Author: Jeff Howard Source: coindesk Translation: Shan Ouba, Jinse Finance
As the 2024 US election approaches, political polarization has once again become a focus. American society remains deeply divided, with voters almost halfway split. The outcome of the presidential election is difficult to predict, especially against the backdrop of the recent resurgence of the Democratic camp. The outcome of this election will have a significant impact on the future of the digital asset industry, so an important question emerges: Is the influence of the cryptocurrency industry enough to influence the election results?
The answer seems to be yes. Victory in elections depends not only on ideas, but also on money and mobilization. This is a reflection of the reality of American politics. Politicians can be influenced or even bought outright, and this election cycle marks the first time that the crypto industry has a well-funded, organized lobbying group to support its interests. According to followthecrypto.org, a cryptocurrency-focused political action committee (PAC) has raised $183 million to influence the 2024 election. Silicon Valley's major players are using their wealth and influence to try to dominate future digital asset and artificial intelligence policymaking.
Republican candidate Donald Trump has welcomed these efforts and pledged strong support for the crypto industry. His proposals include revising US energy policy, making the US a global leader in Bitcoin mining, ending "Operation Chokepoint 2.0", removing Securities and Exchange Commission (SEC) Chairman Gary Gensler from his position, and even establishing a national strategic "reserve" of Bitcoin. The crypto industry has responded enthusiastically and invested heavily in his campaign. However, it remains to be seen whether Trump will deliver on these promises.
On the Democratic side, candidates have been largely silent on cryptocurrencies. Despite the current administration’s tough approach to the industry, many Democrats now acknowledge that SEC Chairman Gensler has become a political liability, especially in several key swing states where the opinions of young voters will influence the outcome of the election.
So why has the future of cryptocurrency regulation become such a hot political issue? The answer is simple: money. Not only is there a huge amount of money being invested in this election, but also because of the emergence of Bitcoin and Ethereum ETFs, which have attracted growing institutional interest in the industry. Larry Fink, chairman and CEO of BlackRock, the world's largest asset manager, has become a major advocate for Bitcoin and blockchain technology, touting its potential benefits.
The crypto industry has come a long way, with more than 50 million Americans owning digital assets. Cryptocurrency is political in nature, challenging the foundations of traditional centralized markets. The principles of decentralization, transparency, financial inclusion, autonomy, and ownership have profound implications for every aspect of our financial lives.
Politicians often chase money, while voters vote based on economic interests. Americans’ preference for liberal ideals is now intertwined with the struggle over the future of digital assets. The current political atmosphere is increasingly conducive to the development of reasonable regulations, and many bills that are favorable to cryptocurrencies are circulating on Capitol Hill.
Could this election finally push cryptocurrency into the mainstream? Given the stakes, it seems likely. It’s not unreasonable to be a single-issue voter in this situation, especially when your financial future is at stake. However, it’s worth considering whether this will turn into a classic case of “buy the rumor, sell the news.”
