In the widely watched HBO series “Game of Thrones,” alliances frequently proved fleeting and flexible. Great houses continually shifted allegiances in their relentless pursuit of power.
As we delve into the 2024 United States presidential election, it becomes evident that Cryptocurrency Political Action Committees (PACs) are emerging as influential players in congressional elections, with retail crypto owners forming a significant segment of the voting population. Previously known for supporting progressive causes, Silicon Valley and other tech entrepreneurs now find themselves at odds with President Biden’s administration, which has shown hostility towards the tech industry in general and cryptocurrencies in particular. Meanwhile, some crypto proponents are hesitant to support former President Trump, despite his recent endorsement of crypto, questioning if his actions will match his words.
Similar to the ever-changing alliances in “Game of Thrones,” the durability of an alliance can be assessed based on natural affinities and past behavior. A potential alliance between crypto and Trump seems plausible, while a crypto/Biden partnership appears unattainable.
The Biden administration has faced criticism for its actions against the crypto community, including initiatives like “Operation Choke Point” aimed at disengaging regulated banks from crypto businesses. Moreover, the IRS’s classification of crypto wallet developers as brokers, and the Justice Department’s pursuit of developers for breaching money transmitter laws, have added to their woes.
The administration’s regulatory bodies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have taken stringent stances on crypto, further straining relations. Conversely, the Trump administration has shown a more favorable disposition towards crypto, with key appointments reflecting support for innovation and cryptocurrency.
Notably, the conflict between the crypto community and Senator Elizabeth Warren has only strengthened ties between Trump and crypto enthusiasts. Trump’s potential re-election could solidify a lasting alliance beneficial to the crypto industry.
The road to bipartisan crypto policy remains uncertain, with Democratic candidates’ overtures to the crypto community garnering skepticism. Ultimately, many in the crypto sphere view Trump as the safeguard against government threats to the industry.
J.W. Verret, a guest author at Cointelegraph and an associate professor at George Mason University, underscores the importance of voting strategically in favor of protecting crypto interests. As a thought leader in the crypto domain, Verret advocates for policy changes that uphold freedom and privacy for crypto developers and users.
It is crucial to note that this article serves as general information and should not be construed as legal or investment advice. The opinions expressed are solely those of the author and do not necessarily align with Cointelegraph’s viewpoints.