Regulation
Donald Trump or Joe Biden for Bitcoin?
As the presidential election approaches, industry executives are closely watching how candidates, Joe Biden and Donald Trump could impact Bitcoin and the broader crypto market.
The stakes are increased by their upcoming history debate on CNN, which could significantly set the stage for what comes next.
SEC Regulatory Program
Ripple CEO Brad Garlinghouse criticized SEC Chairman Gary Gensler’s aggressive stance on crypto regulation. He argues that Gensler’s inability to address issues such as FTX and Binance undermines his credibility.
“This is absolute nonsense from Gary Gensler today. And this slander that “all crypto execs are going to jail” from the man who completely failed FTX (and actually got close to SBF), and who wasn’t even invited to the DOJ announcement on Binance,” Garlinghouse said. said.
Garlinghouse also criticized Gensler for misrepresenting the interests of the American people. Therefore, the SEC chairman should have been removed from office long ago. He went even further to suggest that Gensler’s actions could hurt Biden’s chances in the next election.
Mark Cuban shares a similar sentiment, pointing out that regulatory challenges in the United States are stifling the crypto industry. He compares this to more favorable environments like Singapore and Japan.
Like Garlinghouse, Cuban believes Gensler’s actions could alienate young voters heavily invested in crypto.
“If he has a political career in mind, he’s done, and he could literally cost Joe Biden the election because there are a lot of Gen Z, Gen X, millennials who own a lot of crypto, and by not making it easy to sign up, it makes it easier for all the fraudulent coins to exist,” Cuban underlines.
Who is better for Bitcoin?
Despite the sentiment generated by Gensler’s regulatory approach to the crypto market, choosing between Trump and Biden for Bitcoin involves evaluating their policies. Trump has always been known for his enthusiastic support of Bitcoin and the blockchain space. Meanwhile, Biden’s tougher regulations ensure market stability and securitybut can stifle innovation.
Niel Roarty, an analyst at Stocklytics, told BeInCrypto that the general industry consensus leans more toward Trump due to his vocal support for Bitcoin.
“The consensus within the crypto community seems to be that a Trump victory would be good for the industry. Aside from the vocal support he has provided, Bitcoin tends to perform well during periods of political and economic uncertainty, and a second Trump presidency will likely see more of both,” Roarty noted.
Learn more: Crypto regulation: what are the advantages and disadvantages?
On the other hand, Max Jones, founder of Memepad, spoke to BeInCrypto about the influence of presidential meme pieces during elections. He believes that meme coins reflect the public’s opinion of political figures and demonstrate how closely cryptocurrency is linked to politics.
“Trump-based memecoins like MAGA, MAGA Hat, Doland Tremp, Super Trump, MAGA VP and Trump Mania are leading the trend. Over the past 24 hours, these tokens have climbed over 19% each. Posturing high on Trump may take priority in his crypto-focused campaign… President Joe Biden also has dedicated coin projects tied to him. Among Biden-themed tokens, Jeo Boden, up 5.1% to $0.1549 in 24 hours, is the most valuable,” Jones added.
As the campaign heats up, Jones thinks these coins could serve as a measure of candidates’ popularity. Their volatility is influenced by the hype surrounding the politicians they represent, but their growth also reflects broader market trends.
Although it is uncertain which coins will last, they currently provide an unusual indicator for Trump and Biden. Roarty maintains that the next presidential debate between Biden and Trump could have an impact on these coins.
“Biden, however, has the advantage when it comes to presidential coins, which are created and traded by crypto enthusiasts despite not being endorsed by the candidates themselves. The BODEN coin, modeled after the president, currently holds a market cap of $107 million, compared to $82 million for TREMP,” Roarty explained.
In a related discussion, Anthony Pompliano recently explained how stablecoins could help solve the US debt crisis by providing steady demand for Treasuries. This perspective fits into the broader crypto policy debate between Biden and Trump.
Trump’s pro-Bitcoin stance suggests a favorable environment for stablecoins to help with debt management. On the other hand, Biden’s regulatory approach and exploration of a CBDC could have an impact stable coin use.
The upcoming presidential election could play a crucial role in shaping the future regulatory environment for cryptocurrencies in the United States, as the outcome will greatly affect the growth and stability of the industry.
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