>>> USUALLY ONCE AN AMERICAN PRESIDENT IS SWORN IN, THEY PARK THEIR PERSONAL BUSINESS INTEREST TO SERVE THEIR COUNTRY, BUT APPARENTLY NOT PRESIDENT TRUMP.

INSTEAD OF DIVESTING INTO BLIND TRUSTS AND THE LIKE, HAS DOUBLED DOWN.

HIS SONS LAUNCHED A CRYPTO FIRM CALLED WORLD LIBERTY FINANCIAL.

AND, HE HAS BEEN SELLING A PERSONAL MEME COIN.

SENATE DEMOCRATIC USED TRUMP AND HIS FAMILY PROFITING FROM THE PRESIDENCY AND NOW THEY WANT CHANGES TO CRYPTOCURRENCY LEGISLATION.

THE NEW YORK TIMES TECH REPORTER, DAVID YAFFE-BELLANY, TELLS HARI SREENIVASAN ABOUT HIS LATEST INVESTIGATION INTO THE TRUMP FAMILY AND THEIR NEWEST BUSINESS VENTURE.

>> TRAIN FOR, THANKS.

DAVID YAFFE-BELLANY, TO COVER CRYPTOCURRENCY FOR "ANY TIMES."

MOST AMERICANS, LET'S SET THE TABLE, IF WE CAN, OR MAYBE A LITTLE FAMILIAR WITH CRYPTOCURRENCY, MAYBE THEY SAW A SUPER BOWL AD.

BEFORE WE HAVE AN IN-DEPTH CONVERSATION ABOUT THE POSSIBLE CONFLICTS OF INTEREST AND HOW IMPORTANT THIS IS IN THE NEXT FEW YEARS, JUST EXPLAIN WHAT CRYPTOCURRENCY IS FOR PEOPLE.

>> AT THE MOST BASIC LEVEL, THE CURRENCY IS A FORM OF DIGITAL MONEY THAT CAN BE TRANSFERRED FROM PERSON TO PERSON WITHOUT ANY SORT OF INTERMEDIARY IN BETWEEN, LIKE A BANK.

OBVIOUSLY, PEOPLE HAVE BEEN ABLE TO TRANSFER MONEY ELECTRONICALLY FOR A VERY LONG TIME.

WE DO IT EVERY DAY WITH OUR CREDIT CARDS AND BANK ACCOUNTS.

THE IDEA OF CRYPTO IS THAT YOU CAN ELIMINATING THE MIDDLEMAN AND IT IS PERSON TO PERSON.

>> ONE OF THE FIRST EXECUTIVE ORDERS THE PRESIDENT SIGNED WHEN HE CAME BACK INTO OFFICE WAS "THE DIGITAL ASSET INDUSTRY PLAYS A CRUCIAL ROLE IN AN EFFICIENT AND ECONOMICAL ELEMENT IN THE UNITED STATES AS WELL AS INTERNATIONAL LEADERSHIP ."

HE IS AS PRO-CRYPTO AS ANY PRESIDENT HAS BEEN IN THE PAST.

WHY IS THAT IMPORTANT?

>> UNDER THE BIDEN ADMINISTRATION, THERE WAS A GOVERNMENTWIDE CRACKDOWN OF THE CRYPTO INDUSTRY.

THE SEC SUED HUGE NUMBERS OF CRYPTO COMPANIES.

OTHER REGULATORS IN WASHINGTON ADOPTED FAIRLY PUNITIVE POLICIES TOWARD CRYPTO IN ALL SORTS OF WAYS.

IN THE INDUSTRY WAS ON THE ROCKS AND IT WAS FACING WHAT WOULD HAVE BEEN A YEARSLONG COURT BATTLE TO EFFECTIVELY DETERMINE WHETHER THE INDUSTRY COULD CONTINUE TO EXIST IN THE UNITED STATES.

WITH ONE ELECTION, THAT WAS ALL WIPED AWAY.

