2024 US Presidential Elections: What Could Happen to Crypto?!

The 2024 United States presidential Election is lurking just over the Horizon the outcome could have a Profound impact on crypto regulations in The country which could in turn make or Break the next crypto bull run it could Also determine whether the Federal Reserve develops a dystopian digital Dollar and takes total control of the US And the global economies that's why Today I'm going to tell you where the Top presidential candidates stand on Crypto and cbdcs and what impact their Stances could have on the crypto market And Financial Freedom if they win Now I want to start by explaining why The next U.S election is so significant For crypto if you watched our video About operation choke point 2 you'll Know that since January there's been a Coordinated effort by Regulators in the United States to cut the crypto industry Out of the banking system you'll also Know that the original operation choke Point which likewise involved cutting Certain industries out of the banking System began in 2013 under President Obama and ended in 2017 under President Trump for context Obama was re-elected In 2012 and Trump was elected in 2016. This is important to point out because It suggests that operation choke point 2 Will only end after the 2024 election Likely one year after

It also suggests that the crypto Crackdown will only end if a republican Is elected president however it does Seem that there are more pro-crypto Democrats this time around If you've watched any of our summaries Of crypto hearings over the last year You'll know that the number of Pro-crypto Democrats has been growing This might have something to do with the Fact that crypto has become a key Political issue never mind all the Lobbying by crypto companies and Projects and it's not just crypto either Central Bank digital currencies or cbdcs Have also become a key political issue As of late and it appears that Politicians on both sides of the aisle Are skeptical of them this might have Something to do with the fact that cbdcs Will allow the government to control Every transaction even so there are Still plenty of U.S politicians who are Vocally anti-crypto and pro cbdc and the Fact of the matter is that most of them Are on team blue Given that the US presently has a Democrat president these Fringe Politicians have had an outsized impact On both crypto and cbdc policy you can Find more about the differences between Cryptocurrencies and cbdcs in the Description I digress Now fortunately or unfortunately the

Opinions of the average U.S politician Don't always matter when it comes to Policy that's because it's ultimately up To the president to sign off on whatever Laws they propose the President also has The power to nominate key Regulatory and Central Bank personnel as we've seen Over the last year Regulatory and Central Bank Personnel can have an even Bigger impact on crypto than the Presidents and politicians policies SEC chairman Gary Gensler and fed Vice Chair for supervision Michael Barr are Two examples here both have been key Players in the crypto Crackdown more About Michael Barr in the description Moving on Now the key takeaway is that the 2024 U.S presidential election is going to be Extremely significant for crypto and for Financial Freedom itself Obviously it's too soon to say who the Presidential candidates for both parties Will be but the current polls suggest That there are four main Front Runners Two on each side on the Democrat side of Course we have current President Joe Biden and Robert F Kennedy Jr the nephew Of former president John F Kennedy who Was famously assassinated in 1963. on The Republican side meanwhile we have Former president Donald Trump and Ron DeSantis the current governor of Florida So let's see where they all stand on

Crypto and cbdcs So starting with Joe Biden by now you'll Know that he's as anti-crypto as they Come and is apparently pro-cbdc as well In retrospect the signs were there one Of the first things he did as president After being elected in November 2020 was To nominate Janet Yellen to become the Secretary of the Treasury by now you'll Know that Janet is anti-crypto and some Of you may remember the famous hearing Where a crypto bro held up a sign saying Buy Bitcoin during one of her Testimonies now one of the first things Janet did when she got the gig in January 2021 was to push for rules Tracking all cryptocurrency transactions And since that time Janet has been a key Player in operation choke point two and Likely had a hand in the decision to Sanction tornado cash literal computer Code that's not controlled by anyone Janet's term technically has no expiry But she is reportedly planning on Stepping down in the next year or two Now in January 2021 Biden also nominated Gary Gensler to become SEC chair and Gary's tenure began the following April Since that time he said that everything Besides BTC is a security and must be Regulated or banned Now Gary's term will expire in April 2026 and the next president will Nominate his replacement that said Gary

