During the 2024 U.S. election cycle, citizens will head to polling stations, and their choices will determine which legislators will represent their interests in the House, Senate, and the presidency. The outcome of this election not only concerns the political direction of the United States but may also have a profound impact on the future of cryptocurrency and blockchain policy.
First, the Democratic and Republican parties are engaged in fierce competition in this election, both vying for control of the House of Representatives, the Senate, and the White House. As the election approaches, the cryptocurrency industry is also closely watching this political game, as the election results will directly determine the policy environment for the industry in the coming years.
Despite the Republican Party holding only a narrow majority in the House since 2023, the overall performance of Congress has been among the lowest in efficiency in U.S. history. However, against this backdrop, legislators still passed important bills such as the Financial Innovation and Technology Act (FIT21), the CBDC Anti-Surveillance National Act, and the 2023 Financial Technology Protection Act. The passage of these bills provides a certain legal guarantee for the development of the cryptocurrency and blockchain industry.
Some legislators predict that these bills may pass in the Senate between the U.S. elections and the start of the new Congress in January 2025. However, they also have to face the reality that the new Congress may bring in new legislators and leadership, which will have an uncertain impact on the further advancement of the bills.
In the Senate, the Democrats currently hold a narrow majority, but the elections in November will change 34 seats. Which party can control the Senate means they can take charge of committee leadership and the legislative agenda, thereby exerting some influence on the direction of cryptocurrency policy. For example, if the Senate focuses more on the illegal use of digital assets, related policies may be stricter; whereas if it places more emphasis on the benefits of the technology, policies may be more lenient.
In the House of Representatives, cryptocurrency interest groups have invested millions of dollars to support or oppose specific legislators' campaigns. Similar to the Senate, the House also has the authority to advance legislation that impacts the cryptocurrency industry and to oversee regulatory agencies. Therefore, the results of the House elections will also have a significant impact on the future of cryptocurrency policy.
In addition, the election for the presidency is also receiving significant attention. Both candidates, Trump and Harris, have expressed support for the cryptocurrency industry during their campaigns, but their specific policy proposals differ. The president's stance will largely determine the overall direction of cryptocurrency policy and regulatory decisions.
In addition to the three main aspects mentioned above, the election also involves other issues related to cryptocurrency, such as the leadership of the U.S. Securities and Exchange Commission, whether lawmakers should be allowed to invest in digital assets during their terms, and federal enforcement against cryptocurrency crimes. These issues are also under close scrutiny and will significantly impact the future development of the cryptocurrency industry.
Overall, the 2024 U.S. elections are crucial for the future of cryptocurrency and blockchain policy. As the election results approach, the cryptocurrency industry is closely watching the outcome of this political game, hoping for a more favorable policy environment for the industry.
Today's analysis:
The U.S. elections are entering the final sprint! Trump and Harris are neck and neck!
The market has been fluctuating up and down over the past two weeks, wearing down many people. The reason is that both presidential candidates have similar vote shares, leading major players to choose high selling and low buying to control and reduce risk!
ETH
Signs of a 'Path of Immortality' appeared at the early morning close! This confirms what was said yesterday—that it's time for a rebound!
So, we will continue to hold the Ethereum long position we entered yesterday at over 2410! The current price has reached around 2500, securing a space of 90u!
Currently, all short-term levels of Ethereum on the daily chart have basically achieved a resonance pattern! Bullish signals are strong!
Disclaimer: The content published in this article is intended to share information, disseminate knowledge, and is not intended to provide any specific investment advice. Before making any investment decisions, we strongly recommend that you conduct independent research and analysis and make informed decisions based on your personal financial situation, investment goals, and risk tolerance.
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