The crypto sector has emerged as a significant force in the 2024 United States Presidential Election, with unprecedented power as a result of large campaign funding and voter mobilization initiatives.
This development marks a watershed moment in the Bitcoin industry's efforts to influence future rules and regulations.
As of August, the cryptocurrency business had outspent every other sector in the 2024 election cycle, investing roughly $120 million in federal elections.
This surge in spending has outpaced even the typical heavy spenders. This election cycle, CEOs from cryptocurrency companies, among others, have spent large sums of money. The industry gave nearly half of all corporate donations to the election.
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The cryptocurrency sector is not simply investing money; it is also organizing voters. Between 7% and 21% of Americans possess cryptocurrency, representing 18 to 50 million potential voters.
73% of cryptocurrency owners say their vote is affected by a candidate's position in the industry. Pro-crypto organizations are recruiting "crypto advocates" in key battleground states.
Both major presidential candidates have acknowledged the cryptocurrency industry's growing importance. Donald Trump has positioned himself as a major supporter of cryptocurrency, referring to himself as the "crypto president". If elected, Trump has promised to form a presidential advisory committee for Bitcoin and Cryptocurrencies. He has also promised to create a Bitcoin reserve and reduce regulations.
Kamala has increasingly embraced digital assets as part of her overall support for developing technologies that promote innovation while providing strong consumer protection.
The primary goal of the cryptocurrency business in this election is to influence how the government governs digital currencies, persuade the SEC to create clear consumer protection guidelines, and define the industry's future through favorable regulations and policies.
The results of the US election and following cryptocurrency policy will have far-reaching consequences. The entire crypto market, including those of countries such as Thailand, will be influenced by US crypto policies. The election may also have an impact on the global regulatory landscape for digital assets, and governments around the world are keeping a careful eye as they build their own cryptocurrency legislation.