Regulation
Trump or Biden? Who is better at regulating cryptocurrencies? Novogratz says…
- Novogratz predicts positive cryptocurrency regulation regardless of who wins the election
- Memecoins TREMP and BODEN declined, down 16.5% and 27.9% respectively.
Mike NovogratzFounder and CEO of Galaxy Digital, has expressed optimism about the future of cryptocurrency regulation in the United States. According to the executive, the industry is poised for positive regulatory changes regardless of who wins the upcoming presidential election.
Novogratz on the role of cryptocurrencies in the upcoming elections
In a recent conversation with CNBC’s “Squawk Box,” Novogratz said:
“Cryptography should be bipartisan and it must be bipartisan.”
He added,
“No matter who wins the next election, we will have positive legislation on cryptocurrencies, I am sure of it.”
This highlights the important role that cryptocurrency plays in the 2024 presidential election. In fact, according to a investigation conducted by Harris Poll on behalf of Grayscale, it is clear that,
“Cryptocurrencies have cemented their place in America’s financial future and the 2024 presidential election.”
Trump vs Biden
Recognizing the rise of crypto voters in the United States, former President Donald Trump has been vocal in his support of cryptocurrencies. He even began accepting cryptocurrency donations for his presidential campaign.
This stands in stark contrast to President Joe Biden’s approach to cryptocurrencies, which many see as influenced by SEC Chairman Gary Gensler’s continued scrutiny of various cryptocurrency companies.
Leaders give their opinion…
Providing more insight into the current status quo of cryptocurrency regulations in the United States, Ethereum’s [ETH] co-founder Vitalik Buterin had this to say,
“The main challenge in regulating cryptocurrencies (especially in the US) has always been this phenomenon that if you do something useless… you’re free and clear, but if you try to give your customers a clear story about where the returns are coming from and promises about their rights, then you’re screwed because you’re a “security.”
Billionaire Entrepreneur Marc Cuban certainly believes the same thing. According to him,
“The problem is not that crypto companies don’t want to register. The problem is that it’s like trying to put a square peg in a round hole. It doesn’t fit. If no one can register, the problem isn’t us. It’s you.”
In a separate posthe added,
“Biden must choose between Gensler and crypto voters or it could cost him the White House.
Biden and Trump’s contrasting views on crypto appear to have swayed voters more in Trump’s favor.
Impact on cryptocurrency forecast and market
This trend is also highlighted by Polymarket prediction market data, which shows Trump leading with 63% of the vote in the 2024 Presidential Election Winner poll, compared to 15% for Biden.
Source: Polymarket
However, if we look at the impact on memecoins inspired by both presidential candidates, many of them are currently going through a bearish phase. This is despite the fact that Biden-inspired memecoins are outperforming Trump-inspired ones.
For example, at the time of writing, Donald Tremp [TREMP] has fallen by 16.5% over the past 24 hours, while Joe Boden [BODEN] had decreased by 27.9% during the same period.