Original Title: The “Trump Pump”: How Crypto Lobbying Won Over a President

Original Source: David Yaffe-Bellany, Kenneth P. Vogel, The New York Times

Original Translation: 比推 Bitpush

Just over a year ago, in a lavish meeting room at Mar-a-Lago, David Bailey and a group of Bitcoin executives pitched Bitcoin to Donald J. Trump. They were looking for a “savior”.

For years, cryptocurrency companies had faced harsh scrutiny in Washington, D.C. — a series of lawsuits, regulatory attacks, and prosecutions that threatened 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 Florida private club because the industry had suddenly caught his eye. Bailey was at the time rallying crypto investors to vote for Trump and urging his colleagues to raise $1 billion for the election.

At Mar-a-Lago, Mr. Bailey brought representatives from several large Bitcoin mining companies — an energy-intensive industry that had faced noise complaints and environmental concerns. They pitched the economic benefits of Bitcoin to Trump and 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. Bailey, who runs the crypto company BTC Inc., recalled in an interview that Trump said he would “consider” and “We have no idea whether this will happen at all.”

That evening, Trump posted a message on Truth Social, echoing the information proposed by the executives: “We want all remaining Bitcoin to be made in America!!! This will help us achieve energy dominance!!!” This post was one of the earliest successes in a high-stakes lobbying effort by the crypto industry. The campaign poured significant funds into Trump's election and reaped generous rewards.

Since Trump's election, the price of Bitcoin has soared to over $100,000, making those executives who supported his campaign extremely wealthy. Crypto advocates who were shunned in Washington during the Biden administration now find themselves surprisingly close to the Trump White House, which quickly rolled back regulatory crackdowns on the industry. The U.S. federal government has also embraced a comprehensive pro-crypto policy that could disrupt the country's financial system in the coming decades. All of this stems from one of the most intense lobbying battles in recent history.

For months, industry executives, professional pundits, campaign staffers, and Trump's business associates and family members meticulously orchestrated a decentralized yet remarkably effective "influence operation," transforming Trump from a blunt Bitcoin skeptic to one of the crypto industry's most prominent supporters. This influence campaign, while legal, stands out as particularly brazen by Washington standards, intertwining the president's personal interests with strategies long used by corporate lobbyists.

The top Democrat on the House Financial Services Committee, California Representative Maxine Waters, said in an interview, "This is like nothing I've ever seen before. The scale of the funding is just beyond anything I could have imagined." White House spokesperson Harrison Fields stated in a release that the Trump administration is "fulfilling the president's promise to position the U.S. as a global crypto center through driving innovation and economic opportunity."

Many of Trump's allies emphasize that he has always been willing to listen to various viewpoints, but ultimately, all major decisions are his own. "No one can sway Trump except Trump himself," Bailey said.

Embracing the "Orange Pill" Camp: From "Scam" to "Modern Art or whatever"

Donald J. Trump, under the persuasion of long-time business partner Bill Zanker, launched a series of Trump-branded non-fungible tokens (NFTs) in 2022, which almost immediately sold out.

Crypto enthusiasts have a term for the process of turning a Bitcoin skeptic into a believer, calling it "orange pilling," referring to Bitcoin's iconic color and a plot point in the 1999 film "The Matrix."

Trump was a prime target. In the past, he had called cryptocurrency "not money" and a "Ponzi scheme." However, the president's views on many topics are famously flexible. Crypto supporters just needed to find the right information and messenger.

Trump's attitude toward cryptocurrency began to soften after his interaction with long-time business partner Bill Zanker. In the 1980s, Mr. Zanker founded a for-profit education company called the Learning Annex, offering lectures from celebrities, including Trump, on how to succeed in life and business. Mr. Zanker later co-authored a book with Trump and ventured into various other ventures, including selling massage services and fitness equipment.

By 2022, Mr. Zanker had reinvented himself as a crypto entrepreneur, pitching a series of non-fungible tokens (NFTs) to Trump—an example of digital art that is collectible and based on cryptographic technology, akin to baseball cards of the internet age. Each piece featured a cartoonish version of Trump as an astronaut, cowboy, or superhero. Zanker told him that these NFTs could generate up to $100 million in revenue.

These NFTs went on sale in December 2022, marketed as "Trump Digital Trading Cards," and almost immediately sold out. (According to a financial disclosure filed last year covering early 2023 and 2024, Trump made over $7 million from the NFT sales.)

