Where will the cryptocurrency industry head in 2025?

Written by: imToken

As of 1:00 AM Eastern Time on November 6, 2024 (2:00 PM Singapore Time on November 6, 2024), voting in the general election has concluded across the state of Alaska, marking the end of the nationwide voting phase in the United States.

After winning the popular vote in the key "swing state" of Pennsylvania, Republican presidential candidate Donald Trump announced "election victory" at 1:00 AM Eastern Time on November 6, 2024. The Associated Press has yet to declare a final winner.

According to the U.S. presidential election system, after the popular vote concludes, the Electoral College system will take effect, and the voting under the Electoral College will be officially confirmed at a meeting in mid-December 2024. Typically, states will award all their electoral votes to the candidate who wins the popular vote in that state, but there are exceptions.

On January 6, 2025, the new U.S. Congress will convene to tally the electoral votes and confirm who will ultimately be elected president. On January 20, 2025, the 47th President of the United States will be officially sworn in, marking the official start of the new U.S. government.

In what U.S. media has called "the most competitive U.S. election in 60 years," the global cryptocurrency market's sensitivity to political winds has reached unprecedented heights. Now that the election results are settled, the tense atmosphere of the competition has begun to ease. As we approach a new era in 2025, let us review the love-hate relationship and shifting positions of this controversial American leader, Trump, with the cryptocurrency industry.

Intense Opposition

2017 ~ 2021

▶ On July 11, 2019, at 8:15 PM Eastern Time, then-President Donald Trump, the 45th President of the United States, took to social media platform Twitter to harshly criticize Bitcoin and all other digital assets, marking his first comments on digital assets during his presidency.

“I am not a fan of Bitcoin or any other digital assets. These digital assets are not real money; their value is overstated, lacking any anchor for implementation, and are built on hype. Moreover, unregulated digital assets foster illegal activities, including drug trafficking and other unlawful actions.”

“Similarly, Facebook's Libra virtual currency is also unreliable. If Facebook and other companies want to become a bank, they must obtain new banking licenses and comply with all regulations applicable to domestic and international banks.”

“The United States has only one currency, which is stronger than ever, reliable, and trustworthy. It is undoubtedly the most dominant currency globally and will always maintain that status — it is the U.S. dollar!”

▶ During Trump's first presidential term from 2017 to 2021, regulatory and enforcement actions against the digital asset industry included:

Support for the Federal Reserve to establish a working group to track the development of digital assets and collaborate with central banks in other countries.

Support for enforcement actions against digital assets led by the U.S. Securities and Exchange Commission.

Enforcement Action List

2018

• Charged TokenLot LLC for operating as an unregistered broker-dealer, reaching a settlement on September 11, 2018. This was the first case of charging an unregistered broker-dealer for selling digital tokens following the compliance warning issued by the SEC in the 2017 DAO Report.
• Charged EtherDelta's founder for operating an unregistered exchange, reaching a settlement on November 8, 2018. This was the first enforcement action against a digital asset platform initiated by the SEC during Trump's administration.
• On April 2, 2018, charged the co-founders of Centra Tech, Inc. for organizing a fraudulent asset issuance.

2019

• On February 20, 2019, charged Gladius Network LLC for conducting an unregistered initial asset offering.
• On June 4, 2019, filed a lawsuit against Kik Interactive Inc., accusing it of selling digital assets to U.S. investors without registering as required by U.S. securities law.
• Charged Bitqyck Inc. for operating an unregistered digital asset exchange and committing fraud during the issuance of digital assets, reaching a settlement on August 29, 2019.
• On September 18, 2019, filed a lawsuit against ICOBox and its founders for conducting illegal securities offerings and acting as unregistered brokers in the issuance and sale of other digital assets.
• Charged blockchain technology company Block.one for conducting unregistered asset offerings, reaching a settlement on September 30, 2019, with the company accepting a fine.
• On October 11, 2019, announced emergency action against offshore company Telegram Group Inc. and its wholly-owned subsidiary TON Issuer Inc. for allegedly conducting unregistered asset offerings, obtaining a temporary injunction.
• Charged blockchain technology company Blockchain of Things Inc. for conducting unregistered digital asset offerings, reaching a settlement on December 18, 2019.

