Source: New York Times
Compiled and organized: BitpushNews
Just over a year ago, in a lavish conference room at Mar-a-Lago, David Bailey and a group of Bitcoin executives pitched Bitcoin to Donald Trump.
They are looking for a 'savior.'
For years, cryptocurrency companies faced severe crackdowns in Washington, D.C. — a series of lawsuits, regulatory attacks, and prosecutions threatening the industry's survival. Mr. Trump was not an obvious sympathizer, having once dismissed Bitcoin as a "scam." However, he welcomed these executives to his private club in Florida as the industry suddenly caught his attention. At that time, Bailey was mobilizing crypto investors to vote for Trump and calling on his colleagues to raise $100 million for the election.
At Mar-a-Lago, Mr. Bailey brought representatives from several large Bitcoin mining companies — an industry known for its huge energy consumption, which has raised noise complaints and environmental concerns.
They pitched the economic benefits of Bitcoin to Trump, then made a bold request: could Mr. Trump post a supportive message on his social media site?
According to a copy of the meeting agenda reviewed by the New York Times, the proposed wording was listed at the bottom of the agenda's bullet points. Mr. Bailey, who runs the digital currency company BTC Inc., recalled in an interview that Trump said he would 'consider it,' 'we have no idea if this will happen.'
That night, Trump posted on Truth Social a message identical to what the executives had proposed: "We want all remaining Bitcoin to be made in the USA!!! This will help us achieve energy dominance!!!"
This post represents one of the earliest successes in a high-stakes lobbying effort within the cryptocurrency industry. This campaign poured massive funds into Trump and yielded substantial returns.
Since Trump's election, the price of Bitcoin has skyrocketed to over $100,000, allowing executives who supported his campaign to make huge profits. Crypto advocates, who were sidelined during the Biden administration, now find themselves surprisingly close to the Trump White House, which has quickly lifted regulatory crackdowns on the industry. The U.S. federal government has also adopted comprehensive pro-crypto policies that could upend the financial system in America for decades to come.
All of this stems from one of the fiercest lobbying battles in recent history.
For months, industry executives, professional lobbyists, campaign staff, and Trump's business partners and family members meticulously orchestrated a decentralized but remarkably effective 'influence operation' that transformed Trump from an outspoken Bitcoin skeptic into one of the cryptocurrency sector's most important supporters.
This influence operation, while legal, also appeared unusually prominent by Washington's standards, combining the president's personal interests with the strategies long used by corporate lobbyists.
Maxine Waters, the top Democrat on the House Financial Services Committee, stated in an interview: "Nothing compares to what I see right now. The scale of funding is just unimaginable."
White House spokesperson Harrison Fields stated in a release that the Trump administration is 'fulfilling the president's promise to make the U.S. a global crypto hub by promoting innovation and economic opportunity.'
Many of Trump's allies emphasize that he has always been willing to listen to various viewpoints — but the final significant decisions are made by him alone.
"No one can convince Trump, except Trump himself," Bailey said.
Diving into the 'orange pill' camp: From 'scam' to 'modern art or whatever'
Donald J. Trump, persuaded by longtime business partner Bill Zanker, launched a series of Trump-branded non-fungible tokens in 2022. These NFTs sold out almost immediately.
Crypto enthusiasts have a term for the process of turning Bitcoin skeptics into believers; they call it 'orange pilling', referring to Bitcoin's signature color and a plot point from the 1999 film The Matrix.
Trump is a major target.
In the past, he referred to cryptocurrency as 'not money' and a 'house of cards.' But the president's views on many topics are famously flexible. Crypto supporters just need to find the right information and the right messenger.
Trump's attitude towards cryptocurrency began to soften after he engaged with his longtime business partner Bill Zanker.
In the 1980s, Mr. Zanker founded a for-profit education company, Learning Annex, that offered lectures on how to succeed in life and business by celebrities including Trump. Mr. Zanker later co-authored a book with Trump and ventured into various other investments, including selling massage services and fitness equipment.
By 2022, Mr. Zanker had rebranded himself as a cryptocurrency entrepreneur, pitching Trump a series of non-fungible tokens (NFTs) — collectible digital images based on blockchain technology, similar to baseball cards in the internet age. Each image features a cartoonish Trump dressed as an astronaut, cowboy, or superhero. Zanker told him these NFTs could generate up to $100 million in revenue.
