Former Treasury Secretary Steven Mnuchin played a key role in blocking former President Donald Trump’s attempt to ban Bitcoin in 2020. This revelation comes from Mike Brock, the CEO of TBD, a division of Jack Dorsey’s fintech firm Block Inc. According to Brock, Mnuchin and a group of administration officials slowed down Trump’s efforts to ban Bitcoin to protect American competitiveness and innovation.
During his presidency, Trump was openly critical of digital assets, stating that he was not a fan of Bitcoin and other cryptocurrencies, which he believed were not real money and had volatile values based on thin air. Despite this, Trump is now seeking support from the crypto community for his re-election bid.
While some influential figures in the industry, such as Messari CEO Ryan Selkis and Ark Invest CEO Cathie Wood, have shown support for Trump, skeptics like Brock remain wary. Brock believes that Trump’s newfound interest in crypto is merely a strategic move to gain fundraising and support from the industry, rather than a genuine belief in its potential.
In contrast to those who have backed Trump, Arthur Hayes, the co-founder of the BitMEX exchange, has expressed skepticism about Trump’s pro-crypto stance. Hayes warned that Trump’s current support for the industry may be insincere, and once in office, he may neglect or even oppose crypto-related initiatives.
As the November elections approach, there is a growing awareness within the crypto community about the importance of supporting candidates who genuinely support the industry. Ethereum co-founder Vitalik Buterin recently cautioned voters against backing candidates who make empty promises regarding crypto policies.
Overall, Mnuchin’s intervention in blocking Trump’s Bitcoin ban highlights the complex relationship between politics and cryptocurrency. While Trump is now embracing the industry for political gain, there are concerns about the sincerity of his support and the potential impact on the future of crypto regulation in the United States. It remains to be seen how these dynamics will play out leading up to the election and beyond.