The viral video features an effervescent Donald Trump, dramatically unveiling what appears to be Satoshi Nakamoto’s Bitcoin whitepaper in the Oval Office, replacing the esteemed Declaration of Independence. The act is met with surprise and intrigue by Fox News host Laura Ingraham. Trump challenges, “You think Joe Biden would do this? I don’t think so,” and jests, “…Do you think he even knows what it is?”
The video, however, is nothing more than an elaborately doctored clip, a fabrication that has been flagged as manipulated by Meta and community notes on X. The original footage was taken from a recent Fox News segment where Trump showcased the relocated Declaration of Independence in the Oval Office.
Despite its fictitious nature, the video has stirred a dialogue about Trump’s relationship with cryptocurrency. The reality of the situation is that Trump’s administration has been adopting a proactive stance towards digital assets like no other presidency before it.
Upon resuming office, Trump has shown a significant shift in policy towards digital assets, transforming what began as a campaign spectacle with Trump-branded NFTs and family-backed token launches into a substantive policy pivot.
In the early weeks of his term, Trump signed an executive order establishing a strategic Bitcoin reserve, setting a new precedent for the U.S. government’s approach to cryptocurrency. The U.S. Securities and Exchange Commission subsequently dismissed enforcement actions against a number of firms, such as Kraken, ConsenSys, Immutable, and Crypto.com, reversing a series of high-profile cases. In addition, a partnership has been formed between Trump Media and Crypto.com.
On Capitol Hill, momentum is rapidly building, with the Senate voting 70-28 to repeal a Biden-era IRS rule that would have required decentralized finance platforms to collect and report user tax data. The regulation was deemed “fundamentally unworkable” by detractors due to the pseudonymous and code-based nature of DeFi protocols.
Republican lawmakers are now pushing for comprehensive legislation to regulate stablecoins and digital asset markets. Indications of imminent movements on the FIT21 market structure bill, which aims to bring clearer regulations for crypto assets, and a new stablecoin framework were given by House and Senate leaders at this week’s Digital Chamber Blockchain Summit in Washington.
While the viral video may be a fictitious representation, it certainly does reflect the reality of Trump’s proactive stance on cryptocurrency. The administration’s actions signal a new era for the U.S., one where cryptocurrency could potentially play a significant role.
Edited by Sebastian Sinclair.
