Trump allies aided in his White House reclamation, and benefits have arrived promptly.
Fresh Take:
In early 2024, Bitcoin investor and advocate David Bailey pitched the idea of cryptocurrency endorsement to Donald Trump's campaign. However, despite Trump pledging to make the US a crypto haven and the industry shelling out millions in support, Bailey remained skeptical, fearing the commitment might be short-lived.
Fast forward to Trump's second term, and he's flipped the federal government's skeptical stance on cryptocurrency altogether – signing an executive order directing the Federal Reserve to hold Bitcoin, a move long sought by crypto advocates.
"If a year ago you put me into hypnosis and said, 'Describe to me your deepest dreams of what could happen,' this would be straight-up fantasy," Bailey marveled, touting his Bitcoin conference where Trump first declared his pro-crypto stance. "I never would have believed it could happen."
Trump's re-election victory was due in part to his unconventional coalition building strategy, which courted often overlooked groups, like crypto enthusiasts, with policy promises tailored to specific audiences.
For instance, the Lumbee Tribe in North Carolina, historically voting Democrat, shifted their allegiance after Trump's persistent efforts for years, culminating in his promise to grant the tribe federal recognition. Three days into his term, Trump signed a memorandum declaring it US policy "to support the full federal recognition" of the Lumbee Tribe.
The strategy proved fruitful, securing impressive victories previously unheard of for Republican candidates. Trump's presidential bid got a significant boost from union workers, with 45% of union households voting for him, according to a CNN exit poll – a remarkable feat for a GOP candidate.
Teamsters President Sean O'Brien, after advocating for Lori Chavez-DeRemer to lead the Department of Labor during a visit to Mar-a-Lago, succeeded in gaining Trump's nomination for the role. Chavez-DeRemer was confirmed earlier this month.
Amid the outreach, O'Brien's calculated risk proved worthwhile, solidifying the Teamsters as "one of the most influential unions in the country."
Donald Trump's early actions to appease key constituencies come as his administration prepares to rally these unconventional coalition members for the midterm elections next year. However, it remains uncertain if these elected groups can be convinced of the need for Republican majorities in Congress.
His crypto venture, initially a vocal opponent, is now a reality, spearheaded by Trump's sons. A day after his inauguration, Trump fulfilled his pledge to pardon Ross Ulbricht, the founder of an illicit online market called Silk Road, and Kennedy was tapped to lead the Department of Health and Human Services.
While Trump's pro-crypto stance has been largely appreciated by the crypto community, it has also drawn some criticism, including monetary interests conflicts and concerns about legal pitfalls. Still, Bailey maintains that Trump has succeeded in making the political class take the crypto community seriously.
In fact, federal recognition is still elusive for the Lumbee Tribe, who need an act of Congress to access federal benefits. Lowery remains "cautiously optimistic" Trump can champion a legislative push, but if Republicans fail to deliver, the Lumbee voters might swing back to the Democrats.
In the words of Lowery, "You've got to remember us, and you can't take us for granted."
- David Bailey, recalling Trump's Bitcoin conference, admitted that the cryptocurrency advocate never thought Trump's pro-crypto stance would become a reality.
- Despite some criticism and lingering concerns, Bailey asserted that Trump's pro-crypto stance has managed to make the political class take the cryptocurrency community seriously.
- In the midst of Trump's efforts to rally unconventional coalition members for the midterm elections, the status of federal recognition for the Lumbee Tribe remains uncertain, with Lowery hinting that the voters might swing back to the Democrats if Republicans fail to deliver.