WITH TRUMP IN POWER, CRYPTO IS ASCENDANT AGAIN AND IN THE PROCESS OF ACHIEVING LEGISLATION THAT WOULD PRETTY MUCH CEMENTED THAT STATUS FOR THE INDUSTRY.

>> WE DON'T HAVE TO GO THAT FAR BACK INTO PRESIDENT TRUMP'S HISTORY TO FIND OUT THAT MUCH OF A FAN OF CRYPTOCURRENCIES, AT LEAST IN HIS FIRST ADMINISTRATION.

WHAT CHANGED?

>> TRUMP IS A REAL ESTATE GUY, OBVIOUSLY.

IN MANY WAYS, HE IS NOT AN OBVIOUS FIT FOR THE WORLD OF CRYPTO.

HE HAS COME OUT NUMEROUS TIMES TO SAY HE DOESN'T TRUST THE TECHNOLOGY, THAT HE THINKS IT IS USED BY SCAMMERS AND DRUG DEALERS.

THINGS STARTED TO CHANGE OVER THE LAST YEAR AND A HALF AND THERE ARE SERIOUS IMPORTANT PHENOMENON THAT ALL HAPPENED IN PARALLEL.

ONE WAS THAT THE CRYPTO INDUSTRY STARTED DONATING A HUGE AMOUNT OF MONEY TO THE 2024 ELECTION CAMPAIGN.

SOME OF THAT MONEY WENT TO TRUMP OR TRUMP ALIGNED SUPER PACs BUT MOST OF IT WENT TO CONGRESSIONAL CANDIDATES.

IT WAS A REAL DEMONSTRATION OF THE FINANCIAL POWER OF THE INDUSTRY.

THAT WAS ONE THING.

AT THE SAME TIME THAT WAS HAPPENING, TRUMP'S OLDER SONS, ERIC AND DON JUNIOR BECAME INCREASINGLY DISILLUSIONED WITH THE TRADITIONAL FINANCIAL SYSTEM.

WAS LARGELY BECAUSE POST- JANUARY 6th, THEY FELT LIKE THEY HAD BEEN BLOCKED OUT BY TRADITIONAL BANKS.

SUDDENLY, THEY HEARD, THEY STARTED THIS FINANCIAL ALIGNMENT WITH THE CRYPTO WORLD AND STARTED PURSUING CRYPTO VENTURES THEMSELVES.

THOSE TWO THINGS HAPPENING IN PARALLEL SHAPED TRUMP'S ADOPTION OF CRYPTO.

>> THERE ARE MULTIPLE STORYLINES THAT YOU HAVE BEEN REPORTING ON IN THE PAST FEW MONTHS.

ONE, JUST TO CLARIFY FOR OUR AUDIENCE, THERE IS THE IDEA OF A MEME COIN.

THERE IS THE IDEA OF A STABLE COIN.

AND, THERE IS WORLD LIBERTY FINANCIAL.

BREAK THESE APART FOR ME.

>> IT IS COMPLICATED AND THERE ARE A LOT OF MOVING PIECES BUT I WILL TRY TO BREAK IT DOWN AS BEST I CAN.

THE FIRST, AND ARGUABLY MOST IMPORTANT TRUMP CRYPTO VENTURE IS A COMPANY CALLED WORLD LIBERTY FINANCIAL.

THIS IS RUN BY TRUMP'S CELL SONS, BY SOME OTHER FAMILY FRIENDS AND A COUPLE OF CRYPTO ENTREPRENEURS RECRUITED TO WORK ON IT.

WORLD LIBERTY FINANCIAL MARKETED ITSELF AS A NEWFANGLED BANK FOR CRYPTOCURRENCIES, A PLACE WHERE PEOPLE CAN GO TO BORROW AND LEND MONEY USING CRYPTO.

THAT IS THE OVERARCHING IDEA OF THE COMPANY.

WHAT THE COMPANY HAS DONE SO FAR IS REALLY JUST ISSUED TWO NEW DIGITAL CURRENCIES THAT CAN BE SOLD TO THE PUBLIC.

