Trump and Biden Compete to Support Bitcoin, Will Crypto Regulations in the US Change?

Bittime - The 2024 American elections are like a breath of fresh air for the crypto ecosystem. The reason is, the two candidates exchanged arguments to support crypto. Now, Trump and Biden are even competing to support bitcoin.

If this is the case, will United States regulations for crypto be easier? Check out the explanation below.

Trump and Biden's Crypto Fight

Even though the first televised debate of the 2024 US presidential election has not yet begun, Trump and Biden are already attacking each other on various topics, including their open stance on cryptocurrencies.

Five years ago, Trump, still in office, publicly stated he “dislikes Bitcoin and other cryptocurrencies because they are not currencies, their value is highly volatile and has no real basis.”

However, now Trump has become one of the major political figures who actively supports crypto, having issued several series of NFTs. Trump has increasingly presented himself as a “crypto-friendly” candidate, claiming to support fintech innovation.

On May 22, Trump even opened a crypto donation site, accepting donations in various cryptocurrencies such as Bitcoin, Ethereum, USDC, SOL, XRP, DOGE, ZRX, and SHIB.

Trump has also often spoken publicly to show his support for crypto, calling on a "crypto army" to win the election on November 5.

On the other hand, Biden, who is known for his strict regulatory stance, appears to be softening due to election factors, trying to attract the support of young voters.

Young voter groups and communities of color, which were critical bases for Biden's victory in the 2020 election, have the highest levels of crypto acceptance among all age and ethnic groups.

According to a Washington Times report, the Biden campaign is having difficulty attracting Generation Z voters and is now hiring "meme managers" to manage internet content and memes.

Political and Regulatory Impact

Survey data shows that more than 20% of voters in six key states consider crypto to be an important issue. Additionally, communities of color and younger groups have higher rates of crypto asset ownership.

On May 22, the “21st Century Financial Innovation and Technology Act” (FIT21) was approved with a majority vote in the House.

This law establishes a regulatory framework for digital assets, which is considered one of the most influential laws on the crypto industry to date. FIT21 regulates two institutions that will oversee crypto:

Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). If crypto assets were considered commodities, they would be regulated by the CFTC; if they are considered securities, they will be regulated by the SEC.

Additionally, with the emergence of news about spot Ethereum ETFs, the regulatory stance, particularly from the SEC, appears to be softening. At the same time, the SEC informed trading platforms that they would approve rule 19b-4, indicating a major change in their stance.

FIT21 does not yet have a partner in the Senate

However, although FIT21 has been approved in the House, this legislation does not yet have a counterpart in the Senate, so it has not yet become law. This is an important first step, but there is still much to be done.

Overall, easing at the executive and legislative levels will encourage a change in direction at the regulatory level.

Regardless of the actual direction it will take, this is an important turning point for cryptoassets to enter the mainstream and obtain a legal and appropriate framework.

Election 2024: A Turning Point for Web3 and the Crypto Industry

The 2024 presidential election has become a turning point for the development of the Web3 and crypto industries. In the 2020 and 2016 elections, crypto had almost no influence or presence.

However, now, Web3 and the crypto industry are showing their power that cannot be ignored, both in influencing voter awareness and in campaign strategies and funding flows.

These winds of change bring new hope that after the 2024 elections, the Web3 and crypto industry will enter a new cycle.

Many political figures are starting to realize the importance of support from the crypto community, so they must pay more attention to policies that support the development of this industry.

The Future of Crypto in the United States

Once the election is over, attention will turn to how crypto policy and regulation will develop. If crypto-supportive politicians are elected, there may be more policies friendly to crypto and fintech innovation.

However, there is still a long way to go. Despite initial steps such as the approval of FIT21 in the DPR, much still needs to be done at the legislative and executive levels to ensure a supportive environment for the development of the crypto industry.

Overall, the crypto industry and Web3 in the United States are at an important crossroads.

Rising political support, changing regulatory attitudes, and the growing influence of the crypto community all indicate that the future of crypto in the United States may be brighter after the 2024 presidential election.

This is a crucial moment for industry players to continue to innovate and adapt to upcoming regulatory changes.

The crypto industry must continue to increase its lobbying efforts and ensure that its voice is heard at the policymaking level. In this way, a more stable and supportive future for crypto innovation and development in the United States can be achieved.

Conclusion

The 2024 US presidential election has set a significant stage for the Web3 and crypto industries, marking a major difference compared to previous elections.

The power of voters in favor of crypto can no longer be ignored, and more and more politicians are getting involved in the industry to gain support.

While there may be promises that have not materialized, the growing attention to crypto represents a major shift in the political and regulatory landscape. After the election is over, the Web3 and crypto industry will probably enter a new era.

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