Americans are set to vote for their next president on November 5. The upcoming elections are expected to be highly contested due to increased polarization among voters and low voter turnout. With election day approaching, presidential candidates are vying for the public’s trust and making promises for a brighter future. Interestingly, cryptocurrency has now become a part of the political discourse.
Former President Donald Trump seems to have changed his stance on crypto and is now promising a positive future for the cryptocurrency industry in the United States. However, some question whether Trump genuinely supports crypto or if he is using it as a political strategy to secure votes in the upcoming elections.
During his presidency, Trump was critical of cryptocurrencies, citing concerns such as their lack of intrinsic value and their use in illicit activities. However, as the 2024 elections draw near, Trump’s narrative has shifted. He accused President Joe Biden and the head of the Securities and Exchange Commission, Gary Gensler, of conspiring against cryptocurrencies during an event for holders of his nonfungible tokens (NFTs) at his Mar-a-Lago resort in Florida.
The Biden administration’s threat to veto the SEC crypto bill, which would allow U.S.-regulated financial institutions to custody cryptocurrencies, has drawn criticism from influential crypto advocates. They argue that Biden’s presidency has been detrimental to the crypto industry. Trump has capitalized on this dissatisfaction, claiming that hostility towards crypto is causing the industry to leave the U.S. To prevent this migration, he believes that the U.S. should embrace the crypto industry.
While some in the crypto community have pledged their support to Trump, others are skeptical of his motivations. They see his newfound support for crypto as a tactic to raise funds for his struggling campaign. Trump’s campaign is facing financial difficulties as it defends him against numerous felony charges.
Regardless of Trump’s intentions, crypto holders could play a significant role in swing states, where the election outcome is uncertain. A poll conducted by Paradigm showed that 19% of registered U.S. voters have bought crypto, suggesting that this group is not a niche subgroup. These voters are willing to change parties and could impact the election outcome.
The Digital Currency Group (DCG) conducted a survey in swing states, revealing that 26% of respondents pay attention to a candidate’s stance on crypto, and 21% consider it a significant issue. Many respondents are concerned about excessive regulation stifling innovation in the crypto industry. It is clear that voters want legislators to have a better understanding of crypto before regulating it.
With the November elections still several months away, candidates’ positions on crypto may change, and Trump’s legal troubles may develop further. To secure the support of crypto holders, Trump will need to offer concrete plans for the industry and prove that he is a genuine advocate. Otherwise, his promises may be seen as empty political rhetoric.