Donald Trump, the presumptive Republican nominee for the 2024 presidential election, is reportedly working with David Bailey, the chief executive officer of Bitcoin Magazine, on a comprehensive crypto policy agenda. In a post on X (formerly Twitter) on May 11, Bailey revealed that he has been collaborating with Trump for a month on an executive order to be signed on "day 1" of Trump's potential presidency.

The "day 1" reference also coincides with Trump's controversial comments made in Iowa back in December, where he joked about planning to be a dictator. Although Trump later clarified to Time that the remark was made "in jest," the statement has raised eyebrows among his critics.

Bailey also mentioned that he and other players in the crypto space are looking to raise a $100 million war chest for the Trump campaign to ensure the twice-impeached and quadruple-indicted candidate returns to the White House. This revelation comes as Trump, currently on trial in New York for allegedly falsifying business records, reverses his stance on Bitcoin, which he previously called "a scam" and "based on thin air."

Trump's legal troubles have led him to rely heavily on campaign donations and political action committees (PACs) to pay his lawyers, with estimated bills exceeding $100 million at the start of 2024. The candidate is now hoping that donations could be made in cryptocurrency, a move that has sparked both interest and concern among political observers and the crypto community.

At a recent event in Mar-a-Lago on May 9, Trump declared his support for the crypto industry, stating, "If you're pro-crypto, you'll support me because the other guys want to squash it." This statement comes amidst widespread criticism and opposition from prominent figures in the crypto industry, such as Cardano founder Charles Hoskinson, towards President Joe Biden and U.S. Securities and Exchange Commission chair Gary Gensler.

Billionaire Mark Cuban has also expressed concerns about Biden's reelection prospects, scrutinizing the SEC's tough stance on crypto. Cuban criticized Gensler for creating obstacles for legitimate crypto businesses and urged Congress to address the issue through specific legislation tailored to the industry.

Despite the criticism, the Biden administration has not indicated an outright anti-crypto stance. In an executive order from September 2022, the White House seemingly referenced the $50-billion crash of Terra and "the wave of insolvencies" that wiped out over $600 billion of investor and consumer funds as reasons to "harness" crypto potential responsibly.

The crypto industry has also been plagued by scandals, including FTX's bankruptcy and Binance's recent hefty settlement with the U.S. government after former CEO Changpeng Zhao pleaded guilty to violating U.S. money laundering laws. Such scenarios have left a section of the American voting public skeptical of crypto's overall safety and reliability, according to the Pew Research Center.

Trump's apparent pandering to crypto enthusiasts comes as polls indicate that it is a popular issue among his likely supporters. A recent survey conducted by DCG and Harris Poll indicated that about 20% of American voters in swing states consider crypto a key issue in the upcoming elections.

As the 2024 presidential election approaches, the collaboration between Donald Trump and David Bailey on a 'day 1' crypto policy has the potential to significantly impact the campaign and the future of cryptocurrency regulation in the United States. However, the controversial nature of both Trump's candidacy and the crypto industry itself suggests that this alliance may face significant scrutiny and opposition from various quarters.