Unexpected moments can have surprising ripple effects. This was clearly illustrated when a pair of NFT builders of DeGods creator of the DeLabs project—founder Franc (aka Rohun Vora) and chief of staff Malcolm— visited Donald Trump’s Mar-a-Lago resort earlier this month for an event for Trump NFT holders, and went viral for asking the former president a crypto-related question.
The exchange not only captivated audiences online, but also convinced some industry observers that they helped influence the broader discourse on crypto regulation during the 2024 election cycle and transformed Malcolm , wearing MOG sunglasses, as a sort of crypto folk hero.
Of course, as he recently stated, potentially changing the course of US crypto policy was not the reason he was at the event. Decrypt. He was just there trying to film some fun content.
“It was a small group of about 70 to 100 people. We wanted to see if we could ask questions,” Malcolm said. However, in the moment he felt a lot of pressure due to the more serious nature of the crowd.
“There were a lot of people in private equity, venture capitalists, so a lot of our funniest, viral ideas went out the window,” he said. “But there was a question-and-answer portion, and the moment felt organic to me – and what came to mind was a question of regulatory clarity.”
Malcolm raised his hand. Trump pointed his way: “You, with your glasses. »
“Many of the smartest people in crypto are moving their companies out of the United States because they’re afraid of regulations,” Malcolm began.
“Because of the hostility,” Trump interjected. “They are leaving the United States due to hostility towards crypto.”
When Malcolm asked Trump how he was going to stop this from happening, Trump responded, “Well, we’re going to stop that because I don’t want that.” If we want to accept it, we have to let them be here.
The crowd applauded. And after the event, the online crypto community buzzed with enthusiasm. Memes featuring Malcolm in his Pit Viper shades have circulated widely. Some even argued that this bold move by Frank and Malcolm highlighted the importance of clear regulatory guidelines and propelled the topic into mainstream political conversations.
Cryptocurrency has quickly become an important issue for voters. Donald Trump highlighted its importance this weekend in a speech to the Libertarian National Conventionstating: “I guarantee the future of cryptography and Bitcoin will be developed in the USA.”
He also supported the right to self-custody (i.e. holding cryptocurrencies privately in your own digital wallet) for the country’s 50 million cryptocurrency holders, and strongly opposed to the creation of a central bank digital currency (CBDC). Trump started accept cryptocurrency donations also towards his campaign last week.
Although it is difficult to measure the direct impact of the Trump NFT event and Malcolm’s political question, the timing was impeccable. Soon after, there were notable changes in the rhetoric surrounding crypto regulation among 2024 presidential candidates.
Recently, the House also passed the FIT-21 invoice, which will finally provide the first federal regulatory framework for digital assets. The Biden administration, perhaps due to pressure from Trump’s pro-crypto comments, has also softened on crypto by not threatening a veto of the bill, although he did so for another crypto bill earlier this month.
Even more urgently, the U.S. Securities and Exchange Commission (SEC) approved spot Ethereum ETFs last week in a policy shift, after months of increasingly bearish expectations that the regulator would deny them as part of its broader crackdown on crypto. Some cryptocurrency builders saw a clear connection between Malcom’s question and the SEC’s big move.
“The guy in the glasses completely reversed the fortunes of crypto in Washington,” Gemini co-founder Tyler Winklevoss tweeted after the ETF’s approval. “Well done sir.”
Frank, the founder of the DeGods and y00ts project, was not shocked by the magnitude of the impact of Trump’s comments.
“I’m not surprised at all that this has gone so viral,” he said. Decrypt. “Crypto natives desperately need politicians to take regulatory clarity seriously. Our livelihoods are at stake. Malcolm’s question really hit the nail on the head in expressing to Trump a major concern of the crypto community. It was incredible to watch and participate in.
Did a guy in MOG glasses asking the former president (and current presumptive Republican nominee) really change the course of crypto politics in the United States?
Maybe it was just a coincidence. But even if that were the case, their actions undeniably brought attention to the issue in a way that traditional lobbying efforts often fail to do. And it reveals a complex interplay between meme culture and regulatory influence, illustrating that sometimes the most serious conversations start with a little humor.
“I am in no way taking credit for the ETF or FIT-21,” Malcolm added. “This fight is much bigger than me. I just wanted to represent the younger crypto natives who often aren’t heard in these more “upper echelon” conversations.
Frank, a leading builder in the NFT world, reflected on the broader implications and what it means for the future, and said it has pushed him to take crypto regulation more seriously.
“You know, I’m really just in learning mode these days. I think the Trump event sparked a lot of personal curiosity and revealed a gap in my knowledge,” he said. “So far I haven’t spent much time reading about [regulation]– but I think DeGods, and Crypto Twitter in general, could play a much bigger role in all of this than we think. I would like to be more involved in making this happen.
Edited by Andrew Hayward
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