ONE IS A CRYPTOCURRENCY CALLED WLFI, AND IT IS A CRYPTOCURRENCY ASSOCIATED WITH THIS PLATFORM AND THE HAVE SPENT MONTHS SELLING IT TO THE PUBLIC.

THEY HAVE RAISED $550 MILLION SELLING THAT COIN TO THE PUBLIC.

THAT IS THE FIRST TRUMP CRYPTOCURRENCY, .

THE SECOND TRUMP CRYPTOCURRENCY, WHICH IS ALSO ISSUED BY THE WORLD LIBERTY FINANCIAL, IS A STABLE COIN.

THAT IS THE TYPE OF CRYPTO THAT, UNLIKE BITCOIN, WHICH IS CONSTANTLY GOING UP AND DOWN, MAINTAINS A CONSTANT VALUE OF $1.00.

IT IS USEFUL BECAUSE IF YOU WORK IN CRYPTO AND YOU WANT TO CONDUCT A NORMAL BUSINESS TRANSACTION, IT IS HELPFUL TO HAVE A FORM OF CURRENCY THAT ISN'T CONSTANTLY FLUCTUATING.

WORLD LIBERTY HAS ALSO ISSUED THIS TRUMP STABLE COIN, WHICH IS CALLED USD1.

YOU HAVE WLFI, USD1, AND THE THIRD TRUMP CRYPTOCURRENCY AND THE ONE THAT HAS GOTTEN THE MOST ATTENTION IS THE SO- CALLED MEME COIN, WHICH IS TOTALLY SEPARATE FROM WORLD LIBERTY, DIFFERENT PEOPLE WORKING ON THAT PROJECT, AND THAT IS BASICALLY A CRYPTOCURRENCY BASED ON A JOKE OR AN ONLINE MASCOT.

IT DOESN'T HAVE ANY VALUE OR FUNCTION BEYOND SPECULATION.

TRUMP STARTED MARKETING IT TO THE PUBLIC A COUPLE DAYS BEFORE HIS INAUGURATION.

IT SHOT UP IN PRICE, WHICH MADE HIS FAMILY AND BUSINESS PARTNERS HUGE AMOUNTS OF MONEY IN TRANSACTION FEES, AND THEN IT IMMEDIATELY CRASHED, WHICH TENDS TO HAPPEN WITH A MEME COIN.

YOU HAVE THE TRUMP MEME COIN, THE WLFI, AND THE USD1 STABLE COIN.

THOSE ARE THE THREE TRUMP CRYPTOCURRENCIES.

>> HOW DO THESE CURRENCIES CONNECT TO THE PRESIDENT HIMSELF?

BECAUSE, THERE IS USUALLY AT LEAST ONE SORT OF ARM'S-LENGTH DISTANCE THAT PASSED RESIDENTS HAVE TAKEN, THEY'VE TAKEN GREAT STEPS TO SAY I'M PUTTING EVERYTHING IN A BLIND TRUST, I CAN'T MAKE INVESTMENTS, NONE OF WHAT IS HAPPENING IN THE STOCK MARKET OR ANY MARKET AFFECTS MY DECISIONS.

ARE THESE CRYPTO COINS ANY DIFFERENT?

DO THEY HAVE AN IMPACT ON THE PRESIDENT?

>> THEY DO.

THEY DIRECTLY FINANCIALLY BENEFIT THE PRESIDENT AND HIS FAMILY AND YOU CAN SEE THAT IN THE WAY THE UNDERLYING CORPORATIONS BACKING THESE DIFFERENT CRYPTOCURRENCIES ARE STRUCTURED.

ONE POINT THAT I THINK IS IMPORTANT TO UNDERSTAND IS THAT THIS IS, PURCHASING THESE CURRENCIES AND ENRICH THE PRESIDENT AND HIS FAMILY IS FUNDAMENTALLY DIFFERENT FROM MAKING A CAMPAIGN DONATION.

