US Elections and the Role of Crypto
The US presidential election is approaching and so is the crypto 2024 election, with all the turns and roles that Crypto has played by affecting the presidential results.
With the US presidential election nearing in November, there is one sector that is making headlines campaign contributions in hopes of electoral support, US elections and cryptocurrency. The cryptography in the United States is also seeking to influence the much-anticipated election for purposes that, among other things, seeks to protect and enhance its growth in the country.
How will cryptocurrency handle the US elections?
With the upcoming elections, there are great expectations geared towards change on the cryptocurrency scene in the US owing to the differences in the regulatory measures of some of the leading candidates. Currently, the Biden administration has expressed the need to implement some restrictive measures to protect the investors and the market as well.
The government has shifted its attention to the enforcement of the current regulations and the introduction of new policies that would affect the essence of cryptocurrency transactions and taxes. In comparison, Donald Trump’s remarks suggest a possible more lenient approach where he assures of less red tape if elected for the purpose of fostering a culture of creativity in the born-again crypto territory.
How Will the Election Affect Cryptocurrency
Crypto companies are using their financial power to influence the outcomes of the election, and the evidence of their influence is beginning to show. For instance, in May 2024, 71 Democratic representatives surprisingly supported a pro-crypto bill, the Financial Innovation and Technology for the 21st Century Act (FIT21), despite initial opposition from the White House. The bill aims to address digital assets in Congress under US law.
US politics are becoming more divided concerning crypto 2024 election adoption with some clear shifts in position among a couple of people. Gensler, who used to be viewed as an anti-crypto regulator during the peak of the industry, seems to have changed his perspective as well, still engaging in regulatory overreach. In contrast, President Joe Biden is now delivering a more positive message regarding cryptocurrencies, where in the past, he was unfriendly to them. This development comes after the establishment of the Executive Cybersecurity Task Force (ECTF), who some see as a sign that the president is warming up to digital assets.
Trump, who in the past seemed to have no interest in the sector, has been an even more surprising supporter than expected and more anti-crypto 2024 election than previously believed especially during his candidacy to power in the White House. While Kennedy Jr. has always remained one of the pro-cryptocurrency politicians, he is still unlikely to win the presidential race.
These changes indicate that increasingly, cryptocurrency is being infused in political discussions. The issue was evidently raised in the last debate, showing its relevance in politics.
The Future Role of Crypto in US
2024 is the mother year of all elections, which has paved the way for the crypto sector looks into getting more deeply involved and engaged with politics. This makes us questions as well in the content of how money is being represented in the elections.
There lies danger in the strategies of the crypto industry continuing to shift politics via their money. Such a scenario is dangerous especially to the average voters who the politicians are trying to win over. If such trends in politics are heightened and become allowed and ethical the outcome of this election will create a scene for finding and conducting future election campaigns.
Let’s keep in mind how will cryptocurrency be after the elections. With the way crypto has been taking its loops and turns in these elections makes it seem like a bloody year for it.
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