How Crypto is Impacting the US Presidential Election

Whether you like it or not, the United States as a leading global superpower has a great deal of sway in the markets, especially the crypto markets. But when it comes to cryptocurrency policy, the Democratic Party hardly made any noise.

According to BRN's prior prediction, we may have established the Bitcoin bottom for the remainder of the year. When the rate-easing cycle starts, Kamala Harris's chances of winning decrease.

Of course, the election is still up in the air, but this "base-case scenario" can help you trade during this election season.

At least there's some positive news: in this election year, corporate interests are receiving backing.

With less than two years since the industry's most prominent political donor was revealed to be a criminal, the allure of campaign contributions from the digital-money crowd is again hard to refuse.

Prior to his incarceration on fraud charges, Sam Bankman-Fried donated lavishly to candidates to loosen rules.

This time, crypto supporters are trying to oust unfavourable lawmakers by raising several million dollars, which has caused some candidates to put money above common sense. The stakes are small, yet the sector is great at making headlines.

Unlike China and about twenty other nations, no US politician has proposed banning Bitcoin or any similar cryptocurrency.

In contrast to traditional investment products, digital token regulation has been the primary topic of discussion.

Naysayers of digital assets say that by suing several businesses and people, including Bankman-Fried, for breaches of money-laundering regulations and securities laws, President Joe Biden's administration has effectively reduced the dangers posed by cryptocurrency.

Vice President Kamala Harris is under pressure to take a more lenient stance, but she has not yet stated how her policy will differ from Biden's.

Last week, a policy adviser made it clear that she intends to help the sector.

Crypto's Fast and Volatile Global Growth

The crypto market's value has nearly doubled to over $2 trillion from a year ago.

Her detractors have ignored her.

During his July speech at the Bitcoin 2024 conference, former president Donald Trump made a number of promises.

Among these measures were the following:

• Designating a group of "people who love your industry" to draft crypto regulations;
• Dismissing Gary Gensler, the chairman of the Securities and exchange commission and an ardent sceptic of crypto;
• Prohibiting the Federal Reserve from minting its own digital money;
• Building a strategic Bitcoin reserve;
• Reducing the prison term of Ross Ulbricht, who was found guilty in 2015 of opening a crypto marketplace for illicit goods.

Independent Robert F. Kennedy Jr. has gone even further, describing Bitcoin as "the currency of hope" and promising to instruct the US Treasury to invest hundreds of billions in cryptocurrency.

Instead, naysayers warn that candidates should pledge to collaborate with lawmakers and regulators to achieve this goal.

They say candidates should make sure that cryptocurrency regulations are in line with current laws on sanctions enforcement, fraud prevention, and money laundering,

When asked about how an US Bitcoin reserve would impact the market, Matt Long, FalconX 's general manager of APAC explains, "The US government holds over 200,000 BTC, so if it won't sell any more of those, that obviously reduces pressure on selling."

"This would result in pretty strong signalling with potentially other sovereigns doing it too," he added, emphasising that this would only be a hypothetical situation for now. "Signalling around it would be positive not just in the short term but in the longer term too."

Following the regulations should be fine if the technology is as groundbreaking and practical as its proponents claim.

Candidates should not be influenced to believe differently by any amount of campaign money. However, all the triggers are coming together simultaneously for the crypto industry.

Events

Daemon Day (Singapore, 17 September 2024)

Join Blockdaemon on 17th September 2024 at Pan Pacific, Singapore for a day of groundbreaking discussions and networking opportunities with key players in the space. Event partners include AWS and Zodia Custody, while the event supporters include Liquid Collective, M2, MU Digital, Titanium Ventures, and Xangle.

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All That Matters (Singapore, 16-18 September 2024)

The 19th All That Matters is the gateway to the APAC Music, Sports, Gaming, Marketing, Web3, Arts and Entertainment industries.

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