Trump meets with top miners: Ensure the key Bitcoin industry stays in the U.S
The cryptocurrency circle has become an important financial backer in the election.Author: Chloe, PANews
On June 12, former U.S. President Trump posted on Truth Social expressing his desire for the remaining Bitcoin to be mined within the United States. Trump mentioned in his post that this initiative aims to ensure that the critical Bitcoin industry remains in the U.S. to strengthen the nation's control over cryptocurrency and its economic influence.
Presidential Roundtable on Bitcoin Mining
According to Matthew Schultz, executive chairman of Bitcoin mining company CleanSpark Inc., several representatives from the Bitcoin mining industry met with former President Trump at Mar-a-Lago on Tuesday evening. Schultz stated that Trump told attendees he likes and understands cryptocurrency, adding that Bitcoin miners help stabilize the energy supply for the power grid. Schultz also mentioned that Trump said he would advocate for miners at the White House.
This meeting, referred to as the "Presidential Roundtable on Bitcoin Mining," included attendees from publicly traded Bitcoin mining companies CleanSpark and Riot Platforms, as well as Marathon Digital and other prominent industry participants. Key figures included S. Matthew Schultz from CleanSpark, Jason Les and Brian Morgenstern from Riot Platforms, CFO Salman Khan from Marathon Digital, and Amanda Fabiano from Fabiano Consulting (former Galaxy mining executive and Fidelity director).
Several attendees also shared photos with Trump.
"I just met a person who really likes Bitcoin and appreciates what CleanSpark is doing in Georgia, Mississippi, and Wyoming," S. Matthew Schultz wrote on the X platform.
"I had a super awesome meeting with former President Trump, discussing Bitcoin and America's energy advantages!" Jason Les from Riot Platforms stated.
Shift in Attitude Towards "Bitcoin," Crypto Circle Becomes Important Donor in Elections
The timing of this meeting coincides with strong opposition against cryptocurrency miners due to a series of issues, including climate change and their impact on local power grids. Previously, Democrats have been pushing for reviews of Bitcoin miners' energy consumption and carbon emissions. Not only have they criticized Bitcoin miners, but they are also working to strengthen regulations and impose restrictions.
At the same time, the cryptocurrency industry continues to strive to support candidates who are optimistic about digital assets by providing more donations to the Super PAC Fairshake. (Related reading: How the crypto industry influences the U.S. elections, an overview of the Super PAC Fairshake)
In May, at his NFT gala, Trump openly showcased his changed attitude towards the cryptocurrency industry and regulation (in 2019, Trump publicly stated on Twitter that he did not like Bitcoin and other cryptocurrencies because they are not money, their value is highly volatile, and they lack any substantial basis), revealing that his campaign team would begin accepting cryptocurrency donations. (Related reading: Trump "hitches a ride" on the crypto circle: Buy an NFT for $4,653 to participate in the gala, related MEME coins soar)
Additionally, he criticized current President Biden's tough stance on cryptocurrency, emphasizing that Biden does not understand cryptocurrency at all. Trump stated, "The future of cryptocurrency is in America, and it will not be driven overseas due to regulatory constraints," and he also publicly supports the self-custody rights of 50 million cryptocurrency holders in the U.S.
David Bailey, CEO of Bitcoin Magazine and cryptocurrency advisor to the Trump campaign, previously revealed that when he first met Trump, he asked whether Bitcoin could be used to address America's "$35 trillion national debt problem."
On the other hand, Biden's campaign team is drafting digital asset policy guidelines for members of the cryptocurrency industry. According to a report from The Block at the end of last month, sources told The Block that they noticed a significant "shift" in the Biden administration and campaign's stance, moving towards a more cryptocurrency-friendly approach and a willingness to delve deeper into digital assets and their community.