WHEN YOU MAKE A CAMPAIGN DONATION, YOU ARE SUPPORTING A POLITICAL EFFORT AND THAT MONEY IS RESTRICTED AND HAS TO BE SPENT ON THE POLITICAL EFFORT.

THE MONEY THAT TRUMP AND HIS FAMILY ARE GENERATING FOR THE CRYPTO VENTURES IS MONEY THEY SIMPLY HAVE TO DO WHATEVER THEY WANT WITH.

THAT SORT OF AGGRESSIVE KIND OF PERSONAL FUNDRAISING BUSINESS ACTIVITY WHILE PRESIDENT HAS NO PRECEDENT IN MODERN U.S. HISTORY.

>> WE SHOULD NOTE THAT A SPOKESMAN FOR WORLD LIBERTY AS SAID, "IT WOULD BE FALSE, ABSURD, AND DANGEROUS TO SUGGEST INVESTMENT OR PARTNERSHIPS WITH WORLD LIBERTY FINANCIAL WERE CONDUCTED AS SOME SORT OF POLITICAL QUID PRO QUO.

NEVER HAS AN INVESTOR OR PARTNER REQUESTED ANY POLITICAL FAVORITISM, NOR WOULD WE EVER ENTERTAIN SUCH A POSSIBILITY."

DO WE KNOW WHO INVESTS IN THESE COINS?

>> SO, THIS IS SOMETHING THAT IS COMPLICATED ABOUT CRYPTO.

ALL DIGITAL CURRENCY TRANSACTIONS ARE RECORDED ON SOMETHING CALLED THE BLOCKCHAIN, WHICH IS A GIANT SPREADSHEET SHOWING EVERY TIME CRYPTO IS BOUGHT OR SOLD.

YOU CAN LOOK AND SEE WHO IS BUYING THE WLFI COIN, FOR INSTANCE.

THOSE PEOPLE ARE IDENTIFIED BY LONG STRINGS OF LETTERS AND NUMBERS.

SO, YOU DON'T ACTUALLY HAVE A NAME ATTACHED TO ANY OF THOSE ACCOUNTS.

MY COLLEAGUES AND I AT "THE NEW YORK TIMES" HAVE WORKED WITH BASICALLY A COMPANY THAT SPECIALIZES IN CRYPTO FORENSICS, WHO TRY TO ASSIGN NAMES AND IDENTITIES TO THESE ANONYMOUS WALLET ADDRESSES.

WE HAVE HAD SOME SUCCESS IN DOING THAT AND WE FOUND A LOT OF THE PEOPLE WHO BOUGHT THE WLFI IN PARTICULAR ARE PEOPLE BASED IN FOREIGN COUNTRIES WHO WOULD BE BARRED UNDER U.S. LAW FROM DONATING TO A POLITICAL CAMPAIGN OR AN INAUGURAL FUND FOR PRESIDENT.

OTHERS ARE PEOPLE WITH CRYPTO BUSINESSES WHO MIGHT HAVE SOME INTEREST IN POTENTIALLY CURRYING FAVOR WITH THE U.S. GOVERNMENT BECAUSE THEY ARE TRYING TO EXPAND THEIR BUSINESS IN THE U.S. OR ARE SEEKING SOME SORT OF FIGURATIVELY APPROVAL.

THE CONFLICTS OF INTEREST MOUNT UP THE MORE AND MORE YOU LOOK AT THE TYPE OF PEOPLE WHO ARE BUYING THESE COINS.

>> WHEN IT COMES TO FOREIGN POLICY, ARE THERE OTHER IMPLICATIONS?

THERE WAS RECENTLY A SITUATION WHERE THE UAE WITH THEIR SOVEREIGN FUND WAS DECIDING TO BACK ONE OF THESE VENTURES WITH $2 BILLION, WHAT DOES THAT MEAN?

