The biggest catalyst for innovations in Web3 will not be the rate cut or BlackRock buying more Bitcoin. Instead, it could be the election of Trump as President.
I don't typically make political posts or take sides, but this situation is different.
The current Biden administration and its allies have been openly hostile towards crypto:
- Vetoed crypto-friendly legislation
- SEC sued numerous legitimate crypto companies
- Gensler labeled almost all cryptocurrencies as securities
- Senator Warren campaigned to build an "anti-crypto army"
This hostile attitude and lack of regulatory clarity have stifled innovation in Web3, pushed many legitimate builders overseas, and curtailed Web3 VC funding.
On the other hand, Trump has:
- Promised to legalize crypto in the US
- Picked a VP who holds a substantial amount of Bitcoin
- Sold multiple NFT collections, receiving Ethereum
- Scheduled to speak at the Bitcoin conference in July 2024
This is why I believe that the election of Trump could be a game-changer. He would likely fire Gensler and appoint a new pro-crypto regulator. We could also see new crypto-friendly legislation signed into law.
These changes would bring much-needed regulatory clarity and give Web3 founders the space to build, spurring significant innovation.