These NFTs went on sale in December 2022 and were marketed as 'Trump Digital Trading Cards', selling out almost immediately. (According to a financial disclosure document submitted last year covering the first few months of 2023 and 2024, Trump earned over $7 million from NFT sales.)
About a year after the initial sale, in November 2023, crypto enthusiasts who purchased NFTs were invited to meet with Trump at Mar-a-Lago. This was a pivotal moment in Trump's transformation and his first time promoting crypto investment to a group of supporters.
For years, Zanker collaborated with Trump in various business areas, and by 2022, he had transformed himself into a cryptocurrency entrepreneur.
According to audio obtained by the New York Times, while speaking to guests, Trump, then still a 'former president', seemed uncertain how to describe the peculiar new financial product he was promoting — "modern art or whatever," he said. But he was confident he was making a lot of money from these images sold at $99 each.
"They sold out in less than a day," Trump said. "I could have sold them for $199, $299, $399, $499."
In early May 2024, Trump held another event for NFT holders at Mar-a-Lago, as the presidential campaign was intensifying. During a free Q&A session, a guest asked Trump if supporters could donate to the campaign using digital currency. According to a recording obtained by the New York Times, Trump sounded somewhat uncertain but made a promise.
"If not," he replied, "I will definitely make sure you can."
About two weeks later, Trump's campaign team officially announced the policy: they would accept cryptocurrency donations.
The 'courtship' during the campaign: The crypto industry seeks political allies
Trump's Mar-a-Lago, where countless meetings and fundraising dinners have attracted numerous cryptocurrency executives. Credit… The crypto industry needs more than just the next president to accept their money. Executives are looking for a political advocate.
The cryptocurrency industry needs the next president to do more than just accept their money; executives are looking for a political leader.
During Joe Biden's term, the SEC filed lawsuits against several major crypto companies, triggering years of courtroom battles. Massachusetts Democratic Senator Elizabeth Warren convened an influential group of lawmakers who viewed cryptocurrency as fundamentally dangerous to the economy. Requests made to Biden's campaign team by the industry largely went unanswered.
Thus, in early 2024, a small group of crypto executives began to 'court' Trump.
Here are key figures who significantly influenced cryptocurrency policy during Donald Trump's presidency and campaign:
David Bailey
Identity: CEO of BTC Inc.
Role: An active Bitcoin advocate who organized large industry conferences and successfully facilitated Trump's supportive post on Truth Social about Bitcoin mining.
David Sacks
Identity: Silicon Valley venture capitalist, White House A.I. and Crypto Czar
Role: The primary figure responsible for technology policy in the Trump administration, appointed as 'A.I. and Crypto Czar'.
Brad Garlinghouse
Identity: Ripple CEO
Role: Head of Ripple, actively lobbying the Trump administration to include XRP in the national crypto reserve.
Stuart Alderoty
Identity: Ripple Chief Legal Officer
Role: A key figure at Ripple, involved in lobbying Trump alongside Brad Garlinghouse.
Charles Hoskinson
Identity: Founder of Input Output
Role: A prominent crypto executive who, despite having had a meeting with Trump canceled for reasons, still attempts to influence crypto legislation and policy.
Paul Manafort
Identity: Former campaign chairman for Trump
Role: As a longtime ally and advisor to Trump, helping connect cryptocurrency professionals with Trump.
Bill Zanker
Identity: Longtime business partner of Trump
Role: Successfully persuaded Trump to launch the NFT series, being an early proponent of Trump's engagement with cryptocurrency and its business potential.
Tracy Hoyos-López
Identity: Bitcoin advocate, former prosecutor
Role: Having a personal network, working closely with David Bailey to help him connect with Trump's team.
Brian Ballard
Identity: Major Trump fundraiser and lobbyist
Role: Through his lobbying firm and fundraising network, connects cryptocurrency companies with the Trump administration.
Reince Priebus
Identity: Former White House Chief of Staff
Role: An influential figure in Trump's circle, providing consulting and assistance to the cryptocurrency industry.
Eric Trump
Identity: Trump's second son
Role: A family member of Trump, involved in the family's crypto business activities, such as World Liberty Financial.
In this effort, Mr. Bailey took the lead, organizing one of the industry's largest company meetings. He worked closely with Tracy Hoyos-López, a Bitcoin advocate and former prosecutor with valuable personal connections: her father is a friend of Paul Manafort, the chairman of Trump's 2016 campaign.
Mr. Manafort helped Bailey arrange the first meeting with Trump at Trump Tower in May 2024.