>> AT A CONFERENCE IN DUBAI A FEW DAYS AGO ONE OF THE PEOPLE WHO RUNS WORLD LIBERTY FINANCIAL, ZACH WITKOFF, WHO IS THE SON OF STEVE WITKOFF, THE WHITE HOUSE MIDDLE EAST ENVOY, GOT ONTO A STAGE WITH ERIC TRUMP AND ANNOUNCED THAT A VENTURE CAPITAL FUND, WHICH IS BACKED BY THE GOVERNMENT OF ABU DHABI, SO BACKED BY THE GOVERNMENT OF THIS AREA, IS GOING TO USE THAT USD1 STABLE COIN TO COMPLETE A $2 BILLION TRANSACTION.

EFFECTIVELY, THEY ARE HANDING THIS TRUMP BUSINESS $2 BILLION.

IN RETURN, THE TRUMP BUSINESS IS GIVING THEM THESE $2 BILLION IN STABLE COINS.

STABLE COIN MAINTAINS THE ONE- TO-ONE VALUE.

AND, IT IS A HUGE BOOST FOR THE TRUMP BUSINESS AND IT IS BEING PROVIDED MORE OR LESS DIRECTLY BY A FOREIGN GOVERNMENT.

>> WHAT OTHER KIND OF POLICY IMPLICATIONS ARE THERE?

YOU MENTIONED ZACH WITKOFF WAS IN PAKISTAN RECENTLY.

WHAT WAS THAT LIKE?

>> ZACH WITKOFF TAKING THE TRIP TO PAKISTAN WAS INCREDIBLE, YOU CAN SEE THE VIDEOS ONLINE.

IT HAD ALL THE TRAPPINGS OF A STATE VISIT.

HE HAS AN AMERICAN FLAG PIN ON HIS LAPEL.

HE AND HIS BUSINESS PARTNERS ARE PHOTOGRAPHED SITTING ACROSS FROM THE PRIME MINISTER.

THEY ARE MEETING WITH OTHER GOVERNMENT OFFICIALS.

THERE IS A POLICE ESCORT THROUGH THE STREETS, A DANCE PERFORMANCE, FIREWORKS.

IT IS THE SORT OF PAGEANTRY THAT IS USUALLY RESERVED FOR VISITING HEADS OF STATE BUT HERE HAS BEEN BESTOWED UPON THESE GUYS WHO ARE JUST IN BUSINESS WITH THE HEAD OF STATE.

>> IS THIS PROXIMITY TO POWER, SOMEBODY SAYING I'M GOING TO SUPPORT YOUR VENTURE BECAUSE YOU KNOW THE PRESIDENT OR YOUR DAD WORKS FOR THE PRESIDENT?

>> NONE OF THAT IS MADE EXPLICIT.

NONE OF THESE OFFICIALS IN PAKISTAN CAME OUT AND SAID I AM HANGING OUT WITH THESE GUYS BECAUSE THEY ARE CONNECTED TO THE PRESIDENT.

IT IS SORT OF AN OBVIOUS CONCLUSION TO DRAW.

NONE OF THE PEOPLE INVOLVED IN THE DAY-TO-DAY OPERATIONS OF WORLD LIBERTY HAVE ANY SORT OF STRONG TRACK RECORD IN THE CRYPTO WORLD.

THE COMPANY ALSO HASN'T RELEASED ANY MEANINGFUL PRODUCTS SO FAR, IT HAS RELEASED THESE TWO COINS SO THE VALUE OF THE COMPANY AND THE REASON IT HAS SO MUCH NETWORKING POWER IS THE ASSOCIATION WITH THE U.S. PRESIDENT.

>> YOU HAVE REPORTED TO THE CRYPTO EXECUTIVE WITH PERHAPS THE MOST TO GAIN FROM HIS AFFILIATION WITH WEST LIBERTY IS JUSTIN SUN, A CHINESE BILLIONAIRE, WHO IS JUSTIN SUN?

>> IS AN IMPORTANT AND COLORFUL FIGURE IN THE CRYPTO WORLD.

