https://www.thestreet.com/crypto/breaking-news/crypto-policy-is-heating-up-ahead-of-close-us-elections

Author: Jillian Godsil

Translation: Blockchain in Plain Language

What started as a niche interest for tech enthusiasts has now become a key topic, especially as both parties vie for the increasingly Web3 and blockchain-savvy young voters.

Donald Trump, known for his unique policy style, has drawn attention by incorporating cryptocurrency into his campaign platform.

In July 2024, he amended the Republican Party's official platform to include the rights to "mine Bitcoin" and "self-custody digital assets," boldly advocating for transactions without "government oversight."

Trump's stance on cryptocurrency indicates his high hopes for blockchain technology and decentralized finance to become a part of the global economic future.

Anonymous whale Shibtoshi, from Shiba Inu and founder of SquidGrow, believes that many supporters of the "Make America Great Again" movement, aside from Trump, show a strong interest in cryptocurrency, stemming from their shared belief in economic freedom, distrust of centralized systems, and desire for financial independence.

"Many supporters of 'Make America Great Again' view cryptocurrency as a tool aligned with their values: it empowers individuals, transcends traditional financial institutions, and provides a means to resist government intervention," Shibtoshi stated.

The MAGA community's enthusiasm for cryptocurrency is also closely tied to broader themes of innovation and self-reliance. This group appreciates the decentralized nature of digital currencies, seeing them as a means to challenge the status quo of traditional banking and government control over the financial system.

For MAGA supporters, cryptocurrency symbolizes their broader political ideals—breaking down cumbersome regulations, reducing reliance on traditional gatekeepers, and returning power to the people.

Shibtoshi listened to Trump's speech at the Libertarian Convention and believes Trump established a good connection with the audience by emphasizing themes deeply aligned with libertarian values, such as economic freedom, reduced government intervention, and personal empowerment.

"Trump's focus on deregulation, reducing government intervention, and promoting American innovation resonates with libertarians, who see cryptocurrency as a tool for achieving financial independence. While he did not delve deeply into the specifics of cryptocurrency in his speech, his emphasis on protecting American economic interests and ensuring the U.S. remains a leader in financial innovation helped him connect with those who view digital assets as a key part of that vision," Shibtoshi said.

Next came the well-known cryptocurrency conference Token2049 held in Singapore in September, where CoinTelegraph editor-in-chief Gareth Jenkinson hosted a panel discussion on the potential impact of the U.S. presidential election on the crypto industry.

Guests, including Animoca Brands chairman Yat Siu, shared their candid views on the candidates during the discussion. Siu stated, "If Harris wins, it could be detrimental to the U.S. crypto industry but beneficial globally." He pointed out that if regulations tighten, many crypto companies might relocate to Europe or Asia. He added, "It's like how Americans moved to Canada after Trump's victory in 2016," hinting at a potential brain drain of talent and innovation.

Venture capitalist and long-time Bitcoin supporter Tim Draper was also outspoken on the matter. When asked whether cryptocurrency is genuinely on the U.S. political agenda or merely a distraction, Draper replied, "There are 50 million people holding cryptocurrency and Bitcoin wallets; politicians should take this seriously."

He believes that cryptocurrency has transcended mere speculative investment and entered mainstream society, making it impossible for any serious candidate to ignore this trend.

While Kamala Harris is not as outspoken as Trump on cryptocurrency, her campaign team has been trying to attract support from the crypto community in the later stages. Her team has expressed a willingness to explore regulatory frameworks that do not stifle innovation, but many remain skeptical of their sincerity.

Charles Hoskinson, founder of Cardano, expressed concern that cryptocurrency is being used as a tool for partisan debate. "Trump is launching a DeFi application, which scares me because anything Trump does will be vehemently opposed by the left," Hoskinson said. "He has turned something that should be bipartisan into a partisan issue."

This sentiment was echoed by Charles Dray, founder and CEO of Resonance Security. He stated, "Cryptocurrency should be discussed as a technical issue, but it has now become a distraction because some see it as a popular term for garnering votes. In reality, cryptocurrency—I prefer to call it blockchain technology—is a foundational component that will drive growth and innovation alongside traditional and emerging technologies. It should be taken seriously as a technology, not as a buzzword."

With political campaign donations reaching new heights and gaining increasing bipartisan support, cryptocurrency has become a central topic of policy debate. Both candidates recognize the potential of cryptocurrency, with Trump striving to make the U.S. a global cryptocurrency hub.

Todd Ruoff, COO and CFO of Autonomys, believes the crypto industry plays a crucial role in attracting swing voters, making cryptocurrency an issue that candidates cannot afford to overlook in competitive states.

He said, "The Democrats barely control the Senate with 51 out of 100 seats, while the Republicans hold a slim majority in the House with 222 to 213 seats. The Republicans aim to take control of the Senate by targeting key swing states like Arizona, Nevada, and Pennsylvania, allowing them to influence cryptocurrency legislation in Congress, pushing or blocking relevant bills while gaining a voice in judicial appointments."

