As the US presidential election approaches, some leaders in the cryptocurrency sector are paying attention and analyzing how the candidates for the position, Joe Biden and Donald Trump, could impact the price of Bitcoin, as well as the broader market. Furthermore, some risks increase as the next historic debate between the candidates on CNN approaches.

When evaluating the current scenario, the CEO of Ripple Labs, Brad Garlinghouse, expressed criticism of the aggressive stance of the president of the Securities and Exchange Commission (SEC), Gary Gensler, regarding the regulation of the cryptocurrency industry in the USA. In his argument, the executive highlighted that Gensler’s failure to address issues such as FTX and Binance exchanges ends up undermining his credibility.

“Absolute nonsense coming from Gary Gensler today. And this slander about ‘all crypto execs going to jail’ from the man who missed FTX (and actually approached SBF) and wasn’t even invited to the DOJ announcement about Binance,” Garlinghouse stated.

Still on the occasion, Ripple’s CEO highlighted Gensler’s stance in misrepresenting the interests of the American people. Garlinghouse also stated that the SEC president’s actions could harm Biden’s re-election. “If he was truly “working for the American people,” as he says, he would have been fired a long time ago. Gensler will make Biden lose the election,” he added.

In the same vein, Mark Cuban, who has a similar sentiment to Garlinghouse, emphasized in a recent statement that regulatory challenges faced in the US are stifling the cryptocurrency industry in the country. Cuban also believes Gensler’s actions could alienate younger voters and investors.

“If he has a political career in mind, it’s done, and it could literally cost Joe Biden the election, because there are a lot of Gen Z, Gen X, Gen Y who own a lot of cryptocurrencies, and by not making it easy to register- it facilitates the existence of all fraudulent currencies”, emphasized Cuban.

In this “arm wrestling” which of the two is better for the industry? Former President Donald Trump has always been known for being overly supportive of Bitcoin and the blockchain space. However, the stricter regulations imposed under the Joe Biden administration help ensure the stability and security of the market, but they can stifle innovation, an important point within the industry.

Prediction markets indicate that Joe Biden, current president of the United States, will probably win the popular vote in the next election, but with no guarantee of re-election. According to trading on the Polymarket platform, Biden’s “yes” shares are trading at 56 cents, suggesting a 56% probability of him winning the popular vote. This bet, if confirmed, will pay out $1 in USDC stablecoin per share.

On the other hand, Donald Trump, who defied expectations by winning the presidency in 2016 despite losing the popular vote, appears to have a solid 36% chance of winning the popular vote, according to the most recent data. However, he emerges as the clear favorite in the race for the presidency, with a 57% chance of winning, against 35% for Biden, in Polymarket’s largest betting market, which has already generated a record of US$182 million.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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