Bloomberg Audio Studios, podcasts, radio news.
Let's keep a conversation going as the US election looms. Bloomberg's out today with a big take on Trump's own journey with crypto, going from skeptic to bitcoin cheerleader. I'm delighted to bring in Kristen Smith, CEO of the Blockchain Association and DC Based Trade Association. You represent around one hundred of the industry's leading companies and you're quoted in
that big take. But for me, that's the story. It wasn't so long ago that former President Trump was talking about that the criminality associated with crypto and blockchain, his doubts about it, to now being all out. Has that changed the tide for your industry.
Well, nobody ever goes from being pro crypto to anti crypto. It's only the other way around. And I think that's what we saw with Donald Trump, and it's what we're seeing with folks on both sides of the aisle, both your in Congress today and who are running for Congress right now.
And I think the reason for that is.
That when you don't know a whole lot about crypto, you often have misconceptions about what is used for or how it works. But as you gain that knowledge and you begin to understand the power of decentralized technology, you realize what tens of millions of Americans know is that this is something that could be the foundation for a new financial services system or an alternative to the big tech ecosystem in a way that is better for users and consumers.
And so there's a real reason that people like this.
And what we've seen as a result of this is it's translating into the elections. The crypto voter is real, and the crypto advocate is strong, and I think that this is something we're going to continue to see talked about heading into the elections as fall.
Christ and we mentioned it, but I want to actually play the SoundBite. This is former President Trump talking about the SEC and Gary Againstlam. I will fire Gary Gensler, who will appoint a new SEC chairman who believes America should build the future, not block the future. Caban taking office, I will immediately appoint a Bitcoin and Crypto Presidential Advisory Council. What is the Blockchain Association and the groups that you represent? Reaction to that statement.
I think people are incredibly excited by that that statement. You know, We have had, both at the Blockchain Association and within our member companies a lot of outreach over the past couple of years to the SEC to try to have a reasonable conversation about how to bring regulation
to this space. And as a result, Gensler has just come back with enforcement action after enforcement action and is costing the industry hundreds of millions, if not over a billion dollars in legal fees just to deal with challenges from the SEC. Right now, this is absolutely ridiculous. Isn't how things should be done, and people are angry, and so I think people are very excited that Trump has
come out this strong. I think what's interesting is we're also hearing a lot of conversations on the Democratic side of the isle. We have had I believe fourteen members of Congress wrote a letter to the DNC urging them to include something pro crypto in the platform. And there's a lot of outreach to the new nominee or presumptive nominee. I guess I should say, on the Democratic side, Harris to see if she can come out and do something
pro crypto as well. So this isn't a partisan issue, but I would say Trump had a very strong showing over the weekend, and people were incredibly encouraged by the acknowledgment of the difficult time that we've had over the past three and a half years of.
Gary Gensler Christen On, the vice president, that had been reported she'd also considered appearing out or speaking at Bitcoin twenty twenty four and then did not do so. Has the Blockchain Association had any conversation or agement with her campaign team and would you hope to do so?
We absolutely hope to do so.
We have outreached both to her government team and her campaign team right now, and I know she's had conversations with some of the leaders within the industry already, and so I think there's a lot of hope. I think what's really interesting is typically when Donald Trump comes out in support of a policy, the Democratic Party runs the other way.
But what we're seeing.
Here is a competition for which party can gain that
valuable crypto voter. There's a poll from a couple months ago, but I think it's still relevant that one in five voters in swing states considers cryptocurrency an important issue heading into the election this fall, and I think that both sides are seeing those numbers and that there's a realization that there's no upside to being anti crypto, that really both parties need to be thoughtful about how to approach this so that we can get the right policy in place,
so that those voters will go to the polls, but more importantly, that we'll be able to keep the industry and the community thriving here in.
The United States.
Bristin Smith, CEO of the Blockchain Association, thank you.