"Paul saw a political opportunity," Mr. Bailey said. "He is a strong supporter of Bitcoin."
At the time, Trump was undergoing his criminal trial in Manhattan, involving illegal campaign contributions, and arrived at Trump Tower after a long day in court.
Accompanying Mr. Bailey were three other cryptocurrency advocates. They believe that crypto investors could become an important voting bloc, comparable to supporters of the gun industry. They also pointed out that Ms. Warren is one of their industry's main opponents.
Mr. Bailey said he had shown a chart that displayed the rise in Bitcoin's price during Trump's first term. He called it the 'Trump Pump.'
Mr. Bailey recalled that Trump happily repeated the word.
Five days later, Trump spoke at the Libertarian National Convention, promising to "stop Joe Biden's crackdown on cryptocurrency" and "keep Elizabeth Warren and her cohorts away from your Bitcoin."
Soon, millions of dollars in crypto funding began flowing into Trump's campaign.
Founders of Kraken and Gemini, both of which were sued by the SEC, donated over $1 million to groups supporting Trump. In June, venture capitalist David Sacks hosted a fundraising event for Trump at his home in San Francisco, where the candidate dined with a group of executives, including a senior lawyer from Coinbase, the largest U.S. exchange (another SEC target).
David Bailey, CEO of digital currency company BTC Inc., successfully persuaded Trump to post on Truth Social expressing support for Bitcoin mining. Credit…
Mr. Bailey is also actively seeking support. He arranged for Bitcoin mining executives to visit Mar-a-Lago in June and stated that he had raised $30 million to support Trump's campaign efforts.
More importantly, he ensured that Trump could attend the annual Bitcoin conference held in Nashville as a keynote speaker. This event, organized by Mr. Bailey's company, is expected to gather tens of thousands of crypto enthusiasts — an enticing potential supporter base.
Two weeks before the speech, Trump survived an assassination attempt at a campaign rally in Butler, Pennsylvania, where he was shot in the ear. But he didn’t waver, keeping his promise to the Bitcoin faithful.
"He made sure his team called us to let us know that no matter what — even if the sky fell — he would attend the meeting," Hoyos-López said this year on a crypto podcast.
As the conference approached, Mr. Bailey learned that Wyoming Republican Senator and longtime crypto advocate Cynthia Lummis planned to introduce a bill calling for the establishment of a national Bitcoin reserve, akin to a 'Fort Knox' for the digital age.
Mr. Bailey found this very interesting. A federal reserve would grant government recognition to this long-ignored industry, elevating Bitcoin to the status of strategic assets like gold and oil. He requested Trump's campaign team to endorse this proposal.
Trump delivered once again.
In front of thousands of cheering supporters in Nashville, he promised to establish a 'strategic national Bitcoin reserve.'
Trump claimed: "I will be the pro-innovation, pro-Bitcoin president that America needs."
The 'scramble' after victory: Power games in the White House crypto circle
If Trump's 'orange pilling' began with behind-the-scenes influence operations during his presidential campaign, it became a public performance after his victory in November.
Less than a month after being elected, Trump chose David Sacks as his 'A.I. and Crypto Czar', responsible for managing the government's technology policy.
But almost every figure in the crypto world is vying for a direct opportunity to enter the White House. Crypto companies and their executives spent $9.9 million lobbying in the first three months of 2025.
Days after Trump's inauguration, Coinbase, which donated $1 million to the inaugural fund, announced the appointment of Chris LaCivita, a senior official from Trump's campaign team, to its global advisory board. According to three people familiar with the industry, Paul Manafort, who was convicted in 2018 on charges related to foreign lobbying and later pardoned by Trump, began advising crypto interests on how to navigate the president's circle.
Arguably, the most active Trump 'pursuer' is Ripple, a cryptocurrency company that has fought the SEC in court for years over cross-border payment services.
In January, Ripple donated nearly $5 million to Trump's inaugural committee — the second-largest donation received by that committee.
Brad Garlinghouse, CEO of cryptocurrency company Ripple (left). Ripple donated nearly $5 million to Trump's inaugural committee — the second-largest donation it received — and spent $400,000 on lobbying in the first three months of this year. Credit...
In the first three months of 2025, Ripple spent another $400,000 on lobbying, most of which went to two companies closely connected to Trump: Ballard Partners, run by major Trump fundraiser Brian Ballard; and Michael Best Strategies, whose advisory board includes Mr. LaCivita and former White House Chief of Staff Reince Priebus.