Approximately a year after the initial sale, in November 2023, crypto enthusiasts who had purchased the NFTs were invited to Mar-a-Lago to meet Trump. This was a pivotal moment in Trump's transformation and his first foray into promoting crypto investments to a supportive audience.

Over the years, Zanker had collaborated with Trump in various business ventures, and by 2022, he had morphed into a cryptocurrency entrepreneur.

Recordings obtained by The New York Times showed that in addressing guests, the then-"former president" Trump seemed unsure how to describe the peculiar new financial product he was promoting—"modern art or whatever," as he put it. But he was certain he had made a lot of money from these images sold for $99 each.

"They sold out in less than a day," Trump said. "I could have charged $199, $299, $399, $499." In early May 2024, as the presidential race intensified, Trump held another event at Mar-a-Lago for NFT holders. During a Q&A session, a guest asked Trump if supporters could donate using cryptocurrency. According to a recording obtained by The New York Times, Trump sounded somewhat unsure but made a commitment.

"If not," he replied, "I will make sure you can." About two weeks later, Trump's campaign formally announced the policy: they would accept cryptocurrency donations.

"Courtship" During the Campaign: Crypto Industry Seeks Political Allies

Trump's Mar-a-Lago, where numerous meetings and fundraisers were held, attracted many cryptocurrency executives. Credit... The crypto industry needs more than just the next president to accept their money. Executives are looking for a political ally. The crypto industry needs the next president not only to simply accept their money, executives are looking for a political leader in the market.

During Joe Biden's presidency, the U.S. Securities and Exchange Commission (SEC) filed lawsuits against a series of major crypto companies, sparking years-long legal battles. Massachusetts Democratic Senator Elizabeth Warren convened an influential group of lawmakers who believe that cryptocurrency poses a fundamental risk to the economy. Most of the industry's requests to the Biden campaign team ended in failure.

Therefore, in early 2024, a small group of crypto executives began to "court" Donald Trump.

The following are key figures who had a significant impact on cryptocurrency policy during Donald Trump's presidency and campaign:

David Bailey

· Title: CEO of BTC Inc.

· Role: A proactive Bitcoin advocate who organized large industry conferences and successfully persuaded Trump to post in support of Bitcoin mining on Truth Social.

David Sacks

· Title: Silicon Valley venture capitalist, White House AI and Crypto Tsar

· Role: Key figure in Trump's tech policy, appointed as the "A.I. and Crypto Czar."

Brad Garlinghouse

· Title: CEO of Ripple

· Role: Leader of Ripple, actively lobbying the Trump administration to include XRP in the national crypto reserve.

Stuart Alderoty

· Title: Chief Legal Officer of Ripple

· Role: A key figure at Ripple, involved alongside Brad Garlinghouse in lobbying activities targeting Trump.

Charles Hoskinson

· Title: Founder of Input Output

· Role: Prominent crypto executive who, despite setbacks in meeting with Trump, personally and through his company still seeks to influence crypto legislation and policy.

Paul Manafort

· Identity: Former Trump Campaign Chairman

· Role: As a long-time ally and advisor to Trump, he helped connect members of the crypto industry with Trump.

Bill Zanker

· Identity: Long-time business partner of Trump

· Role: Successfully convinced Trump to release an NFT series, being an early driver in Trump's exposure to cryptocurrency and understanding its business potential.

Tracy Hoyos-López

· Identity: Bitcoin advocate, former prosecutor

· Role: With a personal network, closely collaborated with David Bailey to help him establish connections with the Trump team.

Brian Ballard

· Identity: Major Trump fundraiser and lobbyist

· Role: Through his lobbying firm and fundraising network, facilitated connections between crypto companies and the Trump administration.

Reince Priebus

· Identity: Former White House Chief of Staff

· Role: Held influence within the Trump circle, providing advice and assistance to the crypto industry.

Eric Trump

· Identity: Trump's second son

· Role: Engaged in the family's crypto business activities, such as World Liberty Financial.

Leading this effort was Mr. Bailey, who organized one of the industry's largest company conferences. He closely collaborated with Tracy Hoyos-López, a Bitcoin advocate and former prosecutor, who possesses valuable personal connections: her father was a friend of Paul Manafort, Trump's 2016 campaign chairman.

