In the 2024 U.S. elections, candidates supporting cryptocurrency achieved a historic victory, welcoming the first truly friendly government for the cryptocurrency industry. This result signifies a fundamental change in the status of cryptocurrency in American politics.
First, Trump's reelection as president, along with his commitment to support cryptocurrency, will have a profound impact on the entire cryptocurrency industry, indicating that the U.S. may become one of the most friendly regulatory environments for cryptocurrency in the world. Trump's new administration plans to support the cryptocurrency industry through a series of policies to attract more investment into this emerging field and ensure the U.S. maintains its leadership position in the global cryptocurrency space.
Tax policy: The Trump administration is expected to provide tax incentives for cryptocurrency-related gains, reducing the tax burden on cryptocurrency investors and businesses. The implementation of this measure could attract more companies to enter the U.S. market while also fostering public enthusiasm for investing in cryptocurrency.
Easing regulations: The Trump administration plans to reduce the regulatory burden on the cryptocurrency industry, especially concerning anti-money laundering (AML) and know your customer (KYC) requirements. The government believes that appropriate regulation can protect investors, but excessive regulation may stifle innovation. Therefore, the Trump administration aims to create greater space for industry development by easing regulations while protecting investors.
Promoting legislation: The Trump administration hopes to ensure the legal status of cryptocurrency through legislation, clarifying the legal definitions of cryptocurrency to lay a legal foundation for the industry's development. This legislation will not only protect investors' interests but also provide businesses with a clearer legal framework, thereby promoting the application of blockchain and cryptocurrency technology in more fields.
Secondly, as election results come in from across the country, hundreds of pro-cryptocurrency candidates have won elections in the 2024 U.S. elections, pushing the U.S. towards an innovative path in cryptocurrency.
In this election, pro-cryptocurrency candidates performed exceptionally well across various levels of elections. Data from the Stand With Crypto (SWC) website shows that 247 candidates marked as 'pro-cryptocurrency' were elected to the U.S. House of Representatives, while only 113 were opponents. In the Senate, the results of 15 supporters versus 10 opponents also demonstrate the rise of cryptocurrency on the political stage.
It is particularly noteworthy that in the Ohio Senate race, Sherrod Brown, the long-time adversary of cryptocurrency and chairman of the Senate Banking Committee, was defeated by pro-cryptocurrency candidate Bernie Moreno. This outcome not only reflects voters' recognition of cryptocurrency but also heralds a gradual shift in American politics towards supporting innovation and technological development. The election of Trump and many pro-cryptocurrency lawmakers has broadened the prospects for the U.S. cryptocurrency market. This election is not only a turning point for U.S. cryptocurrency policy but also a barometer for the global cryptocurrency industry. As the U.S. government's supportive stance on cryptocurrency becomes clearer, other countries may also adjust their related policies to avoid falling behind in technological innovation and financial competition. Additionally, it is worth mentioning that the election results have made cryptocurrency a hot topic of global public interest. Many mainstream media outlets have extensively reported on cryptocurrency issues, bringing this relatively niche investment area into the view of more ordinary people. The fact that cryptocurrency could become a focal point in the U.S. elections stems from a series of economic and technological advantages behind it, which are particularly prominent in the turbulent global economic situation. As more and more people show interest in mainstream cryptocurrencies like Bitcoin and Ethereum, the trading volume of cryptocurrencies in the market has rapidly increased, and prices have also been driven up. Within hours of the election results being announced, Bitcoin prices saw a significant surge, reflecting investors' optimism about future policy directions. Overall, the results of the 2024 U.S. elections hold significant importance for the cryptocurrency industry, as the election of Trump and a group of pro-cryptocurrency lawmakers welcomes the first Bitcoin-friendly government in the U.S. This result marks the gradual transition of cryptocurrency from a niche investment area to mainstream financial markets, and it may become an important component of national economic and technological innovation. With the new government taking office, the future development of the U.S. cryptocurrency industry is promising, and the global cryptocurrency market will also welcome new opportunities and challenges.
