David Plouffe, best known as the architect of Barack Obama’s successful 2008 presidential election, is the latest member of the council, as the cryptocurrency industry plays an increasingly important role in shaping legislation that moves Congress quickly.
The bipartisan involvement reflects how both parties view cryptocurrency holders as an important and growing foundation for potential swing voters they are eager to exploit, and their efforts to shape and benefit from lucrative industries. It also shows that the political cryptocurrency industry is now under Trump’s leadership, with several Democrats and Republicans joining the company’s payroll so that the company can influence the hope of policy.
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Crypto Industry Spends Millions in 2024 Election
The crypto industry is also one of the biggest spenders in the 2024 election. A crypto super political action committee spent more than $130 million in the 2024 congressional campaign. Coinbase is the country’s largest crypto exchange and the biggest contributor to super PAC.
The cryptocurrency industry’s bets have paid dividends. Congress is now taking quick action to build a framework for a comprehensive digital asset for the transformation of Washington. Republican Trump has promised to make the United States the global capital of cryptocurrencies, in stark contrast to what industry leaders see as a suffocating regulatory approach under a previous democratic government.
Americans may soon be able to invest in cryptocurrencies in retirement accounts after Trump abolished the Biden administration’s guidance, saying cryptocurrencies may not be suitable for 401K and IRA. Regulators for President Joe Biden believe that extreme volatility in cryptocurrencies puts asset classes too risky for Americans who are trying to save long-term retirement.
Regardless of how cryptocurrencies have performed in the past, Americans’ ability to invest retirement funds (about $44 trillion in assets) into cryptocurrencies, even if a small percentage of Americans invest their assets into cryptocurrency funds, it will bring billions of dollars in profits to the industry.
Trump’s support for the crypto industry
Trump and his family have also been actively expanding their personal businesses to nearly every part of the cryptocurrency ecosystem, including raising billions of dollars to buy bitcoin, creating new Stablecoin, and launching and promoting ace-themed Meme Coin.
Trump addressed Crypto enthusiasts at a Coinbase policy meeting in New York via videotape on Thursday, calling it a “very honor” and called the “first crypto president.”
