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Cryptocurrencies are the favorites of the 2024 elections, and I am totally here to support them. For the first time in history, two presidential candidates They are actively courting the crypto vote. donald trump made his speech at Bitcoin Conference 2024 addressing crypto voters, which received a surprising vote of support from the crypto community. Democrats, unwilling to concede the crypto vote to Trump, held a crypto reset meeting with prominent industry leaders and also launched Crypto for Harris.
However, in the not-too-distant past, many proclaimed that cryptocurrencies were “dead.” The industry experienced a brutal crypto winter, defeated over two trillion market capitalization in 2022 and global scrutiny by regulators. Now, two years later, cryptocurrencies have become the dominant player in the 2024 elections. Game on.
The origin story of the SEC villain
The rise of cryptocurrencies to a key player on the political stage has its roots in its antagonistic confrontation with the US. Securities and Exchange Commission. According to Binance Lawyers, Gary Gensler Approached Binance to Become a tutor in 2019, but the company rejected his offer.
Since 2021, there has been a significant increase in SEC cryptocurrency-related cases since President Joe Biden appointed Gary Gensler as SEC/Biden Chairman. Coincidence? I don’t think so. Three court cases that really establish the SEC as the main crypto supervillain:
- Number onein Telegram court casethe company had to return more than one billion US dollars of a symbolic collection. Marking the beginning of the reign of SAFTSimple agreement for future token contracts and the rise of ICOs in the US
- Number two is he Ripple Labs Casewhich finally found Ripple (XRP) is a value on the institutional side, but not a value on the retail side.
- Third, BitMEX casewhere the arrests of the founders of this type of top-tier exchange for AML/KYC violations, usually a slap on the wrist, shook the industry.
The legal actions taken against these companies were like warning shots from the SEC, foreshadowing the heavy hand they would take against major crypto companies.
The change: from friend to enemy
Once crypto winter hit, after Terra Luna collapsedThe public sentiment was that bad actors in the space must be eliminated and held accountable. Seizing the opportunity, the SEC began its crackdown on cryptocurrencies, handing out Wells notices like Halloween candy, forcing some companies to divest their US operations or go out of business to stop the bleeding.
Even companies that were once considered allies became targets. The irony is that the SEC accused Coinbase of operating an illicit exchange. Coinbase has acted as a custodian for the US government, working directly with the US Marshals Service to sell Bitcoin (btc) confiscated from the “illicit” website, the Silk Road.
This is a rather strange “UN reversal” move by the SEC, as Coinbase is based in the US, holds the BitLicense, as well as being a publicly traded company.
Cryptocurrencies fight back
One major notable change is that the cryptocurrency industry has gone on the offensive, accusing federal regulators of refusing to create reasonable crypto regulations and guidelines for the industry. Marshall Beard, Gemini COO voiced his frustration in an interview with Bloomberg TV: “W.We have been calling for broader regulation, we have been doing so for a decade and the United States does not have a broad crypto regulatory framework..”
Key players in the crypto space bolstered government relations efforts by partnering with lobbying firms and donating campaign dollars to crypto-friendly candidates. Some have even fought back by countersuing the SEC.
According to Open Secrets, a campaign finance tracking site, crypto contributions to political campaigns have increased dramatically. increase from the 2020 election cycle to 2022. Almost 50% of corporate donations come from crypto companies. To top it off, Fairshake is the largest Super PACfunded by the crypto industry, in this campaign cycle, lifting more than 200 million dollars. Consolidate the dominance and influence of cryptocurrencies in the 2024 elections.
Key voting bloc in swing states
Crypto Voters Are Taking Center Stage in the 2024 US Presidential Election. Perianne Boring, CEO and Founder of the Chamber of Digital Commerce, Accurately provided this scenario in a 2022 CNBC interview:
“I think the turning point for cryptocurrencies and politics will probably be in 2024 and I think the next presidential election. The candidate who is able to figure out how to leverage blockchain to access the crypto community will be our next president.”
Political analysts predict that the US presidential election will be a very close contest, in which small factions of the electorate may hold the key to victory. The cryptocurrency industry has taken note and done everything it can to position cryptocurrencies as a hot topic, collecting extensive data and research on undecided voters.
Data from a recent Harris poll suggestAn estimated one in five voters in battleground states see cryptocurrencies as a key issue. The industry as a whole has crypto voters who are very engaged, very active, and very aware of their power in the upcoming election.
Stand With Crypto, a cryptocurrency advocacy group, has already amassed nearly 1.5 million online registrations. His America Loves Crypto Tour will reach five battleground states in September to increase crypto voter participation.
Playing all sides to win
Crypto lobby groups have not pledged allegiance to either side and actively donate to both Republicans and Democrats. However, that hasn’t stopped crypto leaders like Arthur Hayes and Charles Hoskinson from intervening in the election. Some even go so far as to endorse candidates.
The Winklevoss twins have supported Donald Trump, while Ripple co-founder Chris Larsen backs Kamala Harris. The visibility of the crypto industry has surpassed anything seen in previous campaign cycles. He has positioned his community as a key voting demographic, so candidates must earn their votes.
Regardless of which candidate wins, cryptocurrencies have proven to be the real winners of the 2024 election, coming back from a brutal crypto winter and an equally difficult assault by federal regulators: going from being completely dismissed by the mainstream media communication to artfully master DC politics. rising from the ashes like a phoenix.
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