Cryptocurrencies have become one of the most popular topics at the start of the 2024 US presidential election, but this trend may not last until the primaries.
So far, several candidates vying for the Republican nomination, including Vivek Ramaswamy and Florida Governor Ron DeSantis, have commented quite favorably on the digital asset space.
Ramaswamy appealed to voters who are pro-crypto and demonstrate a consistent distaste for unelected officials, such as U.S. Securities and Exchange Commission Chairman Gary Gensler.
“The problem with agencies like the U.S. Federal Reserve or the SEC is when you have a bunch of people showing up for work who should never have been in that position in the first place,” Ramaswamy said. said this week at the Mainnet conference in New York. “One of my main problems with agencies like the FDA and SEC is this regulation via an enforcement paradigm, where they refuse to pre-specify what the rules actually are, but demonstrate what the rules are by choosing who to look for. rotten apples. the fact.”
DeSantis also entered the crypto conversation by tying digital asset issues to common Republican grievances, such as when he criticized a central bank digital currency. at a conference in July 2024 for his lack of privacy. The Florida governor also promised to end “Biden’s war on Bitcoin and cryptocurrency.”
“More than 50 million Americans use or own digital assets. Presidential candidates – such as Vivek Ramaswamy – are rightly engaging with the crypto voter,” said Kristin Smith, CEO of the Blockchain Association.
Despite this, Ramaswamy and DeSantis face an uphill battle getting on the ballot. Ramaswamy currently has about 8% of voters while DeSantis has just over 14% of Republican voters, according to the polling company. FiveThirtyEight.
Gensler, who was President Biden’s choice to lead the SECONDis currently serving a five-year term set to end in June 2026, but some believe the head of the anti-crypto agency could be ousted sooner.
Coinbase CEO Brian Armstrong said recently interview that Gensler could be out in 2025 if a Republican wins the White House in 2024, and he is monitoring how current candidates engage with crypto.
“(Presidential candidates) see this as an opportunity to challenge policies of the current administration that have had downstream effects on regulators, which they see as inconsistent with what the American people want,” said Armstrong at the Goldman Sachs Communacopia. and technology earlier this month. “This could become a hot topic in the 2024 presidential race.”
Democratic candidate Robert F. Kennedy Jr. has also shared some pro-bitcoin views, move to accepting cryptocurrency for campaign contributions and advocating waiting for Bitcoin from capital gains taxes.
“We welcome the commitment (of the candidates) and look forward to seeing thoughtful crypto platforms – characterized by the right to encode and transact privately, as well as strong consumer protections – emerge from candidates across the board. political spectrum,” Smith said.
Whether or not crypto will become a key issue as the election season progresses remains to be seen.
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