In a January interview, Ripple CEO Brad Garlinghouse told the New York Times that he had encouraged Trump and his advisors to expand the initial Bitcoin reserve proposal presented in Nashville. He hoped the U.S. would hold other types of cryptocurrencies, including Ripple's flagship token XRP.
Ripple executives heavily promoted their dinner with Trump on social media, posting photos with the elected president. "The beef bourguignon was delicious," Ripple Chief Legal Officer Stuart Alderoty wrote.
Some industry colleagues of Ripple, such as prominent cryptocurrency executive Charles Hoskinson, were outraged by the significant funds the company spent to establish influence.
Some industry peers expressed dissatisfaction.
Prominent crypto executive Charles Hoskinson mocked Ripple's executives. He wrote on social media that they 'spent $5 million to dine with Trump,' referring to Ripple's hefty donation to the inaugural committee.
Mr. Hoskinson has his own policy agenda. His company, Input Output Global, donated $250,000 to Trump's inaugural committee, and he is eager to shape crypto legislation on Capitol Hill.
After the inauguration, Mr. Hoskinson paid $1 million to a political action committee allied with Trump to attend another fundraising dinner at Mar-a-Lago.
But en route to an event on March 1, he received some surprising news. His invitation was canceled. He was told that there were issues with the Secret Service background check.
Mr. Hoskinson received a refund. However, he stated in an interview that he was still waiting for a complete explanation of what happened.
Mr. Hoskinson said that Ms. O'Rourke, who organized the dinner, provided a possible explanation. She told his staff that the issue might lie with his previous remarks about Ripple.
"I made a promise"
In March, Trump hosted a digital assets summit at the White House with his 'A.I. and Crypto Czar' David Sacks and other government officials and tech executives.
That dinner became a golden opportunity for Ripple.
Attendees included some who had dined with Trump in January, including Ripple's Mr. Alderoty and advisor Ms. Nocco.
As a frequent attendee of Trump's fundraising events, Nocco is married to a Florida county sheriff with good relations with Trump and maintains a warm relationship with him, being affectionately referred to by Trump as 'the sheriff's wife.'
According to six informed sources who requested anonymity, on one night in March, Nocco proposed to the president to include Ripple's XRP in the reserve, noting that the company had generously supported him.
Trump listened to her request.
The morning after dinner, he wrote on Truth Social that he had instructed a presidential task force to "advance the crypto strategic reserve" plan, which would include XRP, as well as two other digital currencies — one related to Mr. Hoskinson's company (although his invitation was canceled), and the other related to Solana Labs.
This news shocked the crypto industry. The coins listed by Trump were not viewed as being on par with Bitcoin. It was like placing a pile of copper coins next to gold bars in Fort Knox.
Hoskinson and a co-founder of Solana Labs quickly distanced themselves from this idea. Ripple's spokesperson did not respond to a request for comment.
Almost immediately, Trump was besieged by allies and advisors who told him he had been manipulated by the Ballard advisor working for Ripple, four informed sources revealed. Ripple's XRP price surged by 33% — a fact that his aides pointed out to him. (Some details of this incident were previously reported by Politico.)
Amid strong opposition behind the scenes, crypto Czar Mr. Sacks posted on X that Trump was planning to establish a reserve that included "Bitcoin and other top cryptocurrencies," consistent with his campaign promises.
Three minutes later, Trump amended his original post to expand the list of coins to include Bitcoin and Ethereum (the second most valuable digital currency).
He wrote: "I also love Bitcoin and Ethereum!"
The direct beneficiary of this update is his family's crypto company World Liberty Financial. The company recently bought a large amount of Ethereum, which increased in value by $33 million after the president's announcement.
Despite this, Trump felt he was being used and told aides he did not want Ballard or his team to participate in any fundraising activities again, two informed sources said. Ballard later met with Trump at the White House to mend relations and has since appeared at some events with Trump.
Ultimately, the reserve program took a more moderate form
On March 6, Trump issued an executive order establishing a federal reserve that includes Bitcoin obtained through legal seizures by the government, promising to consider acquiring more Bitcoin in the future.
Trump reviewed documents in the Oval Office, with Mr. Sacks beside him.
"Is this something you fully believe in?" the president asked.
"One hundred percent believe," Sacks replied.
"And I made a promise, right?" Trump asked again.
"Of course," Sacks replied.
Trump immediately signed this order.
