Trump’s Attempt to Ban Bitcoin in 2020 Thwarted by Steve Mnuchin, Claims Block Executive
During his time in office, Donald Trump reportedly attempted to ban Bitcoin in 2020, but was thwarted by former U.S. Secretary of the Treasury Steve Mnuchin, according to an executive at Block Inc. Mike Brock, a member of Block’s core leadership team, disclosed this information on Twitter, revealing that Mnuchin and others in the administration delayed Trump’s ban to protect American competitiveness and innovation.
In response to a Twitter user questioning Trump’s ability to change his stance, Brock emphasized Trump’s self-centered beliefs. He further elaborated in another tweet that Trump’s indifference towards Bitcoin stemmed from viewing certain groups as easy targets for fundraising and support, rather than genuine interest in the cryptocurrency.
Brock, who has been associated with Block Inc. (previously Square) since 2013, played a significant role in the development of the payment service Cash App. Following this, he assumed leadership positions within Block, including as CEO of TBC, a decentralized finance company.
Despite Brock’s claims, there has been no official confirmation from Mnuchin or the U.S. Treasury Department regarding the alleged meeting in 2020. Brock did not respond immediately to Decrypt’s request for comment on this matter.
In the political realm, Brock has contributed financially to political action committees supporting President Joe Biden and Democrats. However, he also donated to conservative causes, indicating a varied political stance.
The disclosure by Brock comes amidst a broader political discourse within the industry. Ethereum co-founder Vitalik Buterin cautioned voters against supporting candidates who merely make superficial pro-crypto promises without a genuine commitment to the industry’s growth.
While Trump initially expressed skepticism towards Bitcoin during his presidency, his stance appeared to shift post-office. At an NFT event, he acknowledged the importance of crypto and expressed a desire to foster its growth in the U.S. The Republican Party’s recent draft platform also hinted at a more favorable stance towards cryptocurrencies, leading some to view Trump as a pro-crypto candidate.
These developments underscore the evolving relationship between politics and cryptocurrencies, with industry players closely monitoring the positions of political figures on digital assets.
