Is Trump's Crypto Embrace a Win for Artists or a Regulatory Trap?

Donald Trump’s unexpected crypto rebirth has the entire internet abuzz — and to be clear, it absolutely should. While Wall Street might be seeing dollar signs, I’m looking at this from a different angle: what does this mean for the emerging artists and creators in Southeast Asia who are increasingly relying on Web3 for their livelihoods? Is this a golden ticket or a gilded cage?

Artists' Oasis or Quicksand?

Let’s say you’re a digital artist living in Indonesia. You’re struggling to pay your rent in an old school art world where galleries and gatekeepers call the shots. Then, wham-o! NFTs exploded into the public consciousness. They provide the most direct line to a truly global audience and they put you back in control of your creative fate. Across Southeast Asia, millions of lives are constrained by this truth. For them, Web3 isn’t a fad, it’s a possible salvation. Regulatory rollbacks have made access to these platforms easier. It lowers barriers to entry and allows so many more artists to find their success.

Now, picture this: You're a young musician in the Philippines, excited about the prospect of selling your music as NFTs. You plow your life savings into a new platform that claims to offer the highest returns ever seen. Quickly you realize it’s all a hoax, leaving you impoverished and cynical. Without regulation, the crypto market has become a Wild West where scams and rip-offs prosper. This environment is especially dangerous to those who do not have the financial literacy to wade through its intricacies.

Here's a question that keeps me up at night: Are we trading genuine artistic freedom for a dangerous alliance with potentially exploitative powers?

The timing is…interesting. Under new leadership of Trump appointee Paul Atkins, the SEC has been taking a friendlier stance toward crypto firms—a complete reversal on that front. This newly documented relationship includes companies connected to Trump personally. High dollar meetings with known players such as Ondo Finance, who contributed $1 million plus to Trump’s inauguration, are not a good look. And the scuttled enforcement action against Hex founder Richard Heart. That stinks of…something.

SEC's Shift: Coincidence or Conspiracy?

Chiliz. The crypto industry’s top executives are meeting with the SEC Crypto Task Force in advance of US market re-entry plans.

Is this really a turnabout? Or is it a tactical play designed to open the floodgates and establish a crypto utopia that’ll profit Trump and his comrades? I'm leaning towards the latter. And that's what makes me deeply uneasy.

• Ondo Finance: Donated $1M to Trump's inauguration.
• Davis Polk: Represents Truth Social in crypto-related endeavors.
• Ripple, Coinbase, Kraken: Firms with Trump connections potentially getting a regulatory pass.

It’s the same terrible train wreck happening in slow motion. The victims are the artists and creators who would thrive in a decentralized and democratized internet.

Here’s the rub: even if a less restrictive regulatory environment could help artists in Southeast Asia, is it worth aligning with a figure as controversial as Trump? His record is one of dirty dealings. It’s a legitimate concern that he would use his power in crypto-related regulatory actions to enrich himself.

Ethical Art in a Dirty World?

We need to ask ourselves some hard questions: What are the ethical implications of supporting a system that might empower artists, but enables potential corruption and exploitation? And Web3 could offer many of those same benefits… can we, in good conscience, celebrate this ascendency if doing so means abandoning our values?

• The Dilemma: Financial independence vs. ethical compromise.
• The Risk: Unregulated platforms exploiting vulnerable artists.
• The Question: Can art thrive in a morally compromised ecosystem?

This isn’t only about crypto, this is about the soul of art itself. It's about ensuring that the digital revolution empowers all artists, not just those who are willing to play ball with powerful, potentially unscrupulous figures.

Advocate for fair and transparent Web3 solutions that address the unique needs of artists and creators, particularly those who live in developing economies. Create more technical assistance—financial literacy, regulatory awareness, etc.—for these communities. Demand accountability from our leaders and regulators.

Let's not let the promise of crypto turn into a regulatory trap that ensnares the very artists it should be liberating. The future of art depends on it.

Let's not let the promise of crypto turn into a regulatory trap that ensnares the very artists it should be liberating. The future of art depends on it.