As the 2024 US presidential election approaches, various signs indicate that former President Donald Trump is likely to return to the White House. This potential political change will have far-reaching implications for many areas, including Web3 (the third generation of the internet). This article will delve into the potential impact of Trump's return to the presidency on the Web3 ecosystem, covering aspects such as policy, regulation, technological development, and market response.
Widespread Support for Trump in the Web3 Field
In previous appearances, Trump has expressed support for cryptocurrency on multiple occasions, which has led to a surge in the Trump-themed meme coin MAGA. The specific details have been outlined by the TrendX Research Institute in "Buying Trump? Participating in the US Election with Web3 | TrendX Research Institute." This article will not elaborate further.
Recently, on July 15th, Trump selected Senator Pence as his running mate for the 2024 presidential election. Pence has expressed support for cryptocurrency on multiple occasions and has advocated for favorable cryptocurrency policies. Autopilot shows that BTC accounts for 6% of his wealth management position. If Trump successfully runs for US president, Web3 will welcome the most crypto-friendly US government in history, accompanied by a simultaneous interest rate cut, which may lead to an unprecedented bullish market.
As a result, many members of the cryptocurrency community have begun to support Trump in various ways. For example, the top Web3 investment firm A16Z has released an open letter expressing support for Trump.
A16Z believes that the Biden administration's regulatory strategy in the cryptocurrency field suppresses innovation. They are concerned about the Biden administration's regulatory measures in the technology field, believing that these measures may restrict innovation. Especially in the field of artificial intelligence, the Biden administration's policies may hinder the US's position in global technological competition. In the current policy environment, Trump is more suitable than Biden to promote the development of technology and startups.
Moreover, many Web3 leaders have financially supported Trump.
Recently, the two main channels for Trump's fundraising, the Super PACs Trump 47 Committee and America PAC, have submitted disclosure documents to the Federal Election Commission (FEC), revealing donations from several leaders and supporters in the cryptocurrency industry.
Gemini exchange founder and Winklevoss Capital Management founder, the Winklevoss brothers, have donated $2.027 million to the Trump 47 Committee in BTC. Due to federal individual donation limits, $310,800 will be refunded. Additionally, the Winklevoss brothers have individually donated $250,000 to America PAC.
Sequoia Capital partner Douglas Leone: On June 14th, he donated $1 million to America PAC.
Former Tesla board member and Valor Equity partner and CEO Antonio Gracias: On June 28th, he donated $1 million to America PAC.
Palantir Technologies co-founder Joe Lonsdale: On June 7th, he donated $1 million to America PAC.
Kraken exchange co-founder Jesse Powell: On June 28th, he donated $845,000 worth of ETH.
Ripple Chief Legal Officer Stuart Alderoty: Donated $300,000 in XRP to the Trump 47 Committee.
Messari CEO Ryan Selkis: On June 3rd, Ryan donated $50,000 worth of USDC to the Trump 47 Committee.
Trump's Policy Orientation and Web3
During his first term, Trump's policy stance mainly focused on promoting economic growth, reducing regulations, and encouraging innovation. If he is re-elected, we can imagine the potential impact of Trump's presidency on cryptocurrency.
Economic stimulus and support for innovation: Trump has consistently supported tax cuts and reduced government intervention to promote economic growth. For the Web3 field, this may mean more economic stimulus policies to promote entrepreneurship and technological innovation. Less government intervention may provide a more liberal environment for blockchain and cryptocurrency, facilitating the rapid development of new technologies.
Financial regulation: Although the Trump administration took a relaxed approach to financial regulation during his first term, it may have a different approach in the cryptocurrency field. Trump has publicly expressed distrust of cryptocurrencies such as Bitcoin, believing they could be used for illegal activities. If he returns to office, he may impose stricter regulations on the cryptocurrency market to ensure the stability and security of the financial system.
Application of blockchain technology: Blockchain technology is considered an important part of Web3, with its decentralized, transparent, and tamper-resistant characteristics having broad prospects for application in various fields. If the Trump administration continues to promote innovation policies, the application of blockchain technology in finance, supply chain, healthcare, and government management will be further promoted.
Regulation of the cryptocurrency market: The Trump administration's attitude towards cryptocurrencies may be more cautious. Despite the rapid growth of the cryptocurrency market in recent years, its volatility and potential risks have raised concerns among regulatory agencies. Although Trump currently shows favoritism towards cryptocurrencies, if he returns to power, he may push for stricter regulatory measures to prevent market manipulation and illegal activities. This may include requiring greater transparency and strengthening regulation of exchanges.
Conclusion
Trump's policy orientation may affect overall market confidence. If the market expects Trump to implement policies favorable to economic growth and technological innovation, investors' confidence in the Web3 field may strengthen, leading to more capital inflow. However, if the market is concerned about Trump's overly strict regulatory measures, it may also cause short-term market fluctuations.
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