- SEC investigation elevated crypto into 2024 election discourse and strategies.
- Trump and Biden demonstrate divergent approaches, reflecting evolving political landscapes.
The year 2024 was quite eventful, with notable events such as the approval of a spot Bitcoin [BTC] ETF in January, the halving in April and now the long-awaited US presidential elections.
That said, one of the most compelling aspects of this election is the role of crypto in American politics.
A paradigm shift
In previous election cycles, cryptocurrency was not a significant factor.
However, the Securities and Exchange Commission’s (SEC) continued regulatory scrutiny of various crypto companies has sparked an interesting debate among voters.
This increased attention has brought cryptocurrency to the forefront of political discussions and campaign strategies, making it a crucial issue in the 2024 elections.
In addition, Laura Shin, host of the podcast “Unchained,” saw a divide among voters conversation noted at ‘The Chopping Block’,
“Hey, we don’t know who’s going to win the election and if you come out like you hate just one of the parties and they end up winning, you’re screwed.”
This came from a pseudonymous X user, Plan B also known as the creator of the stock-to-flow (S2F) model, who said:
Source: PlanB/X
A recent move by the US Senate, which voted to pass HJ Res 109 – a resolution aimed at overturning the controversial Staff Accounting Bulletin No. 121 (SAB 121) from the SEC, however, depicted the Democrats’ pro-crypto stance.
Things have taken a new route
Robert Leshner, CEO of Superstate, highlighted the growing importance of cryptocurrency and highlighted its growing influence on elections.
He cited recent polls showing many Americans owning crypto and few opposing it.
Source: Pew Research Center
This shift underscored the increasing political significance of cryptocurrency among voters.
Trump vs. Biden
Additionally, Tom Schmidt, partner at Dragonfly, noted the Trump administration’s nuanced approach.
He believed that the latter sometimes tried to regulate or ban parts of the cryptocurrency market, which contradicted the assumption of consistent support.
Similarly, the Biden administration, influenced by figures like Elizabeth Warren, is seen as anti-crypto, despite significant support for cryptocurrency among voters.
So while we all wait for the upcoming US elections, it would be interesting to see: whether crypto has trumped politics, or whether politics has trumped crypto.