2020

• On May 28, 2020, charged blockchain service company BitClave PTE Ltd. for conducting unregistered digital asset offerings.
• On September 15, 2020, charged Unikrn Inc. for conducting unregistered digital asset offerings.
• On December 22, 2020, charged Ripple and two executives for conducting a $1.3 billion unregistered securities offering.

2021

• On June 22, 2021, charged Loci Inc. for conducting unregistered digital asset offerings, while also accusing the company's CEO John Wise of making significant false and misleading statements during the unregistered offering.
• On August 9, 2021, charged Poloniex for operating an unregistered digital asset exchange.

Active Participation

End of 2021, 2022 ~ 2023

▶ On December 16, 2021, Melania Trump announced the launch of the Melania Trump NFT platform, with the first NFT titled "Melania's Vision," priced at 150 SOL.

▶ In December 2022, after leaving office, Trump released the first set of "Digital Trading Cards" series NFTs, officially starting his journey into cryptocurrency. This series of NFTs includes 45 styles, minted on the Polygon chain, featuring various fantasy images such as superheroes, astronauts, and western sheriffs, paying tribute to Trump as the 45th President of the United States, with a total of 45,000 NFTs minted, each priced at $99.

▶ On June 30, 2023, Trump launched the second phase of the Digital Trading Card series NFTs, themed "The 1776 Collection," to celebrate the upcoming Independence Day. Each NFT in this series is priced at $50, divided into six versions, also minted on the Polygon chain, with 500 NFTs minted for each version.

▶ In 2023, meme coins related to Trump and his campaign slogan "Make America Great Again" (abbreviated as MAGA) began to appear on chains like Ethereum.

▶ On December 13, 2023, Trump launched the third phase of the Digital Trading Card series NFTs, themed "Mugshot Edition," with a total of 100,000 NFTs minted, of which 99,000 are publicly available, also priced at $99 each.

It is reported that users who purchase 47 Trump cards will have the opportunity to dine with Trump at Mar-a-Lago and receive a suit worn by Trump during his arrest.

△ Trump Digital Trading Card "Mugshot Edition"

Source / OpenSea

Starting from this NFT release, the content of Trump's Digital Trading Card series is closely tied to current events. The "Mugshot Edition" theme describes the scene and various derivative illustrations of Trump's arrest in Georgia in 2022 for conspiring to overturn the 2020 election results, such as Trump wearing a cowboy hat, holding a lightning bolt, or dressed as a superhero.

At that time, Trump was fiercely competing in the early stages of the Republican primary for the presidential election, but the campaign situation was not optimistic for him, and he was embroiled in multiple lawsuits. However, shortly after, Trump's rival Ron DeSantis suddenly announced his withdrawal from the race and shifted his support to Trump, leading to a sudden turnaround in the tense competition.

On January 23, 2024, Trump defeated Nikki Haley in the New Hampshire Republican primary, securing victory.

High-profile Support

2024 ~ Present

▶ On May 13, 2024, Trump invited some holders of the Trump Digital Trading Card series NFTs to a dinner. According to videos circulating on social media and posts from attendees, Trump stated at the dinner that he would embrace the development of digital assets and "make NFTs great again."

▶ Campaign Accepts BTC Donations: Since May 2024, Trump's campaign team has received donations in various digital assets from at least 12 states in the U.S., supported by "crypto-friendly" entrepreneurs such as Elon Musk, the Winklevoss twins, venture capitalists Marc Andreessen, and Ben Horowitz.

▶ On June 12, 2024, Trump posted on his social media platform Truth Social, expressing the desire for "all remaining BTC to be produced in the United States," claiming that this move would help the U.S. become an "energy leader."