"Additionally, several political action committees (PACs) are deeply involved in Senate primaries and general elections in key states, highlighting the growing influence of the crypto industry in American politics. Committees like Fairshake PAC have raised over $102 million, with donations from Coinbase and Ripple accounting for nearly half of all corporate campaign contributions this year."

Ruoff stated, "In addition to the presidential campaign, cryptocurrency political action committees are also focusing on state-level congressional elections, particularly in key swing states."

Trump's Crypto Ambitions: Bold Action or a Stunt?

Trump's embrace of cryptocurrency has not been without critics. Some believe his actions are strategically aimed at attracting a growing and passionate voter base, while skeptics like Anthony Scaramucci, founder of SkyBridge Capital and former Trump ally, have voiced doubts. Scaramucci recently referred to Trump's cryptocurrency initiative as "a campaign financing strategy," suggesting it could even be a pump-and-dump scheme. He believes that Trump's newly launched decentralized finance project, World Liberty Financial, may be more focused on profit than policy.

World Liberty Financial, launched in September 2024, has drawn attention in the crypto community. The project promises a decentralized lending platform, but initial reports indicated that 70% of its token allocation went to insiders, raising questions about transparency. Although this percentage was later reduced to 20%, the damage was done, and many are skeptical that the platform prioritizes financial returns over technological innovation. The main driver behind this project is the controversial figure Chase Herro, whose complex past has further intensified scrutiny.

Despite doubts about Trump's sincerity, Draper believes Trump's actions could help the U.S. regain its competitive edge in the crypto space. When asked if other Republicans besides Trump are enthusiastic about cryptocurrency, Draper replied, "People from both parties have cryptocurrency. I think it transcends traditional political boundaries."

Dan Weinberger, CEO of Morpheus.Network, believes that cryptocurrency has evolved from a niche topic to a key component of global financial discussions.

He said, "The cryptocurrency issue in the 2024 U.S. presidential election shows how far we've come. The bipartisan focus on blockchain technology and digital assets underscores the need for a clear regulatory framework that promotes innovation while ensuring security. This is a critical moment for the crypto industry, and decisions made in the coming years will determine whether the U.S. can maintain its leadership in the digital economy or be surpassed by regions more open to technological advancement."

Harris and the Democrats: Is It Too Late?

Kamala Harris has recently attempted to engage with the crypto community, but her response seems slow and lacking foresight. Her team appears to have rushed to respond only after Trump embraced the technology. However, Draper warns that if the Democrats do not take a clear and supportive stance, they may lose their advantage.

"I believe politicians cannot ignore cryptocurrency," Draper said. "In ten years, Bitcoin will be the dominant global currency. The policies of the next decade will determine whether the U.S. can maintain its leadership."

One of the key figures shaping the Democratic Party's crypto policy is Senator Elizabeth Warren, known for her strong opposition to the crypto industry. Warren has repeatedly called for strict regulations on digital assets, leading to dissatisfaction among many in the crypto community. As Yat Siu and other panel members at Token2049 pointed out, Harris's presidency may be viewed as "anti-venture capital, anti-startup, and anti-crypto," a stance that could drive entrepreneurs and innovators to more friendly overseas markets.

Nevertheless, Draper remains optimistic about the future of the U.S. crypto industry and suggests some key changes to help the U.S. reclaim its leadership in the field. He recommends "allowing airdrops," pointing out that many innovations are currently geographically restricted due to the U.S.'s restrictive regulations. Draper also advocates for simplifying tax policies by allowing crypto companies to pay taxes in cryptocurrency and eliminating capital gains tax on crypto transactions. He believes these measures could unleash significant growth potential in the U.S. market.

The Role of the SEC: Confusing and Restrictive?

One of the main obstacles to the development of the U.S. crypto industry is the stance of the Securities and Exchange Commission (SEC). Draper is outspoken on this issue:

"Their approach is confusing. In the past, they were very supportive of a key figure in the crypto industry, but now they are starting to hold compliant companies like Coinbase accountable."

**Draper's criticism reflects the frustration of many in the crypto industry who believe the **SEC's inconsistent approach stifles innovation and pushes businesses toward more crypto-friendly jurisdictions.

Shibtoshi added, "The 'crypto vote' is emerging as a new force in the upcoming presidential election, although it has not yet become a dominant voting bloc, its influence is rapidly growing. As cryptocurrency becomes more mainstream, more people are passionate about financial freedom, innovation, and decentralized finance, making this community an important group that candidates cannot ignore."

With just weeks to go before the U.S. presidential election, the future of cryptocurrency regulation remains uncertain. Trump and Harris are both vying for the crypto vote, but whether any candidate can propose a consistent and supportive policy remains to be seen.

Currently, as Draper vividly puts it, "Fifty million wallets are crucial in this election, as it may be decided by just ten thousand votes."

Article link: https://www.hellobtc.com/kp/du/10/5498.html

Source: https://www.thestreet.com/crypto/breaking-news/crypto-policy-is-heating-up-ahead-of-close-us-elections

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