TL;DR
- The United States is gearing up for a new election day on November 5th, an event of great significance for both the market and the crypto industry.
- The stance of each presidential candidate on cryptocurrencies is crucial to understand the future of investment in the country and worldwide.
- The proposals and actions of the candidates reflect a variety of approaches, from progressively backing the dollar with assets like Bitcoin to promoting a favorable environment for crypto businesses or a tightening of regulations and taxes on cryptocurrency holdings.
On November 5th of this year, American citizens will be called to a new election day to choose their next highest leader. The United States is a country that plays a key role in both the market and the crypto industry. Regulatory decisions, as well as the health of the American economy, have a clear and marked impact on the crypto world.
Thus, the outcome of the elections represents a crucial moment for the industry, and the stance of the winner regarding cryptocurrencies will be fundamental to understand the future that awaits millions of investors in the country and worldwide. We present an approach to the ideas of each candidate and what can be expected, according to their words, if they access the White House.
Robert F. Kennedy Jr. (Independent Democrat)
Kennedy has expressed a progressive approach to cryptocurrencies. He proposes to gradually back the US dollar with assets like Bitcoin. In addition to backing a small portion of Treasury bills with cryptocurrencies, Kennedy has highlighted the importance of fostering innovation and economic growth through the adoption of emerging financial technologies.
Kennedy also addressed the idea of granting a capital gains tax exemption for conversions from Bitcoin to US dollars, which could be a crucial incentive for investments in cryptocurrencies and business development in the United States. Additionally, he believes in the need to establish clear and favorable regulation for the crypto industry, in order to promote an environment conducive to investment and innovation in the country.
Donald Trump (Republican)
Trump has shown a constant evolution in his stance on cryptocurrencies and blockchain technology. The former president has promised to end hostility towards them and promote a favorable environment for crypto businesses in the United States. He has expressed concern about the possibility of these types of investments leaving the country due to regulatory complications and legal issues.
At his exclusive event for holders of his NFTs, he announced his willingness to accept crypto donations for his campaign, marking a clear change in his position that was previously anti-crypto. On the other hand, Trump has strongly criticized the Biden administration for its lack of understanding of cryptocurrencies.
Joe Biden (Democrat)
Recently, Joe Biden cast doubt on the crypto community by considering vetoing legislation that would facilitate regulations on the holdings of Bitcoin and other cryptocurrencies by financial institutions. This could affect regulatory stability in the crypto sector and could hinder efforts to integrate cryptocurrencies into traditional financial practices.
Although the Biden administration has expressed a supposed commitment to investor protection and market stability, its stance on cryptocurrencies has been criticized for its lack of clarity and consistency in regulations.
Some sectors of the industry have expressed concern about the lack of a clear and predictable regulatory framework, which could hinder its growth and adoption. Charles Hoskinson, founder of Cardano, recently stated that “a vote for Biden is a vote against the US cryptocurrency industry.”
Biden and Crypto https://t.co/P06encxBEv
— Charles Hoskinson (@IOHK_Charles) May 8, 2024
Additionally, during Biden’s tenure, the United States adopted an aggressive stance against Bitcoin miners based in the country. Seeking to apply more taxes and regulations under the guise of obtaining more revenue.
A New Future for Cryptocurrencies in the United States?
The stances of the presidential candidates of the United States on cryptocurrencies reflect different possible futures for their adoption, or on the contrary, greater regulatory and tax pressure. While some propose innovative measures to support and promote their use, others sow uncertainty about the market and its wide investor audience. The decisions and policies of the next leader of the American powerhouse will have a key impact on the future of cryptocurrencies and other digital assets both in the country and worldwide.
