GEOFF BENNETT: This weekend, crypto# currency’s largest annual conference## took place in Nashville, Tennessee.

It# was a gathering of leaders, celebrities,## tech industry insiders, and crypto enthusiasts.

But former President Trump and independent# presidential candidate Robert F. Kennedy## Jr. spoke in favor of boosting# crypto during their remarks there.

As William Brangham tells us, those speeches# may be aimed at getting support this fall## from tech leaders and start-ups, who# have a growing voice on these issues.

WILLIAM BRANGHAM: That’s right, Geoff.

The incredible rise of Bitcoin .. of megadonors that voters and presidential# candidates are now trying to win over.

Former## President Trump, who initially denounced# cryptocurrency as — quote — “highly## volatile and based on thin air” back in# 2019, reversed himself in his speech to## the conference last Saturday by promising to# make the U.S. the crypto capital of the world.

DONALD TRUMP: If crypto is going to# define the future, I want to be mined,## minted and made in the USA.

It’s going to# be.

It’s not going to be made anywhere else.

DONALD TRUMP: And if Bitcoin is# going to the moon, as we say,## is going to the moon, I want America# to be the nation that leads the way.## And that’s what’s going to happen.

No,# you’re going to be very happy with me.

WILLIAM BRANGHAM: Joining me now to discuss the## ramifications of all of this is David# Yaffe-Bellany from The.. David, thank you so much for being here.

Help set the table for us for people who have# not been following us — this that closely.## Remind us of where crypto was after its big fall# and now it’s sort of resurged in the marketplace.

DAVID YAFFE-BELLANY, The New York Times: The# last time most ordinary people tuned into the## crypto industry, top executives were going# to prison.

The market was in freefall.

And## a lot of these kind of risky investments had# been widely dismissed as worthless or scams.

But a lot has changed since then.

In January,# the federal government approved a new investment## product that’s tied to the price of Bitcoin.

And# when that product started trading, it kind of## opened up access to the crypto market to a whole# lot of people who hadn’t invested in it before.

And, as a result, the price of Bitcoin# surged.

It reached its record high a few## months ago.

And the prices of some of the# other big crypto tokens have followed suit.

And so the industry is in a much healthier state## today than it has been for# the last couple of years.

WILLIAM BRANGHAM: So, as we just heard, the former# President Trump made this very explicit pitch to## the crypto world, saying, I might have been# a skeptic before, but now I’m in full-bore.

What is his pitch?

And why is this happening now?

DAVID YAFFE-BELLANY: Look, the crypto# industry is furious about the way that## it’s been treated by the federal government.# The Securities and Exchange Commission has## embarked on a pretty aggressive# crackdown on crypto companies,## a crackdown so severe that it’s# essentially an existential threat.

It could drive the industry out of the United# States if it’s successful.

And so the embrace## of Trump is really a response to that.

And# a cynical reading of this is that Trump is## kind of opportunistically seizing on what’s# happening under the current administration,## seeing an opportunity to attract donor# dollars from the crypto industry.

And sort of that’s why he’s making this# pitch, promising that he’s going to## turn the U.S. into a kind of inviting# sort of capital for crypto companies,## rather than the sort of aggressive cop on the# beat that it’s been over the last couple of years.

WILLIAM BRANGHAM: Let’s talk about# that cop on the beat currently.## That’s the Biden administration’s cop# on the beat.

What is it that they’re## doing and what is their argument about# why they need to be such a tough cop?

So, the leader of this push is the chair of the# SEC, Gary Gensler.

And the argument that he has## made over and over is that most cryptocurrencies# are essentially securities, which is to say that## they’re just like stocks and bonds that are# traded on Wall Street, and that they ought to## be regulated as such, and that crypto companies# should have to make all the sorts of disclosures## and follow all the same rules as people who# offer those traditional investment products.

That is a legal argument that the crypto# industry hates.

They’re fighting back against it,## saying that if the SEC beats them in# the courts on this issue, then they## will be driven out of the United States.# So that’s sort of the crux of the debate.

And Trump went in front of a crowd of# Bitcoin supporters over the weekend and said,## one of my first acts as president# will be to fire Gary Gensler.

And## it got probably the biggest cheer of the day.

WILLIAM BRANGHAM: So do we know what Vice# President Kamala Harris might do if she were## elected?

Is it safe to say she would just continue# the Biden administration’s current approach?

DAVID YAFFE-BELLANY: It’s hard to say# for sure.

She hasn’t said a ton publicly## about her views on crypto, but obviously# she’s part of the current administration.

And so a lot of crypto insiders are kind of# assuming that, if she wins, it’ll be more of the## same that they saw under the Biden administration.# With that said, both the Biden campaign and now## the Harris campaign have extended something of# an olive branch to crypto companies, sort of## invited them to come to the table and sort of talk# about the policy changes they would like to see.

But the reaction among crypto executives# has been pretty skeptical.

Essentially,## it’s been, your talk means nothing to# us.

We have seen what you have done## over the last four years and,# frankly, we don’t trust you.

WILLIAM BRANGHAM: We’re talking about# crypto here, but there has been in the## broader tech world, as well as in the# V.C.

world, the venture capital world,## the seeming move towards Trump and# supporting Republican candidates.

Is that all about this concern over# too strict enforcement, as they see it?

DAVID YAFFE-BELLANY: That’s really# probably the key part of this.

Even## tech people who aren’t directly involved in# the crypto industry sort of see what’s going## on and say this is an administration# that’s cracking down on innovation.

And there’s a fear that there might be a# crackdown on the A.I.

companies that are## proliferating now.

And so that’s a lot# of what’s driving the kind of rightward## shift of the Silicon Valley elite toward# Trump.

But there are other factors as well.

A lot of these top figures in the tech world have## kind of bought into concerns about# cancel culture and wokeness run amok.## And so there are some of those kind of# cultural issues at play here as well.

WILLIAM BRANGHAM: And I’m sure it’s also# true that billionaires like tax cuts,## which Donald Trump is promising more of as well.

DAVID YAFFE-BELLANY: That’s for sure.

WILLIAM BRANGHAM: David Yaffe-Bellany of.. DAVID YAFFE-BELLANY: Thank you.