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GEOFF BENNETT: This weekend, crypto# currency’s largest annual conference## took place in Nashville, Tennessee.
It# was a gathering of leaders, celebrities,## tech industry insiders, and crypto enthusiasts.
But former President Trump and independent# presidential candidate Robert F. Kennedy## Jr. spoke in favor of boosting# crypto during their remarks there.
As William Brangham tells us, those speeches# may be aimed at getting support this fall## from tech leaders and start-ups, who# have a growing voice on these issues.
WILLIAM BRANGHAM: That’s right, Geoff.
The incredible rise of Bitcoin .. of megadonors that voters and presidential# candidates are now trying to win over.
Former## President Trump, who initially denounced# cryptocurrency as — quote — “highly## volatile and based on thin air” back in# 2019, reversed himself in his speech to## the conference last Saturday by promising to# make the U.S. the crypto capital of the world.
DONALD TRUMP: If crypto is going to# define the future, I want to be mined,## minted and made in the USA.
It’s going to# be.
It’s not going to be made anywhere else.
DONALD TRUMP: And if Bitcoin is# going to the moon, as we say,## is going to the moon, I want America# to be the nation that leads the way.## And that’s what’s going to happen.
No,# you’re going to be very happy with me.
WILLIAM BRANGHAM: Joining me now to discuss the## ramifications of all of this is David# Yaffe-Bellany from The.. David, thank you so much for being here.
Help set the table for us for people who have# not been following us — this that closely.## Remind us of where crypto was after its big fall# and now it’s sort of resurged in the marketplace.
DAVID YAFFE-BELLANY, The New York Times: The# last time most ordinary people tuned into the## crypto industry, top executives were going# to prison.
The market was in freefall.
And## a lot of these kind of risky investments had# been widely dismissed as worthless or scams.
But a lot has changed since then.
In January,# the federal government approved a new investment## product that’s tied to the price of Bitcoin.
And# when that product started trading, it kind of## opened up access to the crypto market to a whole# lot of people who hadn’t invested in it before.
And, as a result, the price of Bitcoin# surged.
It reached its record high a few## months ago.
And the prices of some of the# other big crypto tokens have followed suit.
And so the industry is in a much healthier state## today than it has been for# the last couple of years.
WILLIAM BRANGHAM: So, as we just heard, the former# President Trump made this very explicit pitch to## the crypto world, saying, I might have been# a skeptic before, but now I’m in full-bore.
What is his pitch?
And why is this happening now?
DAVID YAFFE-BELLANY: Look, the crypto# industry is furious about the way that## it’s been treated by the federal government.# The Securities and Exchange Commission has## embarked on a pretty aggressive# crackdown on crypto companies,## a crackdown so severe that it’s# essentially an existential threat.
It could drive the industry out of the United# States if it’s successful.
And so the embrace## of Trump is really a response to that.
And# a cynical reading of this is that Trump is## kind of opportunistically seizing on what’s# happening under the current administration,## seeing an opportunity to attract donor# dollars from the crypto industry.
And sort of that’s why he’s making this# pitch, promising that he’s going to## turn the U.S. into a kind of inviting# sort of capital for crypto companies,## rather than the sort of aggressive cop on the# beat that it’s been over the last couple of years.
WILLIAM BRANGHAM: Let’s talk about# that cop on the beat currently.## That’s the Biden administration’s cop# on the beat.
What is it that they’re## doing and what is their argument about# why they need to be such a tough cop?
So, the leader of this push is the chair of the# SEC, Gary Gensler.
And the argument that he has## made over and over is that most cryptocurrencies# are essentially securities, which is to say that## they’re just like stocks and bonds that are# traded on Wall Street, and that they ought to## be regulated as such, and that crypto companies# should have to make all the sorts of disclosures## and follow all the same rules as people who# offer those traditional investment products.
That is a legal argument that the crypto# industry hates.
They’re fighting back against it,## saying that if the SEC beats them in# the courts on this issue, then they## will be driven out of the United States.# So that’s sort of the crux of the debate.
And Trump went in front of a crowd of# Bitcoin supporters over the weekend and said,## one of my first acts as president# will be to fire Gary Gensler.
And## it got probably the biggest cheer of the day.
WILLIAM BRANGHAM: So do we know what Vice# President Kamala Harris might do if she were## elected?
Is it safe to say she would just continue# the Biden administration’s current approach?
DAVID YAFFE-BELLANY: It’s hard to say# for sure.
She hasn’t said a ton publicly## about her views on crypto, but obviously# she’s part of the current administration.
And so a lot of crypto insiders are kind of# assuming that, if she wins, it’ll be more of the## same that they saw under the Biden administration.# With that said, both the Biden campaign and now## the Harris campaign have extended something of# an olive branch to crypto companies, sort of## invited them to come to the table and sort of talk# about the policy changes they would like to see.
But the reaction among crypto executives# has been pretty skeptical.
Essentially,## it’s been, your talk means nothing to# us.
We have seen what you have done## over the last four years and,# frankly, we don’t trust you.
WILLIAM BRANGHAM: We’re talking about# crypto here, but there has been in the## broader tech world, as well as in the# V.C.
world, the venture capital world,## the seeming move towards Trump and# supporting Republican candidates.
Is that all about this concern over# too strict enforcement, as they see it?
DAVID YAFFE-BELLANY: That’s really# probably the key part of this.
Even## tech people who aren’t directly involved in# the crypto industry sort of see what’s going## on and say this is an administration# that’s cracking down on innovation.
And there’s a fear that there might be a# crackdown on the A.I.
companies that are## proliferating now.
And so that’s a lot# of what’s driving the kind of rightward## shift of the Silicon Valley elite toward# Trump.
But there are other factors as well.
A lot of these top figures in the tech world have## kind of bought into concerns about# cancel culture and wokeness run amok.## And so there are some of those kind of# cultural issues at play here as well.
WILLIAM BRANGHAM: And I’m sure it’s also# true that billionaires like tax cuts,## which Donald Trump is promising more of as well.
DAVID YAFFE-BELLANY: That’s for sure.
WILLIAM BRANGHAM: David Yaffe-Bellany of.. DAVID YAFFE-BELLANY: Thank you.
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