

Chapters:
00:00 – CNBC Crypto World, June 17, 2024
0:20 – Bitcoin falls
0:36 – The headlines
2:50 – Jacob Martin of 2 Punks Capital

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Trump and Biden shift strategies to compete for crypto voters: CNBC Crypto World