How Biden’s crypto policy strengthens Trump’s chances – BitcoinBlog.de – the blog for Bitcoin and other virtual currencies

Cryptocurrencies could tip the scales for the first time in the 2024 US presidential election. The tough stance of the Biden administration, which has come to a head this year, will be a welcome gift for Trump.

“This is a warning to Congress: crypto holders will have their voices heard in this election.”

This is what Mark Cuban, entrepreneur, investor, celebrity, billionaire and crypto fan writes. And you should actually be prepared for the unpleasant fact: Cryptocurrencies could not be the big, decisive issue in the presidential election in November 2024 – but they could very well tip 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 FRAUD

All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

And this tip of the scales will not tip the scales in favor of Joe Biden, but rather his opponent Donald Trump. Because the current government is demonstrating an attitude against cryptocurrencies that not only seems unnecessarily harsh, but is also coming to a head right now, in an election year.

SEC Commissioner Gary Gensler, appointed by Biden, has long been considered a die-hard opponent of crypto. A Bitcoin ETF was waved through under him, but he has already announced that he will reject an Ethereum ETF, as it is Ethereum – Attention! – considers it to be a security. The consequences of this are difficult to understand and are unlikely to inspire the Ethereum community, which tends to be more progressive than conservative, for another four years of Biden.

Gary Gensler’s colleague and opponent at the SEC, Hester “Crypto Mom” ​​Peirce, appointed by the Trump administration, is considered exceptionally crypto-friendly. An increase in their influence, which would be expected from a Trump presidency, will be a godsend for the crypto market.

Added to this are the ongoing court cases in the US in which regulators and prosecutors are pushing for software developers to be held liable even though they do not hold any crypto assets in trust. In doing so, they are shaking up a basic regulatory assumption of the crypto scene.

And finally, Joe Biden himself recently announced that he would block a bill from Congress by vetoing it. The proposed law is intended to give regulated financial institutions the right to also store crypto assets – not much different than in Europe – instead of first having to meet the SEC’s tough special requirements, which would entail enormous, sometimes even prohibitive costs.

Perhaps it was inevitable that the government would crack down on cryptocurrencies. But the fact that this conflict is heading for escalation, especially in the election year, could significantly reduce Joe Biden’s chances. He could, as Mark Cuban suggests, be the first president to lose over crypto.

Cryptocurrencies are not a dominant topic in the USA, but are much more present than here. According to new polls 15-20 percent of Americans eligible to vote hold cryptocurrencies, and more and more financial institutions and also the first pension funds invest money in crypto. The topic has long since become widespread.

When Democrat Elizabeth Warren promises to build an “anti-crypto army,” she is declaring war on the finances of almost one in five voters – without gaining anything electorally. Because there is almost no one who is so against cryptocurrencies that this is a deciding factor for them. So the Democrats’ tough stance may become a major factor driving undecided voters – or, actually, liberal crypto holders – to Donald Trump.

And he himself is not known for having much sympathy for Bitcoin and crypto. But he happily and playfully reaps Biden’s unexpected gift. He scoffs that Biden doesn’t know what crypto is, but is just doing what the Democrats want him to do – and they are against it. Meanwhile, many in Trump’s team and group are in favor of it, and he himself has no problem with it. “If you’re pro crypto, then you should vote for 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

And as sad as it is – he’s right: for those for whom cryptocurrencies are an important, perhaps even an election-decisive issue, the decision has already been made today, and for others who are still undecided, it could be the deciding factor.

---

Discover more from BitcoinBlog.de – the blog for Bitcoin and other virtual currencies

Sign up for a subscription to receive the latest posts by email.