As the U.S. presidential election approaches, the cryptocurrency industry is hopeful for a more supportive regulatory environment from Washington, regardless of who wins the White House. Industry leaders are preparing for potential shifts in policy that could benefit the sector.
What Happened: The U.S. cryptocurrency sector is optimistic about a more supportive stance from Washington, regardless of the upcoming presidential election outcome, Reuters reported on Thursday. Industry leaders foresee a shift in regulatory approaches.
Executives from firms like Bitwise and Canary Capital are preparing new offerings, anticipating a crypto-friendly administration.
“We do think that, whoever wins on Tuesday, crypto markets will be looking at a more favorable regulatory environment in a new administration in the new year,” a spokesperson for Bitwise said.
Meanwhile, Ripple XRP/USD plans to advocate for new crypto legislation in Congress. Rebecca Rettig of Polygon Labs MATIC/USD emphasized a fresh approach regardless of the election’s winner.
Republican candidate Donald Trump has promised to be a “crypto president,” while Democratic candidate Kamala Harris is expected to adopt a more lenient stance than President Joe Biden. Harris has not detailed her crypto plans, but her commitment to digital asset innovation has encouraged industry leaders, Reuters noted.
“For the crypto industry, this election isn’t about choosing one party over another – this is about supporting candidates who recognize that the U.S. needs to support innovation,” said Lauren Belive, Ripple’s head of U.S. policy.
Criticism of the current SEC Chair Gary Gensler has been voiced by Harris supporter Mark Cuban. The crypto sector has faced numerous SEC actions under Gensler, who cites investor risks. Trump plans to remove Gensler, but Harris has not indicated a similar intention.
Crypto firms have invested over $119 million in pro-crypto candidates, aiming to advance legislation supporting stablecoins.
Why It Matters: The 2024 presidential election presents a unique scenario for the cryptocurrency market. Bitcoin BTC/USD has remained stable, with prices fluctuating between $55,000 and $65,000, despite the election’s proximity. This stability follows a spike in July when Trump was shot at a rally, boosting his election prospects, and President Joe Biden subsequently withdrew, endorsing Harris.
Standard Chartered predicts that Bitcoin will hit $73,000 by the election day, with potential to surge beyond $80,000 if Trump wins. Trump’s growing lead in key polls is boosting investor confidence in the cryptocurrency market, indicating potential positive outcomes for the industry regardless of the election result.
Price Action: At the time of writing, BTC was trading at $72,250.90, Ethereum ETH/USD was trading at $2,636.04 while Dogecoin DOGE/USD was trading at $0.1712, as per Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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