Cryptocurrencies

Well before the election period in the United States, many criticized the incumbents

Well before the U.S. election season, many cryptocurrency holders criticized President Joe Biden, Democratic Party lawmakers, and the officials he appointed to serve as regulators in his administration. Although the US president rarely makes public statements regarding cryptocurrencies, this stance could change as Election Day approaches.

Since taking office, President Biden – for better or worse – may have helped bring cryptocurrencies into mainstream conversations in presidential politics. A few weeks after his inauguration, Gary Gensler was named chairman of the United States Securities and Exchange Commission. In March 2022, he signed an executive order to create a regulatory framework for digital assets. In 2024, the US President announced and vetoed a resolution to repeal the SEC’s accounting rule on banks and cryptocurrencies.

Many US-based cryptocurrency users also appear to blame President Biden for his party’s lawmakers voting against legislation and policies they view as positive for digital assets. Democratic Senator Elizabeth Warren has been one of the most vocal anti-crypto voices in Congress, often linking digital assets to terrorism financing and illicit activities.

Under Gensler, the SEC has stepped up enforcement actions against cryptocurrency companies, and lawsuits are still pending against Ripple, Coinbase, Kraken and others. Publicly, the SEC chairman has argued that a “come talk to us” approach is the best route crypto projects can take to legally introduce their products and services in the United States. However, many companies have criticized the regulator for inconsistent enforcement of securities laws – most recently with reports that the SEC considers Ethereum to be a security.

Trump’s sordid history in cryptocurrencies

In contrast, former US President Donald Trump went from telling his Treasury Secretary Steve Mnuchin to “go after” Bitcoin (BTC) in 2018 while he was president, to describing cryptocurrencies as “not money” and “based on nothing” in 2019. After leaving office in January 2021, Trump said that Bitcoin looked “like a scam” and that cryptocurrencies were “probably a disaster waiting to happen” .

source: Donald Trump

Starting only in December 2022, Trump appeared more willing to embrace digital assets, launching a line of non-fungible tokens (NFTs) – just weeks after announcing he would seek re-election as US president on November 15, 2022 Other Republican candidates have announced their support for cryptocurrencies in 2023 and 2024, his campaign will accept cryptocurrencies, and he plans to mine all remaining bitcoins in the United States.

Is President Biden getting into cryptocurrencies?

Trump’s volatile stance on cryptocurrencies and other issues raises many questions about whether his re-election will be a positive outcome for digital assets. Regardless of the former president’s true intentions, reports have indicated that President Biden may also consider courting crypto voters by softening his stance on digital asset legislation, accepting campaign donations in Bitcoin and influencing related policy of the Securities and Exchange Commission.

After President Biden said he would veto an SEC rule on banks handling cryptocurrencies, the White House issued a notice saying he would not do the same for the Cryptocurrency Act. Financial Innovation and Technology for the 21st Century (FIT21). Although the US president opposes digital asset legislation, he added that he “looks forward to working with Congress” on an alternative bill to create a regulatory framework for cryptocurrencies. The House vote allowed 71 Democratic lawmakers to join the Republican majority to pass FIT21.

“The Biden administration is changing its mind on the digital assets sector,” analysts at Pantera Capital said in a letter dated June 18. “There have been reports that the Biden re-election campaign has reached out to players in the blockchain space to seek advice on how to move forward on cryptocurrency policy.”

about: Rep. Emmer says cryptocurrencies are nonpartisan and opponents ‘disappear’

Mo Vela, a former adviser to then-Vice President Biden, told Cointelegraph that Republican and Democratic candidates need to “be very clear about where they stand on the future of the regulatory environment that they will create under their administrations.” . He added that both candidates had “no choice” but to recognize the influence of the cryptocurrency industry, noting that digital asset donations were one such measure.

“I think it’s inevitable that they will do it, in my opinion,” Vela said of the Biden campaign accepting cryptocurrencies. “This is integral for both candidates if they want to attract America’s more than 60 million crypto investors, many of whom are disproportionately Gen Z, millennials and young professionals – this represents a huge pool of potential voters.”

Cointelegraph reached out to President Biden’s re-election campaign for comment but had not received a response at the time of publication.

Remember, remember November 5

President Biden and former President Trump have less than seven days to prepare for the June 27 presidential debate, where they will face off in person for the first time since 2020. Their second debate is also scheduled for September 10. Trump already has the support of several crypto insiders, including founders Gemini Cameron and Tyler Winklevoss and executives of major mining companies.

Some in the space who suggest they are considering voting for President Biden are touting the “nonpartisan” nature of cryptocurrency rather than his policies or citing Trump’s criminal conviction and legal troubles. Still others, outside the United States, who do not have the right to vote, are expressing concern about the future of the American ecosystem.

“I don’t like Bitcoin being aligned with one party or the other,” Mauricio Di Bartolomeo, co-founder of cryptocurrency investment platform Leiden, told Cointelegraph. “You’re going to have a problem where (pro-crypto) people support it, build on it, then change, then those people undo all the work that pro-bitcoin people have done. “The best case for us is to show both sides why America should have access to Bitcoin.”

Election Day in the United States will be November 5. Trump is scheduled to be sentenced in New York on July 11, just days before the Republican National Convention nominates the party’s presidential nominee. The former US president was convicted of sexual assault, found guilty of 34 criminal charges in connection with efforts to conceal a secret payment to a porn star, and was found responsible for fraud linked to his company.

review: Crypto Voters Have Already Disrupted the 2024 Elections – and It’s Set to Continue

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