How Does Crypto Impact the US Election as it Moves Towards the Forefront?

2024-05-30, 07:48

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![](https://gimg2.gateimg.com/image/article/1692587449analysis.jpeg)
##  [TL；DR]: 
According to a recent survey, 33% of American voters consider political candidates' stance on cryptocurrencies before making a voting decision.

The most popular presidential candidates are undoubtedly former President Trump and current President Biden, both of whom have shifted from criticism to embracing cryptocurrencies.

Crypto policy and candidates' stances may become important factors in voter decision-making, and the dialogue between policymakers, industry leaders, and voters will shape the future trajectory of this digital revolution.

## Introduction
As the initial concept of marginalization gradually enters the mainstream view, cryptocurrencies are playing an unprecedented important role in the 2024 US presidential election.

From the quiet change in voter attitudes, to the undercurrent of political funds and then the shift in policy direction, cryptocurrency has become an important topic in the US presidential election. This article will discuss this in detail.
 
## Invisible Votes: Crypto Voter Power
In recent years, the popularity of cryptocurrencies among American voters has been continuously increasing. This trend is particularly evident among the younger generation, who are much more enthusiastic and receptive to cryptocurrencies than traditional voters, naturally showing increasing influence in the political field.

According to the latest report by Grayscale and Harris Poll on potential voters in the United States, out of over 1700 respondents, approximately 47% of American voters prefer cryptocurrency as part of their investment portfolio, and 33% of American voters consider political candidates' stance on cryptocurrency before making a voting decision. 77% of voters believe that US presidential candidates should know at least cryptocurrencies. To some extent, 44% of voters believe that cryptocurrency and blockchain technology are the future of finance.
 ![](https://gimg2.gateimg.com/image/article/17170551241.jpg)
Source: @NateGeraci

On the other hand, the popularity of cryptocurrencies is not limited to private investors, and many companies and institutions are also exploring the potential of cryptocurrencies. Especially since the approval of spot <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs this year, the influence of the entire crypto industry in mainstream society has become increasingly strong.

This widespread acceptance makes cryptocurrency an undeniable political issue, especially when considering its potential impact on economic policies and regulatory regulations.
 ![](https://gimg2.gateimg.com/image/article/17170551462.jpg)
Source: Polymarket
 
Meanwhile, the role of cryptocurrencies in political fundraising is becoming increasingly prominent. The Super PACs related to digital assets have raised over $102 million in funding in the 2024 elections, ranking third among all Super PACs.

It is worth mentioning that these funds mainly come from direct expenditures of crypto companies such as Coinbase and Ripple Labs, demonstrating the crypto industry's full investment in elections.

Overall, the proportion of crypto voters in the United States is increasing and has become a force of increasing concern in American political affairs. Crypto voters have even begun actively participating in election activities through fundraising, media voices, and other means, which objectively contributes to the further popularizing cryptocurrency.
 
## From Negative Criticism to Positive Embracing: The Policy Transformation of Trump&Biden
The most popular presidential candidates at present are undoubtedly former President Trump and current President Biden, both of whom have undergone a shift from criticism to embrace of cryptocurrencies.

The Biden administration's attitude towards cryptocurrencies is relatively cautious. He had earlier signed an executive order instructing government agencies to carefully study the potential benefits and risks of cryptocurrency and consider creating a US Digital Bank Currency (CBDC). This measure aims to ensure that cryptocurrencies do not threaten financial stability and national security, while also reflecting the Biden administration's emphasis on the digital economy.

However, this strong regulatory stance has sparked a widespread backlash from the crypto industry and its supporters, and in recent actions, the Biden team is trying to ease this opposition and win the support of crypto voters.

Recently, in order to strengthen the influence of social media, Biden's campaign team began to contact key figures in the crypto industry, hired MEME experts to be responsible for Internet content and expression pack management, and explored crypto culture in depth, which demonstrated the importance of his team on digital communication strategies. They attempted to use the meme of "Dark Brandon" laser eyes as early as 2022 to connect young voters with a user-friendly image.
 ![](https://gimg2.gateimg.com/image/article/17170551783.jpg)
Source: public information
 
In addition, the recent policy shift by the SEC to give a green light to spot Ethereum ETFs has also been interpreted by the market as a political move by the current government to win the support of key voters in the crypto community.

However, Trump has shown clearer support for cryptocurrencies, attempting to increase his political leverage through a series of crypto rhetoric and actions.

Although he criticized Bitcoin as a threat to the US dollar as early as 2019, his attitude has recently undergone a 180-degree turn. Trump announced last Tuesday that he will begin accepting crypto donations and stated that this move is aimed at uniting those who "oppose the Biden administration's control of the US financial market."

Trump even recently promised to consider amnesty for Silk Road founder Ross Ulbricht and WikiLeaks founder Julian Assange if elected president, and emphasized support for the self-custody rights of 50 million crypto holders nationwide.
 ![](https://gimg2.gateimg.com/image/article/17170552024.jpg)
Source: @realDonaldTrump
 
This stance undoubtedly won widespread support from the crypto community and added many highlights to the upcoming election campaign.
 
## Conflicts of Interest and Ideological Differences in Crypto Policies Worth Noting
With the increasing influence of cryptocurrencies in the US presidential election, potential risks of their politicization are gradually emerging.

Firstly, the anonymity and decentralization of cryptocurrencies may become new channels for political fundraising, potentially making related policies more partisan and having uncertain impacts on the long-term development of the crypto industry. For example, the case of Sam Bankman-Fried has brought potential risks to political supporters and greatly hindered the approval process of Bitcoin ETFs.

Secondly, the policy-making process for cryptocurrecies also faces many challenges. Due to the involvement of multiple fields and departments in cryptocurrency, policy formulation requires collaborative efforts from all parties to ensure its rationality and effectiveness of policies. However, conflicts of interest and ideological differences among all parties make policy-making exceptionally difficult in the current political environment.

For example, Jan3 CEO Samson Mow emphasized the importance of developing exclusive regulatory regulations for Bitcoin to recognize its unique attributes and potential benefits, especially in terms of regulatory transparency and consumer protection challenges that cannot be ignored.

Finally, the development of cryptocurrencies has also brought new economic and social issues. All of these issues require in-depth thinking and exploration to balance the relationship between innovative development and regulatory norms, and to ensure the stability and fairness of the crypto market.
 ![](https://gimg2.gateimg.com/image/article/17170552625.jpg)
Source: @Excellion
 
In summary, as more and more Americans invest in cryptocurrency and young voters have a preference for this emerging market, cryptocurrency has shifted from a peripheral topic to an important issue that may affect the US presidential election, which will undoubtedly bring many opportunities and challenges to the development of cryptocurrency.

In the upcoming elections, crypto policy and the stance of candidates may become important factors in voter decision-making. It is crucial that  the dialogue between policy makers, industry leaders, and voters is robust and inclusive. This dialogue  will shape the future trajectory of this digital revolution, making each participant's voice and perspective vital.

<div class="blog-details-info">
<div>Author:**Carl Y.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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