Live Markets, Charts & Financial News

The real winner of the 2024 US elections will be crypto

0

Disclosure: The views and opinions expressed here are solely those of the author and do not represent the views and opinions of crypto.news editorial.

Cryptocurrencies are the favorite in the 2024 election, and I’m totally here for it. For the first time in history, two Presidential Candidates They are actively flirting with crypto voting. Donald Trump made his presentation at the Bitcoin 2024 conference addressing cryptocurrency voters, which was met with an amazing vote of support from encryption community. Democrats, unwilling to concede the crypto vote to Trump, held a crypto reset meeting with prominent industry leaders and also launched Crypto for Harris.

However, in the not-so-distant past, many declared that cryptocurrencies were “dead.” The industry has had a tough winter in the cryptocurrency space, loss More than $2 trillion in market capitalization in 2022 and global scrutiny by regulators. Now, two years later, cryptocurrencies have emerged as the dominant player in the 2024 election. Play the game.

The sinister origin story of the SEC

The cryptocurrency company’s rise to a major player on the political scene is due to its hostile sparring with the US Securities and Exchange Commission. According to Binance’s lawyer, Gary Gensler approached Binance to become… advisor In 2019, but the company rejected his offer.

Since 2021, there has been a significant rise in cryptocurrency-related cases with the SEC since President Joe Biden appointed Gary Gensler as Chairman of the SEC/Biden. coincidence? I don’t think so. Three court cases that really prove that the SEC is the main bad guy in the cryptocurrency space:

  • number onein a telegram court issuethe company had to return over a billion US dollars from a nominal increase. Entering into a covenant SAFTsa simple token futures agreement, and the ICO boom in the United States.
  • number two It is the case of Ripple Labs, which ultimately found that Ripple (XRP) is a security on the institutional side but not a security on the retail side.
  • Third, BitMEX issuewhere the arrest of the founders of such a high-profile exchange for anti-money laundering/know your customer (AML/KYC) violations was a slap on the wrist, and it shook the industry.

The legal actions taken against these companies were warning shots fired by the SEC, foreshadowing the heavy hand it will take towards major cryptocurrency companies.

Transformation: from friend to enemy

Once the crypto winter hit, following the collapse of Terra Luna, the general feeling was that the bad actors in the space needed to be removed and held accountable. Seizing this opportunity, the SEC began its crackdown on cryptocurrencies, distributing Wells notices like Halloween candy, forcing some companies to divest from US operations or close up shop to stem the bleeding.

Even companies that were once seen as allies have become targets. The irony is that the S.E.C accused Coinbase for running an illicit exchange. Coinbase acts as a custodian for the US government, working directly with the US Marshals Service to sell confiscated Bitcoin (BTC) from the “illicit” website, Silk Road.

This is a somewhat strange “reverse UNO” move by the SEC given that Coinbase is based in the US, and is a BitLicense holder, along with being a publicly traded company.

Cryptocurrencies are fighting back

One major notable change is that the cryptocurrency industry has taken an offensive stance, accusing federal regulators of refusing to set reasonable cryptocurrency regulations and guidelines for the industry. Gemini COO Marshall Baird Express His frustration in an interview with Bloomberg TV: “WWe have been calling for broader regulation, and have been doing so for a decade, and the United States does not have a broad regulatory framework for cryptocurrencies“.

Major players in the cryptocurrency space have bolstered government relations efforts by partnering with lobbying firms and donating campaign dollars to crypto-friendly candidates. Some even responded by filing a countersuit with the Securities and Exchange Commission.

According to Open Secrets, a campaign finance tracking site, contributions to crypto political campaigns have skyrocketed more From the 2020 to 2022 election cycle. nearly 50% Of the corporate donations come from cryptocurrency companies. Furthermore, Fairshake is the largest political action committee funded by the cryptocurrency industry, this campaign cycle, to lift More than $200 million. Consolidating the dominance and influence of cryptocurrencies in the 2024 elections.

source: Open secrets

The main voting bloc in swing states

Cryptovoters take center stage in the 2024 US presidential election. Berian Boring, CEO and Founder, Chamber of Digital Commerce, Strictly anticipation This scenario in an interview with CNBC in 2022:

“I think the watershed moment for crypto and politics will likely be in 2024 and I think the next presidential election. The candidate who can figure out how to leverage blockchain to benefit the cryptocurrency community will be our next president.”

Political analysts expect the US presidential election to be a very close race, where small factions of voters may hold the key to victory. The cryptocurrency industry has taken notice, making strenuous efforts to position crypto as a wedge issue, collecting extensive data and research on swing voters.

Data from the latest Harris Poll suggestIt is estimated that one in five voters in the battleground state consider cryptocurrencies a major issue. The industry as a whole has very engaged and active crypto voters who are very aware of their power in the upcoming elections.

Stand With Crypto, a pro-crypto advocacy group, has collected nearly 1.5 million online registrations. The America Loves Crypto Tour will hit five battleground states in September to increase voter turnout for cryptocurrencies.

Play on all sides to win

Cryptocurrency lobbyists have not pledged allegiance to any side and actively donate to both Republicans and Democrats. However, this did not stop crypto leaders like Arthur Hayes and Charles Hoskinson from influencing the elections. With some going so far as to endorse the candidates.

The Winklevoss twins have thrown their support behind Donald Trump, while Ripple co-founder Chris Larsen is backing Kamala Harris. The visibility of the cryptocurrency industry has surpassed anything seen in previous campaign cycles. She positions her community as a key voting demographic whose votes candidates must earn.

Regardless of which candidate wins, cryptocurrencies have proven to be the true winners of the 2024 election by coming back from a harsh crypto winter and an equally tough attack by federal regulators: going from being completely written off by the mainstream media to mastering DC politics brilliantly, the rise From the ashes like a phoenix.

Courage Kimber

Courage Kimber

Courage Kimber He is a web3 strategist and blockchain consultant. Courage has worked in the web industry for over ten years. During that time, I gained significant experience in managing web, e-commerce, and digital transformation strategies. In recent years, I have ventured into the blockchain space and advised companies and C-Suite executives on content strategy and management. She is very passionate about her work and takes pride in helping others.

Comments are closed, but trackbacks and pingbacks are open.