▶ On July 8, 2024, the Republican Party released its official party platform for the election, proposing several policies favorable to the development of digital assets, including:

• Announcing an end to the "illegal and un-American crackdown" on the U.S. crypto industry.
• Opposing the creation of a U.S. version of a central bank digital currency.
• Committing to defend the rights of BTC mining and "allowing digital asset holders to store their digital assets themselves… defending the people's right to trade without government oversight and control."

▶ On July 13, 2024, at 6:11 PM Eastern Time, Trump was shot at during a presidential campaign rally in Pennsylvania, causing significant fluctuations in the market value of digital assets.

▶ On July 17, 2024, crypto-friendly James David Vance announced his nomination, officially becoming the Republican vice-presidential candidate and Trump's running mate.

▶ On July 27, 2024, Trump made a high-profile appearance at the Bitcoin 2024 conference held in Nashville, claiming to ensure that the U.S. becomes the global capital of digital assets and a BTC superpower, and guaranteeing that on the day he is sworn in, Biden and Harris's anti-crypto campaign would come to an end.

At the conference, Trump detailed a series of crypto-friendly policy visions:

• Establishing a national BTC reserve: Trump stated that his administration would "retain all BTC currently held or acquired by the U.S. government" and would become "the core of the national strategic BTC reserve." As of October 2023, the U.S. government reportedly holds over $5 billion in BTC, mostly from asset seizures in criminal cases.
• Establishing a Digital Asset Advisory Committee: Trump proposed the creation of an organization called the "Presidential Advisory Committee on Bitcoin and Digital Assets," with rules written by those who love the industry, not those who hate it.
• Blocking the Federal Reserve from creating a U.S. version of a central bank digital currency: The development of central bank digital currencies by various countries has become a trend, but the Federal Reserve has yet to decide whether to create a fully digital dollar. Trump has publicly opposed this idea multiple times in 2024. In May 2024, the U.S. House of Representatives passed a bill prohibiting the Federal Reserve from creating a digital dollar, but it still requires a lengthy negotiation process to potentially become law.

▶ On August 3, 2024, Trump mentioned in a media interview that BTC or "crypto checks" could be used to pay off the U.S. government's $35 trillion national debt, helping to avoid an imminent debt crisis.

▶ On August 12, 2024, Trump had a two-hour public interview on social media platform X with crypto-friendly entrepreneur and DOGE market promoter Elon Musk.

▶ On August 29, 2024, Trump launched the fourth phase of the Digital Trading Card series NFTs, themed "The America First Collection," which includes 360,000 NFTs featuring images of Trump dancing during the election and holding BTC, each priced at $99.

△ Trump Digital Trading Card "The America First Collection" #17028 Source / OpenSea

▶ On September 15, 2024, Trump was attacked for the second time at a golf course in Florida, which the FBI described as having clear assassination intentions.

▶ On the evening of September 16, 2024, Trump and his son announced the newly created digital asset trading platform World Liberty Financial, aimed at promoting the widespread use of stablecoins and decentralized finance. According to public reports, the project's early white paper mentioned the launch of a new digital asset called $WLFI, which is planned to be sold to the public.

▶ On the evening of September 16, 2024, Trump appeared on the X Spaces program, in conversation with digital asset investor Farokh Sarmad, discussing World Liberty Financial and the development of the crypto industry.

▶ On September 19, 2024, Trump appeared at a crypto-themed bar, PubKe, in Manhattan, New York, where he used his phone to pay with BTC to buy handmade burgers and Diet Cokes for customers present, becoming the first former U.S. president to shop using BTC.**

▶ In the early hours of November 6, 2024, after winning the popular vote in the key "swing state" of Pennsylvania, Republican presidential candidate Trump announced "election victory." What will be the next steps for the crypto industry? Looking forward to a new beginning in 2025!

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