This article explores the importance of the cryptocurrency industry in the 2024 U.S. presidential election, specifically the policy contrast between Trump and Harris, and how these positions may affect future regulatory policies. This article originates from a BBC article, organized and compiled by DeepChao TechFlow. (Preliminary summary: Everyone is crazy: The "infighting between the two parties" in the encryption industry intensifies as the US election) (Background supplement: Trump promised to pardon the "Silk Road founder" on the first day after winning the election and create Bitcoin The Genius of the Cryptocurrency Business Empire) While Trump’s views on cryptocurrency are very clear, Harris’ stance is less clear. The cryptocurrency industry is "riddled with fraud, charlatans and scammers," the head of one of the United States' top financial regulators told the BBC. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said: “Investors around the world have lost too much money because crypto companies failed to follow the laws that their agencies are trying to enforce.” The remarks come amid millions of dollars being spent on politics in the industry. The donations were made in the context of an attempt to influence the outcome of the US election in November in the hope of obtaining more favorable laws. In addition to the presidential race between Trump and Harris, 435 House districts are also up for reelection, as are 33 of the 100 Senate seats. The future of cryptocurrencies is one of the most hotly debated technologies in the world, an issue that appears to create a clear divide between Trump and the outgoing Biden administration. Trump promised to make the United States the "global cryptocurrency capital" and establish a "National Strategic Bitcoin Reserve" similar to the U.S. government's gold reserve to win the votes of crypto enthusiasts. Last week, he launched a new crypto company called World Liberty Financial, and although he provided few details, he said "I think cryptocurrencies are one of the things we have to do." This is a huge reversal from his attitude three years ago when he dismissed Bitcoin as "looking like a scam" and a threat to the U.S. dollar. Trump's new enthusiasm contrasts with the Biden administration, where Harris is vice president. In recent years, the White House has launched a sweeping crackdown on crypto companies. In March, FTX founder and CEO Sam Bankman-Fried was sentenced to 25 years in prison for fraud in which he stole billions of dollars from clients around the world, many of whom are still trying to recover their money. Then in April, Changpeng Zhao, the founder of Binance, the world's largest crypto exchange, was jailed for four months and the company paid a $4.3bn (£3.2bn) fine. He admitted allowing criminals, child abusers and terrorists to register on his platform to launder money, in a case brought by the U.S. Department of Justice. The U.S. Securities and Exchange Commission (SEC) also filed a lawsuit against Binance. Last year, financial regulators took a record 46 enforcement actions against companies trying to profit from the emerging technology. Cryptocurrency boss Sam Bankman-Fried’s jailing reflects the worst in the crypto industry. “This is an area that has grown up, and just because they’re recording their crypto assets on the new accounting books, they’re ‘mistakenly’ saying, ‘We don’t want to abide by time-tested laws,’” Gensler said. . He explained that rules that force companies looking to raise money from the public to "share certain information with them" have been in place since the SEC's inception and are designed to protect investors. This dates back to 1934, which was after the infamous Wall Street Crash of 1929, which marked the beginning of the Great Depression. "Cryptocurrency represents only a small portion of U.S. and global capital markets, but it could undermine ordinary investors' trust in capital markets," Gensler said. While proponents argue that cryptocurrencies offer a fast, cheap and secure way to transfer money, a survey by the U.S. central bank, the Federal Reserve Bank, found that the number of Americans using cryptocurrencies fell from 12% in 2021 7% last year. Harris hasn't said much about cryptocurrencies, but one of her advisers said last month that she would "support policies that ensure emerging technologies and the industry can continue to grow." Recent meetings between her team and industry executives aim to build trust while giving crypto bosses hope for a brighter future no matter who wins in November. "I can't stress the importance of this, not just for the United States but for the world," said Paul Grewal, chief legal officer of cryptocurrency company Coinbase. He attended these meetings. “The United States is not only an important market for cryptocurrencies, but important technologies surrounding cryptocurrencies are also developing here. I think we have to realize that the rest of the world is not just waiting for the United States to sort out its affairs.” He added , given that the race for the White House is so fierce, “every vote will matter, and the cryptocurrency vote is no exception.” U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has been highly critical of some cryptocurrency companies. The U.S. crackdown on cryptocurrencies this year has also been reverberated in Europe. In April this year, the European Union agreed on new laws aimed at reducing the risk of cryptocurrencies being exploited by criminals. However, other regulators have been slower to act. The G20 is developing minimum standards for cryptocurrencies, but they are not legally binding and implementation has been slow. In the United States, a bill to regulate cryptocurrencies has been passed by the House of Representatives but has not yet passed the Senate. Critics argue this would reduce consumer protections. Coinbase's Grewal supported the bill and said: "The industry is not shying away from regulation." He added that the industry just wants to impose the same standards on cryptocurrencies as other assets, "not stricter, but not looser." . As the U.S. elections approach in November, the cryptocurrency industry senses an opportunity to elect lawmakers who are sympathetic to the industry. By last month, the industry had spent a record $119 million on donations, according to research from the nonprofit Public Citizen. Rick Claypool, research director of the consumer advocacy group, said the money was used to "help elect pro-cryptocurrency candidates and attack critics of cryptocurrencies regardless of political affiliation." He added that they spend more on corporate donations than any other industry as they try to get Congress to cave in to their demands for less regulation and weaken consumer protections. Related reports Jinli Harris has changed: The United States must strive to maintain its dominance in the blockchain and support cryptocurrency innovation. Jinli Harris "made a statement for the first time" to support cryptocurrency innovation. Trump: If he fails in November, he will not consider re-electing his rich dad: Trump and Harris cannot solve it. The United States has a debt of US$35 trillion. Only Bitcoin can save it. In the crypto world, why do you want Trump to win? 〉This article was first published in DongZu BlockTempo "DongZu DongTen - the most influential blockchain news media".