Valentin Pletnev, a relatively unknown figure in the cryptocurrency world, was at the center of a significant U.S. policy shift after a missed opportunity led to unexpected events. Despite Pletnev’s efforts to upgrade his DeFi platform with a vision of “Yield for All,” it remains inaccessible to users in the United States.

Only select Trump’s NFT collection holders were granted entry to the exclusive May event. Pletnev, the German co-founder of Quasar Labs, earned his ticket by purchasing 100 Trump “Mugshot Edition” digital trading cards.

Did a single Trump NFT purchase shift Washington’s stance on crypto?

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• A Trump NFT purchase and gala attendance by crypto advocate Ryan Selkis may have influenced a significant shift in U.S. cryptocurrency policy.
• Following the gala, the SEC approved the first exchange-traded funds (ETFs) owning Ethereum’s ether (ETH), marking a major development for the crypto industry.
• Valentin Pletnev unveils a rebrand for Quasar Labs, aiming to simplify decentralized finance (DeFi) investing with new layered staking assets (LSAs).

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“I thought it was hilarious because I’m not American,” Pletnev told CoinDesk. Quasar Labs builds a decentralized finance protocol on the Cosmos blockchain.

When the gala was rescheduled to a time Pletnev couldn’t attend, he gave his ticket to Ryan Selkis, founder of crypto data and analytics platform Messari and a vocal advocate for pro-crypto policies.

Selkis ended up on stage alongside Mihailo Bjelic from Polygon, promoting the crypto revolution. Trump’s endorsement of crypto at the event starkly contrasted his previous criticism of digital currencies as “based on thin air.”

Pletnev believes his NFT purchase, which allowed Selkis to speak, played a crucial role in the subsequent policy shifts. Within days, the U.S. Securities and Exchange Commission (SEC), known for its tough stance on cryptocurrencies, approved the first exchange-traded funds (ETFs) owning Ethereum’s ether (ETH).

A meme widely circulated on social media highlighted the sequence of events, pointing to “Trump NFTs” and “Ryan Selkis Goes to Mar-a-Lago” as key moments leading to the landmark approval of ether ETFs.

While some experts argue the approval was imminent regardless, others saw it as a significant shift from the Biden administration, indicating that the crypto industry was gaining bipartisan recognition as a political force.

Following the SEC’s decision, the Republican-controlled House passed the industry-friendly FIT21 bill with notable Democratic support. The Democrat-controlled Senate then voted to repeal SAB 121, which restricted financial institutions from custodying cryptographic assets. Though President Biden vetoed the repeal, it had backing from Senate Majority Leader Chuck Schumer, who had previously expressed skepticism.

“What else could have changed [Schumer’s] mind in five days,” Pletnev questioned, if not “Ryan Selkis on stage with Trump, Trump saying ‘I’m pro-crypto, crypto needs to stay in this country,’ and all of Crypto Twitter realizing they might be team Trump?”

Yield for All?

Despite its inclusive slogan, Quasar, like many DeFi protocols, is unavailable in the United States due to regulatory concerns—a situation that Pletnev finds particularly frustrating.

“I went to Draper University in the Bay Area, Tim Draper’s private school,” Pletnev said, referring to the Silicon Valley venture capitalist. “I would not be where I am without the United States. There is no other way of phrasing it.”

“The fact that the people of this country cannot benefit from what exists because of their country is insane to me,” he added. “So, I bought the [Trump] NFT because I thought someone should advocate for crypto.”

Quasar Labs has raised $11.5 million from investors, including Polychain Capital, Blockchain Capital, HASH Capital, CIB, and Shima. The most recent funding round, disclosed in January, valued the company at $70 million. The platform’s QSR governance token is trading at $0.11, with a fully diluted value of $67 million.

CORRECTION (June 5, 22:08 UTC):  Senator Chuck Schumer voted to repeal SAB 121, separate from FIT21.

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