Crypto supporters are eagerly waiting for this year’s election results. The US 2024 elections will be crucial in determining the trajectory of the crypto space in the future. A government that supports digital assets can help the market grow, while a government that is not crypto-savvy will make it difficult to buy, trade, or even mine cryptocurrency.
In the past, Donald Trump has portrayed himself as a strong contender who supports the virtual asset market. Though he has not spoken openly about the regulation of crypto, Trump’s latest address at the Bitcoin conference has kept many people in a good mood.
What are cryptocurrency voters seeking?
According to Reuters, crypto market participants are preparing wish lists and hoping for a second term for Donald Trump. This comes after the SEC had brought dozens of crypto enforcement cases under Gensler, a Democrat nominated by President Biden, and levied hundreds of millions of dollars in fines, including against prominent exchanges Coinbase COIN, Binance, and Kraken.
That might alter almost instantly if Trump wins. Reuters points out that most voters’ wish lists include reversing enforcement actions, providing a safe haven for new coins, and tightening guidelines that the sector claims have restricted Americans’ crypto custody alternatives.
Therefore, the main hope for the virtual asset sphere is to designate a pro-crypto chair. The industry wants a new administration to appoint people to crucial positions who are aware of and grasp crypto.
Gensler previously, citing a Supreme Court decision, argued that most cryptocurrency tokens are securities and should be subject to stringent regulation. Lower courts have largely supported this position.
According to cryptocurrency companies, crypto tokens should be regarded as commodities, and they want new legislation to explain this. However, if Congress is still split, it might take years.
During his speech at the Bitcoin 2024 event, Trump boldly announced that he would fire Gary Gensler on day one at the Oval Office and appoint a different crypto-friendly chair. Hester Peirce, a supporter of cryptocurrency and the more experienced of the two Republican commissioners on the SEC, is the most likely contender.
The business is also pushing crypto aficionados Chris Giancarlo and Brian Brooks for a permanent position.
Why are crypto voters important this election?
As Bankless Times previously reported, citing Forbes, owners of cryptocurrencies are uniting to form a single voting bloc in 2024, unlike in 2020. Millions of these voters live in crucial swing states where the narrowest of margins determined the last presidential election.
The rise of the cryptocurrency voter is directly associated with the expansion of cryptocurrencies as an asset class. These days, one in five Americans owns digital assets—52 million people, precisely. This number has the power to alter how the next elections turn out.
