How crypto will play a major role in the 2024 U.S. presidential race

  • SEC scrutiny elevated crypto in the 2024 election discourse and strategies.
  • Trump and Biden show varied approaches, reflecting evolving political landscapes.

The year 2024 has been quite eventful, with notable events such as the approval of a spot Bitcoin [BTC] ETF in January, the halving in April, and now the highly anticipated U.S. presidential elections.

That being said, one of the most captivating aspects of this election is crypto’s role in US politics. 

A paradigm shift 

In previous election cycles, cryptocurrency was not a significant factor.

However, continuous regulatory scrutiny by the Securities and Exchange Commission (SEC) on various crypto firms has sparked an interesting debate among voters.

This increased attention has brought cryptocurrency to the forefront of political discussions and campaign strategies, making it a pivotal issue in the 2024 elections. 

Thereby, seeing a split among voters, Laura Shin, host of the “Unchained” podcast in a recent conversation at ‘The Chopping Block’ noted, 

“Hey, we don’t know who’s going to win the election and if you come out as like only hating one of the sides and then they end up winning you’re screwed.” 

This stemmed from a pseudonymous X user, Plan B also known as the creator of the stock-to-flow (S2F) model, who said,

Plan B's tweet on Biden and Trump

Source: PlanB/X

However, a recent move by the U.S. Senate, which voted to pass H.J. Res 109 – a resolution aimed at overturning the SEC’s controversial Staff Accounting Bulletin No. 121 (SAB 121) painted the Democrats’ pro-crypto stance.

Things have taken a new route 

Highlighting the growing significance of cryptocurrency, Robert Leshner, CEO of Superstate, emphasized its growing influence on elections.

He cited recent polls showing many Americans who own crypto and few who oppose it. 

Pew research dataPew research data

Source: Pew Research Centre

This shift underscored the increasing political significance of cryptocurrency among voters.

Trump vs. Biden 

Futhermore, Tom Schmidt, Partner at Dragonfly, noted the nuanced approach of the Trump administration.

He believed that the latter, at times, sought to regulate or ban parts of the cryptocurrency market, contradicting the assumption of consistent support.

Similarly, the Biden administration, influenced by figures like Elizabeth Warren, has been seen as anti-crypto, despite the significant support for cryptocurrency among voters.

Thus, as we all await the upcoming U.S. election, it would be interesting to see- Whether crypto outpaced politics or politics outpaced crypto. 

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