How Crypto Could Influence the 2024 U.S. Presidential Race

Hey everyone welcome back today we're Diving into a topic that's gaining a lot Of traction as we head towards the November elections could crypto politics Actually decide the next US president Stick around as we unpack this complex And fascinating subject let's dive in Crypto has rapidly evolved from being a Niche interest to becoming a significant Player on the political stage just last Week former president Donald Trump the Front runner for the Republican Nomination in 2024 made waves in the Crypto community at an nft event held Marlago Trump didn't just endorse the US Crypto sector he practically weaponized It for his campaign Trump strongly Criticized Joe Biden and the sa for Their stringent regulations on crypto Highlighting how these rules are Stifling innovation in the US while Other countries are embracing it this Bold stance has positioned crypto as a Key issue in the upcoming election with Trump rallying crypto enthusiasts to Support his campaign in the crypto world It's been the year of meme coins with Salon Bas potify coins like Maga geob Bodm and Dolan Trump amassing billions In trading value this trend H at the Election chaos were likely to witness Later this year Trump's alignment with The crypto Community has caused Tech Magnates like Mark Cuban to warn that

Biden's anti-crypto stance could cost Him the election Democrat representative Willly nickel has also expressed Concerns urging his party not to hand The issue to the Republicans Unis swap Founder Hayden Adams compared Biden's Indifference towards crypto to Hillary Clinton's 2016 campaign strategy Suggesting that it ignoring such a Crucial issue could cost him his Presidency on the other hand independent Candidate Robert F Kennedy Jr who is Polling well among the under 30 Demographic has leveraged platforms like Tik Tok to gain support particularly on The topic of crypto so how will US Politics impact the crypto markets let's Dive deeper into this great Democrat Republican crypto divide for those Unfamiliar with us politics here's a Quick rundown Democrats generally Support increased regulation to protect Consumers and financial markets from Scams and manipulation meanwhile Republicans prefer a hands-off approach Believing that less regulation Fosters Innovation and economic growth according To a Pew Research Center survey 75% of Respondents believe that crypto is not Safe or reliable this sentiment has Driven Democrats to push for tighter Regulations on the flip side Republicans Argue that overregulation stifles Technological progress a Hallmark of us

Global Leadership and this election year Biden's actions have not won him any Favors with the crypto Community his Administration stance including a Proposed tax on crypto Mining and the Controversial SEC crypto custody Guidelines has sparked significant Backlash the staff accounting bulletin 121 or sab1 121 requires Banks to treat Crypto assets they hold for customers as Their own adding extra Reserve Capital Requirements this has made crypto Custody less appealing for us financial Institutions causing friction within the Industry despite Biden's warnings 21 Democrats joined Republicans to roll Back some of these harmful guidelines Show showcasing a growing bipartisan Push back against the administration's Crypto policies a recent dcg Harris poll Found that one in five voters in key Swing States consider crypto an Important election issue crypto positive Voters tend to be younger male and from Minority communities which are Demographics that are crucial for both Parties let's break down the numbers 20% Of Voters have bought cryptocurrencies And among men aged 18 to 54 nearly 40% Own or have traded crypto this trend is Even more pronounced among African-Americans and Hispanic Communities with a significant increase In crypto ownership over the past year

Nearly 70% of people are dissatisfied With the current Financial system Feeling it favors Elites this Dissatisfaction is driving support Towards candidates who promise Crypto-friendly policies among crypto Owners Trump holds a slight Edge over Biden with 48% supporting Trump versus 39% for Biden and 133% still undecided When Biden took office in 2020 hopes Were high that his SEC chairman Gary Gendler would support the burining Crypto industry however gendler's tenure Has been marked by increased regulatory Scrutiny and enforcement actions against Major crypto firms the collapse of FTX In 2020 intensified these efforts and Although there was a brief respite Following black Rock's Bitcoin ETF Application the sec's aggressive stance Continues ironically Biden's massive $1.9 trillion stimulus package during The covid pandemic partially fueled the 2021 crypto Bull Run by injecting Liquidity into the market but since then His administration's actions has been Viewed as antagonistic towards crypto Operation choke 2.0 which cut off Banking services to much of the crypto Sector exemplifies this antagonism Coupled with a proposed 30% tax on Crypt Miners it has created a hostile Environment for the industry but it's Not all bad news the approval of the

Bitcoin spot ETF and gendler's statement That Bitcoin is not a security has been A positive development yet the overall Sentiment remains cautious at the Bitcoin 2023 Miami Conference resentment Towards Biden and the Democrats was Palpable many young and promising Digital asset firms and talents have Sought greener pastures abroad in cities Like Dubai and Singapore candidates Across the political Spectrum like RFK Tulsi gabard and Vivic ramaswami have Been vocal about their support for Crypto appealing to a younger techsavvy Voter base Trump in particular has made A notable shift in his stance on crypto After dismissing Bitcoin as a scam in 2021 he launched his own nft collection In 2022 which sold out quickly this move Has helped him connect with cryp Enthusiasts and position himself as a Supporter of the industry according to Blockchain slues Trump now holds a Significant amount of crypto with a bag Valued at around $6 million Predominantly in the magga token and Trump recently invited crypto leaders to Speak at his event further solidifying His Pro crypto stance in conclusion Whether Trump wins or not his courtship Of the crypto Community is a significant Development for the industry as we Approach the November elections the Crypto sector's influence is likely to

Become even more pronounced crypto has Become a political hot potato and its Supporters growing influence can no Longer be ignored by any candidate this Election could Mark a turning point Where targeted Outreach to crypto Enthusiasts becomes a crucial component Of future political campaigns so what do You think will crypto politics decide The next US president let us know in the Comments down below and stay tuned for More updates as we get closer to the Election

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OUR TAKE

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