Mr. Manafort helped Bailey connect with Trump and in May 2024, they had their first meeting at Trump Tower. "Paul saw a political opportunity," Mr. Bailey said. "He's a strong supporter of Bitcoin."

At the time, Trump was in the midst of his criminal trial in Manhattan, which involved illegal campaign contributions, and he arrived at Trump Tower after a long day in court.

Also present with Mr. Bailey were three other crypto advocates. They believed that crypto investors could become a significant voting bloc, on par with supporters of the gun industry. They also pointed out that Ms. Warren was one of the main opponents in their industry.

Mr. Bailey said he had displayed a chart showing the rise in Bitcoin's price during Trump's first term. He referred to it as the "Trump Pump." Mr. Bailey recalled that Trump happily repeated this phrase.

Five days later, Trump delivered a speech at the Libertarian Party nomination convention, promising to "stop Joe Biden's crackdown on cryptocurrency" and to "keep Elizabeth Warren and her cronies away from your Bitcoin." Soon, millions of dollars in crypto funds began flowing into Trump's campaign.

The founders of the two crypto exchanges Kraken and Gemini, which had been previously sued by the SEC, each 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 counsel from the largest U.S. exchange Coinbase (another SEC target).

David Bailey, CEO of the digital currency company BTC Inc., successfully persuaded Trump to post on Truth Social expressing support for Bitcoin mining. Credit... Mr. Bailey was also actively seeking support. He arranged for Bitcoin mining executives to visit Mar-a-Lago in June and announced that $30 million had been raised to support Trump's campaign.

More importantly, he also ensured that Trump could attend as the keynote speaker at the annual Bitcoin conference held in Nashville. This event, organized by Mr. Bailey's company, was expected to attract tens of thousands of crypto enthusiasts—a promising potential supporter base.

Two weeks before the speech, Trump survived an assassination attempt at a campaign rally in Butler, Pennsylvania, with a bullet grazing his ear. But he did not back down, keeping his promise to the Bitcoin faithful. "He made sure his team called us to let us know that no matter what—come hell or high water, he'd be at the conference," Hoyos-López said on a crypto podcast earlier this year.

As the conference approached, Mr. Bailey learned that Wyoming Republican Senator and long-time crypto advocate Cynthia Lummis plans to introduce a bill calling for the establishment of a national Bitcoin reserve, similar to the digital age's "Fort Knox." Mr. Bailey was very interested in this. A federal reserve would give government recognition to this long-overlooked industry, elevating Bitcoin to the status of strategic assets like gold and oil. He requested the Trump campaign team to endorse this proposal.

Trump delivered once again. In front of thousands of cheering supporters in Nashville, he pledged to establish a "Strategic National Bitcoin Reserve." Trump proclaimed, "I will be the pro-innovation, pro-Bitcoin president America needs."

The Post-Victory "Battle": Power Game in the White House Crypto Circle

If Trump's "orange pill transformation" began with behind-the-scenes influence operations during his presidential campaign, it turned into a public spectacle after his November victory. In less than a month after the election, Trump chose David Sacks as his "Artificial Intelligence and Crypto Czar" to oversee the government's tech policy.

But nearly every prominent figure in the crypto world was vying for a direct entry to the White House. Crypto companies and their executives spent $9.9 million in lobbying in the first three months of 2025.

Just days after Trump's inauguration, Coinbase, which had donated $1 million to the inaugural fund, announced the appointment of Trump campaign senior official Chris LaCivita to its Global Advisory Board. Three industry insiders revealed that Paul Manafort, who was convicted in 2018 on foreign lobbying-related criminal charges and later pardoned by Trump, began advising crypto interests on how to navigate the president's inner circle.

Arguably the most fervent Trump "follower" was Ripple, the crypto company that provides cross-border payment services and had long battled the SEC in court. In January this year, Ripple donated nearly $5 million to Trump's inaugural committee—marking the second-largest contribution the committee received.

Brad Garlinghouse, CEO of cryptocurrency company Ripple (left). Ripple donated nearly $5 million to Trump's inaugural committee, the second-largest contribution received, and spent $400,000 on lobbying in the first three months of this year. Credit...

In the first three months of 2025, Ripple once again spent $400,000 on lobbying, with much of it going to two companies closely linked to Trump: Ballard Partners, operated by major Trump fundraiser Brian Ballard; and Michael Best Strategies, whose advisory board includes Mr. LaCivita and Trump's former White House Chief of Staff Reince Priebus.

