The Significance of Crypto in the 2024 U.S. Presidential Race

  • The SEC’s focus on crypto has shifted the conversation and strategies for the 2024 election.
  • Trump and Biden showcase contrasting approaches, mirroring the changing political landscape.

The year 2024 has been packed with events – from the approval of a spot Bitcoin [BTC] ETF in January to the halving in April, leading up to the highly anticipated U.S. presidential elections.

Among these exciting happenings, one central theme stands out – the growing role of crypto in American politics.

A new era unfolding

In previous elections, cryptocurrency was rarely a focal point.

But ongoing scrutiny by the SEC on various crypto entities has sparked engaging debates among voters.

This heightened attention has propelled cryptocurrency into the heart of political dialogues and campaign strategies, making it a pivotal issue in the 2024 elections.

With voters divided, Laura Shin, host of the “Unchained” podcast, shared in a recent conversation at ‘The Chopping Block:

“Hey, we don’t know who’s going to win the election and if you come out as like only hating one of the sides and then they end up winning you’re screwed.”

This discussion stemmed from a tweet by Plan B, creator of the stock-to-flow (S2F) model.

Plan B's tweet on Biden and Trump

Source: PlanB/X

Meanwhile, the U.S. Senate’s recent move to pass H.J. Res 109 – aimed at reversing the SEC’s controversial Staff Accounting Bulletin No. 121 (SAB 121) – highlighted the Democrats’ pro-crypto stance.

A new trajectory unfolding

Robert Leshner, CEO of Superstate, pointed out the increasing impact of cryptocurrency on elections.

He mentioned recent polls showing a significant number of Americans in favor of crypto and a small minority against it.

Pew research dataPew research data

Source: Pew Research Centre

This shift underlines the growing political importance of cryptocurrency among voters.

Trump vs. Biden

Additionally, Tom Schmidt from Dragonfly highlighted the Trump administration’s nuanced approach.

He observed instances where the administration aimed to regulate or ban certain aspects of the crypto market, contrary to expectations of unwavering support.

Similarly, the Biden administration, influenced by figures like Elizabeth Warren, has been viewed as anti-crypto despite voter support for cryptocurrency.

As we anticipate the upcoming U.S. election, the question arises – Will crypto surpass politics or will politics overshadow crypto?

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