HE HAS BEEN AROUND FOR A LONG TIME.

HE IS ENORMOUSLY WEALTHY AND IS THE KEY FIGURE BEHIND TRON, WHICH IS A CRUCIAL CRYPTO PLATFORM.

PEOPLE MIGHT REMEMBER HIM FROM LAST YEAR, WHEN HE BOUGHT A $6.2 MILLION PIECE OF EXPERIMENTAL ARTWORK , WHICH WAS A BANANA DUCT TAPE TO A WALL.

HE GAINED A LOT OF CELEBRITY FROM THAT STUNT.

HE HAS ALSO BEEN IN THE CROSSHAIRS OF U.S. REGULARS.

JUSTIN SUN WAS PURSUED BY THE SEC IN 2023 FOR FRAUDULENTLY MANIPULATING THE PRICE OF THE TRON CRYPTOCURRENCY.

AFTER TRUMP WON THE ELECTION, HE SPENT $75 MILLION ON THAT WORLD LIBERTY FINANCIAL CRYPTO, WLFI, AND BECAME ONE OF THE TOP INVESTORS IN IT .

NOT LONG AFTER TRUMP WAS INAUGURATED, THE SEC CASE AGAINST HIM WAS PUT ON ICE.

CRITICS OF THAT TRANSACTION HAVE POINTED TO THE OBVIOUS INCENTIVE JUSTIN SUN WOULD HAVE TO CURRY FAVOR WITH THE ADMINISTRATION.

JUSTIN SUN SET HIS PURCHASE OF THE COINS DIDN'T HAVE ANYTHING TO DO WITH THE SEC CASE BUT THE ALIGNMENT OF INTERESTS CREATES BAD OPTICS FOR THE ADMINISTRATION.

>> WE SHOULD NOTE THAT JUSTIN SUN DENIES THE SEC CHARGES AND IN A TEXT MESSAGE TO THE TWINS LAST YEAR, HE SAID HIS WORLD LIBERTY INVESTMENT WAS "SIMPLY A VOTE OF CONFIDENCE IN THE TRUMP FAMILY'S EXCELLENT PROJECT."

I HAVE READ PEOPLE SAYING THIS IS SOUR GRAPES FROM THE PEOPLE WHO ARE OUT OF POWER BECAUSE CORRUPTION PEDDLING, INFLUENCE PEDDLING HAS BEEN PART OF POLITICS SINCE POLITICS EXISTED.

THERE IS HISTORICAL PRECEDENT WHERE MEMBERS OF THE FAMILY HAVE BEEN PERHAPS ABLE TO TAKE ADVANTAGE OF THEIR PROXIMITY TO THE PRESIDENT.

IS THERE SOMETHING DIFFERENT ABOUT WHAT IS HAPPENING NOW?

>> I THINK THERE IS A MUCH CLEARER RULE FOR THE PRESIDENT HIMSELF IN THESE VENTURES.

TRUMP, EVEN NOW, EVEN IN THE LAST FEW DAYS, IS ACTIVELY PROMOTING THE MEME COIN ON HIS THE SOCIAL MEDIA CHANNELS, FOR INSTANCE.

HE IS EXPECTED TO HAVE DINNER WITH THE TOP 220 HOLDERS OF THIS MEME COIN.

HE STARTED A COMPETITION.

IF YOU BUY MORE OF THE MEME COIN, YOU CAN GET ON THE LIST TO HAVE DINNER WITH HIM.

IT MAKES EXPLICIT THE CLEAR PREMISE OF ALL OF THIS, WHICH IS YOU BY THE COIN AND YOU GET ACCESS TO THE PRESIDENT.

THAT IS WHAT IS UNUSUAL ABOUT THIS.

>> THE PRESIDENT AND THE VICE PRESIDENT, AND THEY THE TWO EXCEPTIONS ON PEOPLE IN THE EXECUTIVE BRANCH CAN HAVE CONFLICTS OF INTEREST?

