As the 2024 U.S. presidential election approaches, there is a growing focus on voters who may choose their candidate based on their policies regarding digital assets. Former President Donald Trump is actively seeking to appeal to this demographic, recently advocating for all remaining Bitcoin to be produced in the USA and contemplating an appearance at the Bitcoin 2024 convention in Nashville, Tennessee. This marks a significant departure from his previous stance during his first term when he expressed skepticism towards cryptocurrencies, dismissing them as “not money” and being “based on thin air.”
In contrast, President Joe Biden has taken a more cautious approach towards the digital asset industry, with many of his appointed regulators displaying a skeptical attitude towards cryptocurrencies. The Chair of the Securities and Exchange Commission, Gary Gensler, has been particularly vocal in his criticisms, leading the agency to engage in legal battles with prominent industry players. Should Biden secure a second term, it is likely that this stance will persist, potentially leading to further regulatory actions even if Gensler were to step down from his position.
While Trump’s efforts to court cryptocurrency supporters may sway some voters, there are doubts about whether this group will ultimately determine the election outcome. Although a poll commissioned by the Blockchain Association indicated that twenty percent of voters in battleground states consider cryptocurrency a major issue, it is unclear whether this will translate into a decisive impact on the election results. The concentration of crypto users in key swing states such as Michigan, Pennsylvania, and Wisconsin appears to be lower than the national average, suggesting that their influence may be limited in determining the election outcome.
Despite the uncertain electoral significance of crypto voters, the digital assets industry still stands to benefit from political support. Republicans have generally shown a more favorable disposition towards the industry, advocating for legislation and regulations that promote the adoption of cryptocurrencies at the federal level. A potential Republican victory could pave the way for greater regulatory clarity and support for the industry, even though the passage of key legislation may face challenges in Congress.
Overall, while the stance on digital assets may not be the deciding factor in the 2024 presidential election, it remains a relevant issue that could shape the future regulatory landscape for the industry. The engagement of both candidates with this growing sector underscores the increasing importance of digital assets in the political sphere, indicating a broader recognition of their potential impact on the economy and financial markets. As voters evaluate the competing policies and approaches of the candidates towards cryptocurrencies, the outcome of the election could have far-reaching implications for the digital assets industry in the United States.