In a January interview, Ripple CEO Brad Garlinghouse told The New York Times that he had urged Trump and his advisors to expand on the initial Bitcoin reserve proposal put forward in Nashville. He hoped the U.S. would reserve other types of cryptocurrency — including Ripple's signature token XRP.

Ripple executives took to social media to publicize their dinner with Trump and posted a photo with the President-elect. "The red wine-braised beef is delicious," Ripple's Chief Legal Officer Stuart Alderoty wrote.

Some of Ripple's industry colleagues, such as prominent cryptocurrency executive Charles Hoskinson, were angered by the significant amount of money the company spent to influence.

Some industry peers were displeased. Prominent crypto executive Charles Hoskinson mocked Ripple's executives. He wrote on social media that they "spend $5M dining with Trump," referring to Ripple's huge 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, eager to shape crypto legislation on Capitol Hill. After the inauguration, Mr. Hoskinson paid $1M to a pro-Trump political action committee to attend another fundraising dinner at Mar-a-Lago.

But as he was on a plane headed to the March 1st event, he received some surprising news. His invitation was rescinded. He was told that an issue had come up in a Secret Service background check. Mr. Hoskinson received a refund. But in an interview, he said he was still waiting for a full explanation of what had transpired.

Mr. Hoskinson said that Ms. O'Rourke, who organized the dinner, provided a possible explanation. She told his staff that the issue might have stemmed from his prior posts about Ripple.

“I Made a Promise”

In March, Trump hosted a digital asset summit at the White House with his "AI and Crypto Tsar" David Sacks, along with other government officials and tech executives. That evening became a golden opportunity for Ripple.

Attendees included some who had dined with Trump in January, including Ripple's Mr. Alderoty and Ballard advisor Ms. Nocco. As a regular at Trump fundraising events, Nocco, who is married to a Florida county sheriff with a good relationship with Trump, maintains a friendly rapport with Trump, who affectionately refers to her as the "sheriff's wife."

According to six sources who requested anonymity, on a night in March, Nocco proposed to the president to include Ripple's XRP in the reserves, citing the company's generous past support for him.

Trump listened to her request. The morning after the dinner, he wrote on Truth Social that he had instructed a presidential working group to "advance a crypto reserve strategy" plan, which would include XRP, along with two other cryptocurrencies—one related to Mr. Hoskinson's company (despite his invitation being revoked), and another related to Solana Labs.

This news shocked the crypto industry. The coins listed by Trump were not seen as equivalent to Bitcoin. It was like putting a pile of copper coins next to the gold bars at Fort Knox. A co-founder of Hoskinson's company and Solana Labs quickly distanced themselves from the idea. Ripple's spokesperson did not respond to requests for comment.

Almost immediately, Trump came under attack from allies and advisors, who told him he was being manipulated by the Ballard advisor working for Ripple, four sources revealed. Ripple's XRP price soared 33%—the president's aides pointed out this fact to him. (Some details of this event were previously reported by Politico.) Amid strong opposition behind the scenes, crypto tsar Mr. Sacks posted on X suggesting that Trump was planning to establish a reserve comprising "Bitcoin and other top cryptocurrencies," consistent with his campaign promise.

Three minutes later, Trump made a supplemental revision to his original post, expanding the list of coins to include Bitcoin and Ethereum (the second most valuable cryptocurrency). He wrote, "I also like Bitcoin and Ethereum!" The direct beneficiary of this update was his family's crypto company, World Liberty Financial. The company recently purchased a large amount of Ethereum, which increased in value by $33 million following the president's announcement.

However, Trump still felt he was being used and told aides that he did not want Ballard or his team involved in any more fundraising events, two people familiar with the matter said. Ballard later met with Trump at the White House to smooth things over and has since appeared with Trump at some events.

Ultimately, the contingency plan took on a more moderate form. On March 6, Trump issued an executive order establishing a federal reserve containing Bitcoin seized by the government through legal means and pledged to consider acquiring more Bitcoin in the future. Trump reviewed the document in the Oval Office, with Mr. Sacks by his side.

· "Is this something you have full confidence in?" the President asked.

· "One hundred percent confident," Sacks replied.

· "And I made a commitment, right?" Trump asked again.

· "Of course," Sacks responded.

Trump then signed the order.

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