Could leave the SEC sooner than expected That's because he is reportedly planning On becoming the next treasury secretary If Janet Steps down then chances are Gary will get her job especially under a Democrat Administration However this would do more harm than Good to crypto that's because Gary would Have more Powers at his disposal to Further crack down on the crypto Industry and if he happened to become Treasury secretary under a Democrat Administration then it's quite possible That his seat at the SEC would be filled By another anti-crypto candidate Nominated by Biden now the good news is That most of Biden's subsequent Anti-crypto nominees never got their Respective gigs these include Saul Omarova who essentially wanted to Consolidate the banking system at the OCC and Sarah Bloom Raskin who wanted to Print massive amounts of money to fight Climate change at the Fed On that note the money printing under The Biden Administration was arguably The primary contributor to the crypto Bull market particularly the second leg In late 2021 However this money printing was arguably The primary cause of all the inflation That followed and the subsequent High Interest rates One of Biden's spending packages also

Contained a long list of anti-crypto Provisions Some of you might recall the infamous Infrastructure bill from the summer of 2021 to refresh your memory it requires Crypto Brokers to report all crypto Transactions worth over 10K to tax Authorities starting in 2024. the Problem is that the definition of crypto Brokers is so broad that it could Include everything from miners to Validators to wallets and even D5 Protocols the IRS did promise that it Won't apply the definition to these Parties but the skepticism of this the IRS is part of the Treasury Department Janet's home turf then last March the Biden Administration published an Executive order about cryptocurrency it Effectively called on U.S Regulators to Scrutinize the crypto industry it also Called on the FED to explore the Development of a digital dollar concrete Evidence of Biden's Pro cbdc stance in January this year the Biden Administration published a roadmap to Address the risks in the crypto industry It effectively called on U.S Regulators To scrutinize the industry even more it Also seems to have been a rallying cry For a crypto Crackdown we've seen lots Of enforcement actions since then More recently the Biden Administration Announced its strategy for so-called

Emerging Technologies in addition to Looking at crypto and AI the strategy Includes a section about digital ID if You're wondering why that matters it's Because a government-issued digital ID Is required for a full-scale cbdc Rollout probably nothing Now the other Democrat who could clinch The party nomination is Robert F Kennedy Jr or RFK Jr as I mentioned earlier RFK Jr is the nephew of former President JFK Who was assassinated in 1963. what I Didn't mention is that RFK Jr's father RFK senior was also assassinated in 1968 While running for president as you can Imagine this had a profound impact on RFK Jr who actually isn't a career Politician he's an environmental lawyer By trade but he is very much Cut From The Same Cloth as his father and Uncle To give you an idea of what that cloth Looks like here's an excerpt from one of JFK's speeches quote for we are opposed Around the world by a monolithic and Ruthless conspiracy that relies Primarily on Covert means for expanding Its sphere of influence on infiltration Instead of invasion on subversion Instead of Elections on intimate instead Of free choice on gorillas by night Instead of armies by day it is a system Which has conscripted vast human and Material resources into the building of A tightly knit highly efficient machine

That combines military diplomatic Intelligence economic scientific and Political operations its preparations Are concealed not published its mistakes Are buried not headlined its dissenters Are silenced not praised put simply RFK Jr is against centralized power and is Personally aware of just how powerful Some parts of the government can be this Is basically why RFK Jr is pro-bitcoin It's a decentralized currency which Takes power away from the government Including its most powerful part the Central Bank RFK Jr actually spoke at This year's Bitcoin conference and I Highly recommend giving his speech a Listen if you have the time He explains that he understood how Important Financial Freedom is when he Saw peaceful anti-pandemic mandate Protesters in Canada have their bank Accounts Frozen last February for Reference Financial Freedom doesn't mean Having lots of money it means having the Ability to transact with whoever you Want whenever you want this definition Of Financial Freedom has been all but Forgotten and RFK Jr is one of the few People I've seen who remembers the real Definition It should come as no surprise then that RFK Jr is as anti-cbdc as they come he's Even against the fed's upcoming fed now Fast payment system that's scheduled for

