Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Trump Family Launches ‘Defiant Ones’ Crypto Platform
Crypto and Politics | Aug 22, 2024
Image: Freepik
Donald Trump Jr. and Family Launch Crypto Platform the Defiant Ones
Today, on Trump's Truth Social platform, it was announced that the Trump family has launched a new crypto platform called the Defiant Ones. Led by Donald Trump Jr., the initiative reflects the family's increasing interest in crypto by promoting less regulation from the government and more freedom for people and companies. It seems the primary audience for the Defiant Ones is those seeking financial independence, which aligns with the Trump family's larger populist appeal.
From Crypto Critic to Advocate
Former U.S. president Donald Trump was once a vocal critical of Bitcoin, "it just seems like a scam. I don't like it because it's another currency competing against the dollar." but has since embraced crypto with his NFT initiatives, and 2024 political campaign around the narrative of loosening financial regulations, and strongly opposing the possibility of a U.S. Central Bank Digital Currency (CBDC) due to privacy and surveillance concerns. With Defiant Ones, the family is now fully engaged in the crypto space, and many conservative voters believe that the Trump family's influence within the sector will expand as Bitcoin's adoption and importance grows.
Kamala Harris and the Democrat's Approach to Crypto
Democratic Presidential Candidate Kamala Harris has signalled that her approach to crypto will be friendlier than Bidens (who has tightened rules in the sector), as senior advisors have communicated that she will be supportive of policies to nurture crypto industry growth.
See: Inside Federal Securities Laws and Crypto’s Tightrope
Organizations like Crypto4Harris, a grassroots network of crypto advocates and fundraisers advocating for a strategy that is more welcoming of innovation and receptive of digital assets, especially given her connections in Silicon Valley. Industry leaders are demanding less enforcement and more clarity in regulations yet it remains to be seen if the Democrats will formally adopt a more moderate stance towards crypto.
Crypto A Divisive 2024 Election Issue
Kamala Harris and the Democrats are under increasing pressure to make their positions clear as the Trump family grows their support among crypto advocates with the launch of the Defiant Ones. With crypto emerging as a key debate in the upcoming election, the way in which each side handles their approach will have a big impact on the way bitcoin legislation develops in the United States.
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