THE PRESIDENT HAS COME OUT AND SAID, THE LAW IS ON MY SIDE, I CAN'T HAVE A CONFLICT OF INTEREST.

>> THE PRESIDENT IS NOT SUBJECT TO CONFLICTS OF INTEREST RULES.

ON SOME LEVEL, WHAT HE'S DOING IS KOSHER.

BUT, IT IS ALSO OUT OF STEP WITH WHAT PRESIDENTS HAVE DONE HISTORICALLY AND IT CREATES ALL THESE SORTS OF ETHICAL CONCERNS.

OF COURSE, IF THERE WERE ACTUALLY AN INCIDENT OF A TRUE EXPLICIT QUID PRO QUO THAT COULD BE PROVEN, THAT WOULD NOT BE COVERED BY THIS ACCEPTION.

>> THE WHITE HOUSE HAS SAID THE PRESIDENT'S ASSETS ARE IN A TRUST MANAGED BY HIS CHILDREN, THEREFORE THERE ARE NO CONFLICTS OF INTEREST, WHAT DO YOU MAKE OF THAT?

>> IT IS A LITTLE BIT MISLEADING BECAUSE THAT TRUST IS STILL ULTIMATELY BENEFITS TRUMP HIMSELF.

ANY KIND OF FINANCIAL GAIN WILL ULTIMATELY SLOW TO HIM AND TO HIS FAMILY AS WELL.

THERE IS A CLEAR PERSONAL INCENTIVE FOR HIM TO BOOST THE HOLDINGS OF HIS FAMILY AND THEIR BUSINESS OPERATIONS.

>> WHEN YOU LOOK OUT AT THE CRYPTO LANDSCAPE OVERALL, DO PEOPLE FEEL LIKE THIS ADMINISTRATION AND THE ROLLBACK OF THESE REGULATIONS IS REALLY KIND OF THE NEW DAWNING THAT THEY NEEDED, THAT THE FIELD IS WIDE OPEN FOR THEM?

OR, IS THIS JUST ANOTHER CYCLE?

>> THERE'S A LOT OF OPTIMISM IN THE INDUSTRY.

I THINK THE CONCERN IS THAT TRUMP IS A FAMOUSLY FICKLE AND WHAT IF HE TWEETED TOMORROW, I DON'T LIKE CRYPTO TOMORROW.

STRANGER THINGS HAVE HAPPENED IN THE CAREER OF DONALD TRUMP.

THERE ARE BROADER ECONOMIC POLICIES HE IS PURSUING, TARIFFS MOST OBVIOUSLY THAT HURT CRYPTO INTERESTS.

AT THE SAME TIME, THE PRICE OF BITCOIN IS DOING PRETTY WELL.

IT IS UP CLOSE TO 100,000, IT IS A HEALTHY PRICE FOR IT TO BE AT.

WHAT THE INDUSTRY IS TRYING TO DO IS CAPITALIZE ON THIS MOMENT, WHICH IS A UNIQUE MOMENT IN THE HISTORY OF CRYPTO WHERE THE INDUSTRY HAS SO MUCH SUPPORT FROM THE RULING PARTY TO GET LEGISLATION PASSED THAT SIMMONS THOSE GAMES SO THAT IF TRUMP IS OUT OF OFFICE IN A FEW YEARS AND A DEMOCRAT WHO HATES CRYPTO TAKES OVER, THERE IS A LIMIT TO WHAT THAT PERSON CAN ACCOMPLISH BECAUSE LEGISLATION HAS BEEN PASSED THAT ENSHRINES THE ROLE OF CRYPTO IN THE FINANCIAL SYSTEM AND CREATES A REGULATORY FRAMEWORK FOR IT BUT THE INDUSTRY CONSIDERS HOPEFUL.

>> TECHNOLOGY REPORTER AT "THE NEW YORK TIMES" DAVID YAFFE- BELLANY, THANKS FOR JOINING US.

>> THANKS FOR HAVING ME.