Release in July this is because he knows That fast payment systems like fed now Are precursors to cbdc's in this case a Full-blown digital dollar as for crypto Meanwhile RFK Jr seems to be the only Presidential candidate with clear Policies about it in his speech at Bitcoin Miami he swore that he will make Sure that the self-custody of Cryptocurrency is enshrined in law note That I have big discounts on the best Hardware wallets in the description Shilling aside RFK Jr also swore that The ability to run validators Miners and Nodes on blockchains without kyc will Also be enshrined in law He explained that this is because having A blockchain where every node is Registered and KY seed isn't truly Decentralized because it means The Government Can intervene not only that But RFK Jr also swore that the Regulation of energy will be industry Neutral meaning it will be illegal to Say tax Bitcoin miners at a different Rate to everyone else He explained that biased energy Regulation would require the government To track what every computer is doing Which he also opposes RFK Jr finished his Bitcoin Miami speech By saying that he will accept campaign Donations in BTC using the lightning Network he also said that the Bitcoin

Community is the quote modern day Manifestation of the impulse that wrote The U.S Constitution which is the basis Of various freedoms in the United States Speaking of Miami Florida Governor Ron DeSantis is currently the runner-up on The Republican side In contrast to RFK Jr Ron is more of a Career politician he's been rising Through the political ranks in Florida For over a decade prior to that he was With the U.S Navy for almost a decade Too Rising through the ranks there as Well Ron first started making crypto Headlines in March this year when he Announced his intentions to pass a law Banning cbdcs in his state Ron also made the headlines when he Slammed the FED on Twitter for Suggesting that it could create a Digital dollar without Congressional Approval In May Ron successfully passed his Anti-cbdc law setting the stage for Other Republican states to do the same As reported by coindesk however Ron's Anti-cbdc Law actually doesn't ban Cbdc's all it does is declare that cbdcs Are not classified as money according to Florida's definition of the term Now this is surprising considering that Ron seems to have a firm understanding Of how cbdc's work he understands that They are programmable and will be used

To impose political ideologies on the Populace He also understands that Financial Privacy is important and is therefore Very pro-cash Ron's crypto stance is also a bit Surprising he understands that Bitcoin Is valuable because the government can't Control it and correctly pointed out That this is why some politicians oppose It However Ron doesn't actually seem to Understand how Bitcoin works or its Other value propositions this lack of Understanding was put on full display During his recent Twitter spaces with Elon Musk where he announced his Presidential run Braun said quote you Have every right to do Bitcoin and that He'll quote protect the ability to do Things like Bitcoin naturally he said That Bitcoin will die under Biden Now it didn't take long for the crypto Community to point out that you don't do Bitcoin this was even pointed out by Other presidential hopefuls on the Republican side in Ron's defense he Could have misspoken The point was understood regardless and Even the other hopefuls said that he's Saying the right things still it's Evident that Ron's crypto stance isn't As refined as the other top presidential Candidates

For what it's worth it's also evident That Ron is very anti-cbdc and that's a Very good starting point So this brings me to the final Presidential candidate on the list and That is of course former president Donald Trump Now Trump's crypto stance has changed a Lot over the years when he was Campaigning in 2016 he called for all Campaign donations for all candidates to Be made in crypto to quote get the big Banks out of it when Trump was elected Later that year crypto pumped in Response now this was odd given that he Hadn't done or said anything else that Was explicitly pro-crypto this could Have been because the Republican party Is perceived as being pro-crypto or Because some members of the Administration were pro-crypto in any Case Trump's personal crypto stance was Finally revealed in the summer of 2019 Almost three years into his four-year Term I'll read you the full tweet quote I am Not a fan of Bitcoin and other Cryptocurrencies which are not money and Whose value is highly volatile and based On thin air Unregulated crypto assets can facilitate Unlawful Behavior including drug trade And other illegal activity similarly Facebook Libra's virtual currency will

