The US presidential election is approaching, and the crypto community is divided over who to support. The incumbent Joe Biden has been tough on crypto regulation, but his former aide Anthony Scaramucci says he is the best option for the long-term growth of the industry. On the other hand, Donald Trump has shown some sympathy for crypto, but his erratic behavior and hostility to central bank digital currencies could undermine the legitimacy of the sector.
Anthony Scaramucci, the founder of SkyBridge and a former communications director for Trump, has urged the crypto voters to back Biden for a second term. He told Bloomberg that although Trump might be more lenient on crypto regulation in the short term, he would create chaos and uncertainty in the legal system in the long run.
Biden, meanwhile, has taken a hard line on crypto, cracking down on tax evasion, money laundering and fraud involving digital assets. His administration has also proposed stricter reporting requirements and oversight for crypto transactions and businesses.
However, Scaramucci argued that Biden’s policies would ultimately benefit the digital industry by providing more clarity and stability. He said that Biden was a “pro-growth, pro-innovation” president who understood the potential of crypto to transform the economy.
Trump, who lost to Biden in 2020, is hoping to reclaim the White House in 2024. He has been campaigning on his economic record and his promise to restore America’s greatness. He has also expressed some support for crypto, or at least for its decentralized nature.
Crypto Impact On Politics
In 2019, he tweeted that he was not a fan of bitcoin and other cryptocurrencies, saying they were “based on thin air” and facilitated unlawful behavior. According to the news by BTC Politan ”Trump also said that he would never allow the creation of a central bank digital currency, which he saw as a threat to the sovereignty of the US dollar”.
This stance has appealed to some crypto enthusiasts, who fear that a government-backed digital currency would undermine the autonomy and innovation of the digital sector. Some Republican officials have also embraced digital as a way to challenge the overreach of the federal government and the central bank.
The digital community is not a monolithic bloc, but a diverse and growing segment of the US population. According to Forbes, one in five Americans now own some form of digital asset, totaling 52 million people. Moreover, these crypto holders are not aligned with any single political party, but rather split among Democrats, Republicans and Independents.
According to a survey by Coinbase and Morning Consult, 22% of digital holders identified as Democrats, 18% as Republicans, and 22% as Independents. The rest were either unsure or preferred not to say. This means that crypto voters could be a key swing group in the 2024 election, especially in close races.
The candidates will have to compete for the crypto vote by addressing their concerns and expectations. The digital community will have to weigh the pros and cons of each candidate and decide who will best represent their interests and values. The choice will not be easy, but it will be crucial for the future of digital in the US.
Related Reading | Hong Kong To Crack Down On OTC Crypto Platforms Amid Fraud concerns
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
Comments (No)