Unexpected moments can have surprising ripple effects. This was announced by two NFT builders from DeLabs, the creators of the DeGods project. Frank (aka Rohun Vora) and Chief of Staff Malcolm—Earlier this month, he made headlines after visiting Donald Trump's Mar-a-Lago resort for an event for Trump NFT holders and asking the former president a cryptocurrency-related question.
The exchange not only captivated an online audience, but also led some industry observers to believe it helped influence the broader debate about cryptocurrency regulation during the 2024 election cycle, turning the MOG-sunglasses-wearing Malcolm into something of a crypto folk hero.
Of course, the possibility of changing the course of U.S. cryptocurrency policy wasn't his reason for attending the event, he said recently. DecryptionHe was just trying to shoot some fun content.
“It was a small group, about 70 to 100 people, and we just wanted to know if we could ask questions,” Malcolm said.However, at that moment he felt great pressure due to the more serious nature of the crowd.
“There were a lot of private equity and venture capitalists there, so a lot of our more interesting and topical ideas were turned down,” he said. “But there was a Q&A period, and the moment felt natural, and the thing that came to my mind was to ask about regulatory clarification.”
Malcolm raised his hand. Trump pointed at him and said, “You're the one with the goggles on.”
“Many of the crypto industry's best and brightest minds are relocating their operations out of the U.S. due to fear of regulation,” Malcolm began.
“Because of hostility,” Trump interjected. “They're leaving the United States because of hostility towards cryptocurrencies.”
When Malcolm pressed Trump on how he would stop it, Trump replied, “Well, I would stop it because I don't want that. If you're going to accept it, you're going to have to keep them here.”
The crowd cheered. And after the event, the online crypto community erupted with excitement. Memes featuring Malcolm wearing pit viper sunglasses were widely circulated. Some argued that this bold move by Frank and Malcolm highlighted the importance of clear regulatory guidelines and propelled the topic into mainstream political debate.
Cryptocurrency is quickly becoming a key issue for voters, and Donald Trump emphasized its importance this weekend. In a speech at the Libertarian National Convention“I guarantee that the future of cryptocurrency and Bitcoin will thrive in the United States,” he declared.
He also supports self-custody (i.e. the right to personally hold cryptocurrencies in their own digital wallets) for the country's 50 million cryptocurrency holders and has staunchly opposed the creation of a central bank digital currency (CBDC). Trump also began accepting cryptocurrency donations to his campaign last week.
While it's difficult to gauge the immediate impact of Trump's NFT event and Malcolm's policy questions, the timing was perfect: Shortly after, there was a noticeable shift in rhetoric around cryptocurrency regulation among 2024 presidential candidates.
Recently, the House of Representatives also passed the FIT-21 bill, which will finally provide the first federal regulatory framework for digital assets. The Biden administration has softened its stance on cryptocurrencies by not threatening to veto this bill, despite vetoing another crypto bill earlier this month, likely under pressure from Trump's pro-crypto rhetoric.
Even more urgent, the U.S. Securities and Exchange Commission (SEC) reversed course last week and approved a spot Ethereum ETF, after months of bearish speculation that the commission would reject the ETF as it stepped up its crackdown on cryptocurrencies. Some crypto developers see a clear continuity between Malcolm's doubts and the SEC's major policy shift.
“The guy in goggles in Washington completely turned the fate of crypto upside down,” Gemini co-founder Tyler Winklevoss tweeted after the ETF was approved. “Well done.”
Frank, the founder of Degods and the y00ts Project, wasn't surprised by the impact Trump's comments had.
“I'm not at all surprised that this has become such a hot topic,” he said. Decryption“Crypto natives are desperate for politicians to get serious about regulatory clarity. Our way of life is on the line. Malcolm's questions were spot on, voicing the crypto community's main concerns to Trump. It was a great experience to watch and be a part of.”
Did a man wearing MOG goggles questioning a former president (and current presumptive Republican nominee) really change the course of U.S. cryptocurrency policy?
Perhaps it was just a coincidence, but their actions certainly drew attention to the issue in a way that traditional lobbying could not achieve. And it reveals the complex interplay between meme culture and regulatory influence, and shows that sometimes the most serious conversations start with a bit of humor.
“I certainly don't want to take all the 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 are less often heard in these 'upper class' conversations.”
Frank, a prominent architect in the NFT world, said he thought about the broader ramifications and what this means for the future, which has led him to think more seriously about cryptocurrency regulation.
“I've been in learning mode lately, and I think the Trump event really piqued my personal curiosity and revealed some gaps in my knowledge,” he said. “Until now, I've [regulation]— But I think DeGods, and Crypto Twitter more broadly, may have a bigger role to play in this whole thing than we realize, and I'd love to be more involved in making this happen.”
Editor: Andrew Hayward
