- Trump embraced crypto on the campaign trail.
- Biden is shifting his administration’s hard line on the industry.
- Crypto leaders line up on both sides.
With crypto emerging as a surprise issue in the 2024 US presidential election, influential industry figures are rallying for, and against, Donald Trump.
The former president and presumptive Republican Party nominee just agreed to speak at a Bitcoin conference in Nashville, Tennessee.
Meanwhile, President Joe Biden is pivoting to a more open stance on digital assets after his administration cracked down on the industry.
But that doesn’t mean the crypto elite are coming out in support of the current resident of the Oval Office.
Here’s a snapshot of who’s who in each party’s corner:
The Pro-Trump Camp
Ryan Selkis
Co-founder and CEO of Messari
As one of the crypto industry’s most outspoken supporters of the former president, Selkis’ X feed has become a must-read for many in the space.
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He is a key fundraiser in FairShake, a crypto super PAC that has raised almost $180 million to support pro-crypto candidates.
As a celebrated guest at Mar-a-Lago, Trump’s Florida estate, Selkis caught the attention of Trump on crypto policy and got a shout-out.
Jesse Powell
Co-founder of Kraken
After co-founding Kraken in 2011, Powell emerged as a prime influencer in the early days of Bitcoin and the digital assets market.
In June, Powell, now the chairman of Kraken’s board, donated $1 million primarily in Ether to Trump’s campaign.
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 presidential election,” he posted on X.
Tyler and Cameron Winklevoss
Founders of Gemini
Billionaire twins Tyler and Cameron Winklevoss became early Bitcoin investors and founded their own crypto exchange and custodian, Gemini.
The pair, who became famous after suing Mark Zuckberberg for allegedly stealing their idea for Facebook, have each donated $1 million in Bitcoin to Trump’s campaign in June.
“President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice,” Tyler posted on X. “This is not even remotely open for debate.”
The Anti-Trump Camp
Mark Cuban
Angel investor and television personality
The Shark Tank celebrity and billionaire investor has backed a suite of crypto projects, including OpenSea, Polygon, and Arbitrum.
Cuban once said he’d support Biden even on his deathbed, and dismissed Trump as a “snake oil salesperson.”
Now, after the president’s poorly received debate performance in June, he said it’s worth considering a replacement for the Democratic Party’s nomination.
Anthony Scaramucci
Founder of SkyBridge Capital and SALT Conference
Scaramucci, a hedge fund manager and Goldman Sachs alum, went big on crypto several years ago and forged a tight relationship with Sam Bankman-Fried and FTX.
After serving as Trump’s White House communications director for just 10 days, Scaramucci now opposes his former boss and urged voters to support Biden. The former Republican party member said a second Trump term would usher in a “dystopian” era ruled by “anarcho-Christian nationalists.”
He recently sidestepped a question on whether he thinks Biden should step down. But he did say he will support any Democrat over Trump.
Mike Novogratz
CEO of Galaxy Digital
Known as ‘Novo,’ the billionaire CEO of the crypto titan Galaxy Digital, is a registered Democrat and has expressed optimism that the Biden Administration is shifting its hard line on the crypto industry.
Since Biden’s debate performance, he has called for the president to step aside as the Democratic Party’s nominee.
He is one of a number of donors who have contributed $2 million to candidates in the party who have urged the current president to resign. ”End the gerontocracy,” he posted on X.
Ben Weiss is a Dubai Correspondent at DL News. Got a tip? Email him at bweiss@dlnews.com.
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