The end of last week saw big developments at the Bitcoin 2024 conference, as crypto continues to cross over more and more into the mainstream.
There were politicians present from the right, left, and independently, but the biggest political draw was of course Donald Trump, so let’s start with a roundup of takeaways from the Republican presidential nominee’s speech.
Here’s what’s in today’s issue:
- Sam shares his thoughts on the political speakers at Bitcoin 2024, Democrats sending a pro-crypto letter to the DNC, Cantor Fitzgerald planning a BTC financing platform & Drift Protocol’s prediction market on Solana.
- Week 24 crypto portfolio update.
- This week on chain.
- This week’s trending coins by Rebecca.
Trump Reinforces Crypto Commitments at Bitcoin 2024
So the Bitcoin 2024 conference is over, and headline speaker Donald Trump delivered his speech to a packed auditorium, but what exactly was his message and how was it received? Here’s what he pledged to do if he becomes president:
- Create a US strategic national bitcoin reserve (with the government to keep all BTC it currently holds).
- Fire Gary Gensler on day one and appoint a new SEC Chair (this got a wildly enthusiastic response so Trump said it twice).
- Shut down the anti-crypto Operation Choke Point 2.0.
- Appoint a bitcoin and crypto presidential advisory council to design regulatory guidance, to be done within 100 days.
- Extend dollar dominance through stablecoin adoption.
- Commute Silk Road creator Ross Ulbricht’s sentence to time served.
- Never introduce a US CBDC.
- Defend the right to crypto self-custody.
- Ensure that America is the global bitcoin and crypto leader.
And as for the negatives? Some criticisms include:
- Questions as to whether Trump fully appreciates bitcoin or is simply making the statements required to win over a single-issue voting block.
- Too many unrelated political points and attacks on opponents, possibly alienating some potential supporters.
When it comes down to it though, if Trump came across like a politician then, basically, it’s because he is a politician, and as free market economist Thomas Sowell once said, “there are no solutions, only trade offs”. And from that perspective, Trump has made some valuable policy offers to the crypto industry.
RFK’s Crypto Plan
Trump wasn’t the only presidential contender to speak at the conference, as independent candidate Robert F. Kennedy Jr also made an appearance. Like Trump, RFK is pro-bitcoin, and his crypto positions include plans to:
- Keep the government’s currently held BTC as a strategic asset.
- Direct the Treasury to purchase 550 BTC daily until there is a US reserve of at least 4 million BTC.
- Make transactions between BTC and the dollar unreportable and non-taxable.
- Make BTC an eligible asset for 1031 exchanges. This would mean BTC can be exchanged for real estate in a way that may allow capital gains taxes to be deferred.
Cynthia Lummis’ Bitcoin Bill
Republican Senator Cynthia Lummis is well known for her positive stance on crypto, and she also appeared on stage at the conference, where she held up her proposed Bitcoin Reserve Bill. She then read from the document, which details ambitions for a national Bitcoin Strategic Reserve, with the aim of setting up a purchase program to acquire…
