Unexpected moments can have surprising ripple effects. This was clearly explained when a pair of NFT builders from DeGods project creator DeLabs-Founder. Frank (Rohun Vora) and Chief of Staff Malcolm-Earlier this month, an event for Trump NFT holders visited Donald Trump's Mar-a-Lago resort and went viral by asking the former president a crypto-related question.
In addition to captivating online audiences, the exchange has convinced some industry observers to influence the broader discourse on crypto regulation in the 2024 election cycle — and turn MOG shades-wearing Malcolm into a crypto folk hero.
He recently told Decrypt that changing US crypto policy was not his reason for attending the event. It was just to try and capture some interesting content.
“It was a small group of 70-100 people. We wanted to see if we could ask questions,” said Malcolm. However, at this time, he felt more pressure from the more serious nature of the crowd.
“In private equity, there were a lot of people in venture capitalists, so a lot of funny and viral ideas went out the window,” he said. But there was a question-and-answer session, and the moment felt organic — and what came to mind was a question about regulatory transparency.
Malcolm raised his hand. Trump pointed the way: “You, the glasses are on.”
“A lot of smart people in crypto are moving their businesses out of the US because they're afraid of the rules,” Malcolm began.
“Because of the hostility,” Trump interjected. “They are moving out of the US because of the hostility towards crypto.”
When Malcolm pressed Trump on how to stop that from happening, Trump replied, “Well, we'll stop it because I don't want that.” If we want to accept it, we have to allow them to be here.
The crowd cheered. And following the event, the online crypto community cheered. Memes featuring Malcolm in Pit Viper shades are widely circulated. Some say this bold move by Frank and Malcolm underscores the need for clear regulatory guidelines and pushes the topic into mainstream political discourse.
Cryptocurrencies have quickly become a critical issue for voters. Donald Trump emphasized the importance of this weekend In his speech at the Libertarian National ConventionDeclaring, “I guarantee that in the future crypto and Bitcoin will develop in the United States.”
He also advocated for the right to self-governance (i.e. hold crypto in your own digital wallet) for the country's 50 million crypto holders and strongly opposed the creation of a central bank digital currency (CBDC). Trump also started accepting cryptocurrency donations for his campaign last week.
While the direct impact of the Trump NFT incident and the Malcolm question on policy is difficult to gauge, the timing was impeccable. Not long ago, there were significant changes in their rhetoric around crypto regulation among the 2024 presidential candidates.
Recently, the House passed the FIT-21 bill, which will finally provide the first federal regulatory framework for digital assets. The Biden administration has gone soft on crypto by not threatening to veto the bill, perhaps due to pressure from Trump's pro-crypto comments, although he did file a separate crypto bill earlier this month.
More worryingly, the US Securities and Exchange Commission (SEC) last week approved a policy change about the face, after months of growing hopes that the regulator could rule them out in the broader crypto crackdown. Some crypto developers see a clear through line from Malcolm's inquiry to the SEC's big change.
Gemini co-founder Tyler Winklevoss tweeted after the ETF's approval that “The man in the glasses has completely changed the fortunes of crypto in Washington.” “You are welcome, sir.”
Frank, the founder of the DeGods and y00ts project, isn't shocked by how big of an impact Trump's comments have had.
“It's not surprising in the least that this has gone viral,” he said. Decrypt. “Crypto natives want politicians to get serious about regulatory transparency. Our livelihoods are in the balance. Malcolm's question hit the nail on the head in voicing the crypto community's main concern to Trump. It was amazing to see and be a part of that.”
Someone in MOG glasses asked the former president (and current Republican candidate) if he really changed crypto policy in the United States?
Maybe it was just a coincidence. But even so, their activities undeniably bring attention to the issue in a way that traditional lobbying efforts often cannot. And it shows the complex interplay between meme culture and regulatory influence, showing that sometimes the most serious conversations start with a little humor.
“Under no circumstances will I take credit for ETFs or FIT-21,” Malcolm added. “This fight is bigger than me. I wanted to represent young crypto natives who often don't get heard in these more ‘upper-echelon' conversations.”
Frank, a well-known developer in the NFT world, pondered the wider implications and what this means for the future – and says it has pushed him to be more serious about crypto regulation.
“You know, I'm in learning mode right now. I think the Trump phenomenon sparked a lot of personal curiosity and created a gap in my knowledge,” he said. “Until now, I haven't spent much time reading. [regulation]But I think DeGods and CryptoTwitter can play a much more important role in this than we widely realize. I would love to be more involved in making that happen.”
Edited by Andrew Hayward.
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