Key Points
- The 2024 U.S. presidential elections have brought cryptocurrency to the forefront of political discussions due to continuous SEC scrutiny.
- Both Trump and Biden administrations have shown varied approaches to cryptocurrency, reflecting the evolving political landscapes.
The year 2024 has witnessed several major events including the approval of a spot Bitcoin (BTC) ETF in January and the halving in April.
Now, the focus has shifted to the upcoming U.S. presidential elections and the significant role of cryptocurrency in US politics.
Crypto’s Role in Politics
In past election cycles, cryptocurrency did not play a significant role.
However, the continuous scrutiny by the Securities and Exchange Commission (SEC) on various crypto firms has sparked a debate among voters.
This increased attention has made cryptocurrency a pivotal issue in the 2024 elections.
Laura Shin, host of the “Unchained” podcast, noted the split among voters during a recent conversation at ‘The Chopping Block’.
She highlighted the uncertainty of the election outcome and the potential repercussions of siding with only one party.
Varied Approaches to Crypto
The U.S. Senate recently passed H.J. Res 109, a resolution aimed at overturning the SEC’s controversial Staff Accounting Bulletin No. 121 (SAB 121).
This move demonstrated the Democrats’ pro-crypto stance.
Robert Leshner, CEO of Superstate, emphasized the growing influence of cryptocurrency on elections.
He cited recent polls that showed many Americans own crypto and few oppose it, highlighting the increasing political significance of cryptocurrency.
Tom Schmidt, Partner at Dragonfly, noted the nuanced approach of the Trump administration towards cryptocurrency.
He mentioned that the administration has at times sought to regulate or ban parts of the cryptocurrency market, contradicting the assumption of consistent support.
The Biden administration, influenced by figures like Elizabeth Warren, has been seen as anti-crypto, despite significant support for cryptocurrency among voters.
As the U.S. election approaches, it remains to be seen whether crypto outpaces politics or vice versa.
