Valentin Pletnev couldn’t use his ticket for a Mar-a-Lago Trump gala, so prominent crypto figure Ryan Selkis went instead. Neither expected the U.S. policy whirlwind that followed, but even as Pletnev upgrades his DeFi platform to promote ‘Yield for All,’ it still won’t be available in the country.
Valentin Pletnev is far from the best-known name in cryptocurrencies, but a scheduling snafu that kept him away from Donald Trump’s recent Mar-a-Lago NFT gala might’ve dramatically rerouted U.S. cryptocurrency policy.
Only select holders of Trump’s NFT collection were allowed into the exclusive May event. Pletnev purchased one of those tickets as soon as he learned of the gathering – earning it by purchasing 100 Trump “Mugshot Edition” digital trading cards.
“I thought it was hilarious because I’m not American,” Pletnev, the German co-founder of Quasar Labs, which builds a decentralized finance protocol on the Cosmos blockchain, said in an Interview with cdatacap.
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Then the gala was moved to a time when Pletnev wasn’t available, so he gave his ticket to Ryan Selkis, the founder of crypto data and analytics platform Messari and a vocal pro-crypto policy advocate.
Selkis ended up on stage and touted the crypto revolution. So did Polygon’s Mihailo Bjelic.
Trump gave his own full-throated endorsement of crypto at the Palm Beach, Florida estate. The former U.S. president had previously derided cryptocurrencies as playthings “based on thin air.”
Pletnev insists that his NFT purchase – which let Selkis speak – played a key role in the events that followed: Within a few days, a vocal contingent of the crypto and blockchain industry rallied around former President Trump and then the notoriously crypto-averse U.S. Securities and Exchange Commission granted a surprise approval to the first exchange-traded funds that own Ethereum’s ether (ETH).
Following the gala, a widely circulated meme on X identified “Trump NFTs” and “Ryan Selkis Goes to Mar-a-Lago” as the first two dominoes to fall in a chain that ultimately culminated in the long-awaited approval of ether ETFs, a watershed moment for the melding of digital assets and traditional finance.
By Vaughn Hillyard and Jake Traylor
Former President Donald Trump will spend his day off from court hosting a dinner at his Mar-a-Lago residence for buyers of his NFT trading cards, according to a source familiar with the planning.
NFTs, or nonfungible tokens, are part of a suite of non-campaign-focused ventures that Trump has been balancing with his White House run and his legal issues throughout 2023 and 2024. After Stormy Daniels testified Tuesday about an alleged sexual encounter with Trump, the former president told reporters that he’d like to be campaigning as opposed to being tied up in a courtroom.
But his schedule Wednesday won’t include public campaign events. The source familiar with the planning shared that Trump’s day off from court will also include private political meetings. Axios was first to report Trump’s plans to have dinner with NFT buyers.
There’s an interesting story about a recent NFT purchase that some say influenced Washington’s perspective on cryptocurrency. In June Iván Plétnev, a crypto advocate, purchased a Donald Trump NFT with the intention of getting the former president to speak out about cryptocurrencies [CoinDesk]. This supposedly led to a chain reaction:
- Trump spoke about crypto, potentially giving it more mainstream legitimacy.
- Shortly after, the SEC approved the first ever Ethereum ETFs, a major step for crypto acceptance.
While Plétnev claims his purchase was a pivotal moment, it’s likely a more complex story. Washington’s approach to crypto is likely due to a mix of factors, not just one NFT purchase.
Shortly after, the SEC approved the first ever Ethereum ETFs, a major step for crypto acceptance.
That’s right! The approval of the first Ethereum ETFs in May 2024 was a significant development for the cryptocurrency industry. It signaled a growing acceptance of cryptocurrencies by mainstream financial institutions and the SEC. Here’s a breakdown of the potential impact:
- Increased Investment: These ETFs allow investors to gain exposure to Ethereum without directly buying and holding the cryptocurrency itself. This could attract new investors, particularly those who are interested in crypto but hesitant about managing their own wallets.
- Potential Price Rise: Increased demand from these new investors could drive up the price of Ethereum.
- Legitimacy Boost: The SEC’s approval adds a layer of credibility to Ethereum and the broader crypto market.
It’s important to remember, however, that the crypto market is still relatively young and volatile. While the ETF approval is a positive sign, it doesn’t guarantee smooth sailing ahead.
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