The landscape of the 2024 US presidential election might be influenced by cryptocurrencies, marking a potential first in American politics. President Biden’s administration’s firm position on crypto, reaching its zenith this year, could inadvertently favor Trump.
Mark Cuban, renowned entrepreneur, investor, and crypto enthusiast, sounds the alarm: “Crypto holders will make their voices heard in this election.” While cryptocurrencies might not dominate the election discourse, they could wield significant influence, potentially tipping the scales.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
However, this tipping point may not favor Biden but rather his adversary, Donald Trump. The current administration’s stringent stance on cryptocurrencies, appearing overly severe and peaking during an election year, might alienate crypto supporters.
SEC Commissioner Gary Gensler, a Biden appointee, has a reputation as a staunch crypto critic. Despite overseeing the approval of a Bitcoin ETF, he’s signaled opposition to an Ethereum ETF, citing concerns over its security status. Such actions risk disillusioning the Ethereum community, typically more progressive and potentially swaying towards Trump.
In contrast, Gensler’s SEC counterpart, Hester “Crypto Mom” Peirce, appointed under Trump, enjoys a reputation for being crypto-friendly. A resurgence of her influence, likely under a Trump administration, could buoy the crypto market.
Complicating matters are ongoing legal battles where authorities seek to hold software developers accountable for crypto-related matters, challenging fundamental regulatory norms within the crypto sphere.
Additionally, Biden’s recent announcement to block a congressional bill granting regulated financial institutions easier access to store crypto assets could further alienate crypto supporters. This move contrasts sharply with Europe’s approach, potentially driving voters away from Biden.
Cryptocurrencies may not dominate American discourse, but they’re undeniably prevalent. Surveys indicate that 15-20% of eligible Americans hold cryptocurrencies, with institutions and pension funds increasingly investing in this space.
Senator Elizabeth Warren’s pledge to assemble an “anti-crypto army” risks alienating a significant portion of the electorate without tangible electoral gains. This hardline stance could drive undecided voters, particularly liberal crypto holders, towards Trump.
Donald Trump trolls President Biden about his stance on #Crypto. Trump also states Gary Gensler and the Democrates are against it. He confirms his support for crypto.#bitcoin #trump #biden #thinkingcrypto @ThinkCryptoPod pic.twitter.com/xnL7tPgd8I
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) May 9, 2024
While Trump isn’t known for his affinity towards Bitcoin and crypto, he opportunistically capitalizes on Biden’s misstep, positioning himself as the candidate aligned with crypto interests. This strategic maneuvering could sway voters disillusioned with Biden’s stance.
In conclusion, Biden’s mishandling of the crypto issue might inadvertently bolster Trump’s electoral prospects. For voters for whom cryptocurrencies are pivotal, the decision seems clear.