Have little standing or dependability if Facebook and other companies want to Become a bank they must seek a new Banking Charter and become subject to All banking regulations just like other Banks both National and international we Have only one real currency in the USA And it is stronger than ever both Dependable and reliable it is by far the Most dominant currency anywhere in the World and it will always stay that way It's called the United States dollar Then in the months that followed there Were a few reports of trump telling Regulators including the treasury Department to Target cryptocurrency the Thing is that then treasury secretary Steve mnuchin was reportedly pro-crypto He said BTC was an adequate substitute For gold in 2021. moreover Trump was Reportedly considering pardoning Ross Ulbricht before he left office in late 2020. for those unfamiliar Ross is the Founder of the darknet marketplace Silk Road he was arrested in 2011 and was Given an unprecedented jail sentence by U.S authorities presumably to send a Message when you combine this with the Fact that Trump's 2019 tweet was the First and only time he talked publicly About crypto during his presidency it's Safe to assume that he didn't act on his Anti-crypto impulses this makes sense Given that crypto was still in a bear

Market at the time it wasn't relevant That was of course until all the Pandemic stimulus which Trump pioneered What's hilarious is that Trump had been Publicly pressuring fed chairman Jerome Powell to lower interest rates in the Months prior on Twitter he asked quote Who is our bigger enemy Jay Powell or Chairman Z Good Times Jokes Aside Trump reiterated his Anti-crypto stunts during multiple Interviews in the summer of 2021. what He said was eye-opening quote Bitcoin it Just seemed like a scam I don't like it Because it is another currency competing Against the dollar essentially it is a Currency competing against the dollar I Want the dollar to be the currency of The world that's what I've always said Now this is fascinating because it Suggests that Trump understands that BTC Has the potential to displace the dollar As the world Reserve currency in fact He's probably the only politician who Has acknowledged that BTC is in fact a Currency this is a little worrying Because he doesn't want it to defeat the USD this begs the question of whether Trump is in favor of a digital dollar The answer is unknown but if he was told That it would strengthen the US dollar He would probably approve it in a Heartbeat Note that Trump has recently been vocal

About the US Dollar's Decline and its Dwindling Reserve currency status he Also recently issued an nft collection On ethereum Now it's almost certainly just a money Making exercise but part of me wonders If Trump could become an eth maxi after All eth isn't trying to compete with the US dollar just imagine a trump Presidency where eth and altcoins rally While BTC crashes that would be truly Crazy and yet it would likely pale in Comparison to all the other craziness We'd see under another Trump presidency And now for the big question which Presidential candidate is best for Crypto and Financial Freedom Starting again with Biden he would be Bad for crypto and even worse for Financial Freedom the caveat is that his Spending packages could prop up the Crypto markets indirectly like they did Recently RFK Jr is currently the best candidate Based on these criteria his love of Crypto and hatred of cbdc's seem to be On the same level and a high one at that It's too soon to say whether he will Become the Democrat candidate and it's Frankly a bit of a long shot but his Popularity could be a sign that a Similar candidate could clinch his Party's nomination in the future Ron Descentes meanwhile is a bit of a mixed

Bag on both issues he is definitely Anti-cbdc but his reportedly toothless Cbdc ban doesn't Inspire much confidence About his ability to push back against Them His crypto stance is also questionable Albeit positive but I'm confident that It will improve over time to be blunt Trump is almost as bad as Biden on Crypto and Financial Freedom the Difference is that Trump's hatred of Crypto and love of the USD is rooted in A different ideology from Biden's the Outcome would likely be the same though Restrictions on crypto and the continued Development of a digital dollar so Let's hope the list of presidential Candidates is different the next time we Do a video on this topic And that's all for today's video folks But I want to hear from you now Which Presidential candidate is pro-crypto and Which ones are anti-cbdc I'd love to get Your thoughts in the comments section Before you leave make sure to like the Video subscribe to the channel and ping That notification Bell also consider Browsing the coin Bureau deals page it's Got discounts of over 50 on trading fees And bonuses of up to forty thousand Dollars on some of the best crypto Exchanges You can find the link to all of that and More in the description thank you all

For watching and I'll see you next time [Music]

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