With the upcoming 2024 U.S. presidential election just around the corner, the fate of cryptocurrencies is closely tied to potential presidential candidates and their stances on the future of cryptocurrencies.
Recently, President Joe Biden signed an executive order directing the federal government to develop a plan to regulate cryptocurrencies.
In response, Donald Trump calls Bitcoin a scam; he wants the dollar to become the world’s currency.
Opposing Donald Trump's ideas - Robert F. Kennedy Jr. said that as president, "I will ensure that your right to hold and use Bitcoin is not violated."
There is no doubt that clear and favorable cryptocurrency regulation could spark the next cryptocurrency bull run.
So, the question echoes in the mind of every cryptocurrency investor and enthusiast: Is Donald Trump a better choice for the cryptocurrency industry than Robert F. Kennedy Jr.?
Or maybe Joe Biden or someone else entirely?
As a cryptocurrency investor, it is crucial to understand each candidate’s stance on Bitcoin and cryptocurrencies.
But first, let’s understand why the 2024 US election is so important for crypto.
Why the 2024 US Election Matters for Cryptocurrency
For nearly a decade, U.S. regulators have been trying to make it harder for cryptocurrency businesses to use regular banks.
What is their goal?
To slow down the cryptocurrency industry and prevent issues like the recent FTX crash.
The U.S. Securities and Exchange Commission (SEC) has started paying more attention to cryptocurrencies since October 2020. They tell digital asset companies what they can and cannot do almost every week.
The one who pushed for this tight regulation was SEC Chairman Gary Gensler, who wanted strict rules to keep people safe. But this crackdown is affecting big companies like Coinbase and Binance. They are struggling to cope with all the new rules.
Some believe that things might get easier if only pro-cryptocurrency candidates win in the upcoming elections.
Right now, there are five main names in the race.
On the Democratic side are President Joe Biden and Robert F. Kennedy Jr. On the Republican side are former President Donald Trump, biotech entrepreneur Vivek Ramaswamy and Florida Gov. Ron DeSantis.
So, let’s see what they have to say about the crypto industry.
Joe Biden (D)
Starting with the current President of the United States, Joe Biden, a Democrat running for re-election. Labeling Joe Biden as crypto-friendly is a little tricky.
His first term showed us that crypto innovation was not a priority for him compared to other issues. However, it is worth noting that one of his major campaign donors in 2020 was Sam Bankman-Fried from the famous cryptocurrency exchange FTX.
Still, President Biden’s main concern is stopping people from using cryptocurrencies to avoid taxes. At the G7 summit in Japan, he made it clear that he is not keen on a deal that protects wealthy tax evaders and cryptocurrency traders.
Earlier this year, he introduced some new cryptocurrency regulations, including a 30% tax on energy used for cryptocurrency mining.
Interestingly, President Biden appointed Gary Gensler as SEC Chairman, and his stance has been against the cryptocurrency industry. Although some are concerned that these rules could slow the growth of cryptocurrency in the U.S.
If Joe Biden is re-elected, he may introduce stricter rules, bringing further challenges to the cryptocurrency industry.
Robert F. Kennedy, Jr. (D)
For the Democratic nomination, Robert F. Kennedy Jr. (RFK Jr.) was a potential contender.
What made Robert Kennedy Jr. unique was his stance against the concentration of power. He personally recognized how powerful certain branches of government were.
RFK Jr. saw decentralized currencies as a way to take power away from governments, especially from powerful central banks. That’s why he was a supporter of Bitcoin.
Recently, he spoke at a Bitcoin conference and used the example of Canadian truck drivers to illustrate how Bitcoin can benefit people, not just a few, but everyone.
In a speech, he promised to create a law to protect people’s cryptocurrency rights. He even promised to use the Lightning Network to accept campaign donations in Bitcoin.
Additionally, after the Miami Bitcoin Conference in May of this year, Kennedy bought 14 Bitcoins as special gifts for his children. It’s like giving them a piece of the digital future!
RFK Jr. is a strong contender due to his clear support for cryptocurrencies and his reservations about central bank digital currencies (CBDCs). Although his nomination as the Democratic candidate remains uncertain, his popularity hints at the possibility of a crypto-friendly candidate in the future.
Donald Trump (right)
Now, let's talk about another person running for president: former President Donald Trump.
Trump’s stance on cryptocurrencies has changed significantly over time, most notably in 2016 when he called for all campaign donations to be made in crypto to prevent banks from getting involved. The move appeared to favor cryptocurrencies as the Republican Party was seen as supporting cryptocurrencies.
Interestingly, when he won the election in 2016, the cryptocurrency market performed well, even though he didn’t talk much about cryptocurrencies during his campaign. However, by 2019, nearly three years into his presidency, things became clearer.
Trump has not been kind to cryptocurrencies when he has expressed his thoughts on Twitter. He has expressed his dislike for Bitcoin and other cryptocurrencies, believing that they are not real money, are unstable in value, and have the potential to enable illegal activities such as drug dealing.
He believes that the United States should make the dollar a strong currency. Trump’s views on Bitcoin have always tended to dislike it. Surprisingly, Trump’s stance on cryptocurrency and financial freedom aligns with Biden’s, despite their different ideologies.
Both could lead to restrictions on cryptocurrencies and the advancement of a digital dollar.
Ron DeSantis (R)
Speaking of Miami, Florida Governor Ron DeSantis is currently the runner-up on the Republican side, and compared to Kennedy Jr., Ron DeSantis is a seasoned politician with more than a decade of experience in Florida politics.
Prior to that, he served in the U.S. Navy for nearly a decade, achieving significant military ranks. In March, Ron DeSantis made headlines when he announced his intention to pass a law that would ban central bank digital currencies (CBDCs) in his state.
Later in May, he criticized the Fed on Twitter for suggesting a digital dollar could be created without congressional approval.
result?
Ron successfully passed a law against CBDCs in Florida. Ron seems to understand that CBDCs can be used to control people’s money and promote certain ideas.
While Ron DeSantis’ cryptocurrency stance may not be as clear as other top presidential candidates, it is clear that he is firmly against CBDCs, which is an important point to consider.
Vivek Ramaswamy (R)
Finally there is Vivek Ramaswamy, a businessman with no political background who has surged in the polls recently for his popular policies.
What sets Vivek Ramaswamy apart is his genuine support for Bitcoin. Vivek Ramaswamy is not afraid to voice his concerns about those who make the rules for cryptocurrencies like Bitcoin.
Most recently, Ramaswamy celebrated a favorable ruling against leading crypto asset manager Grayscale; the decision stated that the SEC could not prevent Grayscale from doing certain things with Bitcoin.
This shows that he likes cryptocurrencies, and a lot of people who like cryptocurrencies like cryptocurrencies too. Ramaswamy’s announcement of an upcoming cryptocurrency policy blueprint has piqued the interest of many, further enhancing his crypto-friendly reputation.
It hints at a future where crypto and politics are more closely integrated. Well, we can say he understands the importance of the decentralized nature of crypto and is a strong contender for crypto enthusiasts.
in conclusion
The choice between U.S. presidential candidates is complicated, and their impact on cryptocurrencies and financial freedom varies.
Now, we want to hear from you. Who do you think is for cryptocurrencies and who is against CBDCs?
Feel free to share your thoughts in the comments section.
