In the 2024 United States Presidential Election, the crypto industry has emerged as a significant force, flourishing with unparalleled influence through the massive campaign pending and voter mobilization efforts.
For the cryptocurrency industry, which aims to influence future policies and regulations, this development represents a turning point.
In the 2024 election cycle, the crypto industry has outspent every other sector and has injected nearly $120 million into federal races as of August.
This increase in spending has surpassed even traditional big spenders. Big sums have been spent this election cycle by crypto companies executives etc. Nearly half of all corporate donations have been contributed by the industry to the election.
The crypto industry is not only spending funds but it is also mobilizing voters. Between 7% to 21% of Americans own crypto which represents 18 to 50 million potential voters.
73% of cryptocurrency owners claim that their vote will be influenced by a candidate's position in the sector. In critical battleground states, pro-crypto organizations are signing up "crypto advocates."
Both the major candidates for the presidential election have taken notice of the crypto industry's growing influence. Donald Trump has positioned himself as a strong proponent of crypto calling himself the "crypto president". Trump has promised to appoint a Bitcoin and Crypto presidential advisory council if he is elected. He has also pledged to establish a Bitcoin reserve and ease regulations.
Kamala has gradually embraced digital assets as per her broader support for emerging technologies committed to promoting innovation while ensuring robust consumer protection.
The primary objective of the Crypto industry in this election is to influence how the government regulates digital currencies, encourage the SEC to provide clear rules on consumer protection, and shape the future of the industry through favorable regulations and policies.
The outcome of the United States election and subsequent crypto policies will have far-reaching effects. The global crypto market, including those of nations like Thailand, will be impacted by US crypto policies. The election could also have an influence on the global regulatory landscape for digital assets and countries worldwide are having a close watch as they develop their own crypto regulations.
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