The race for the White House in 2024 could well determine the future of the crypto industry in the United States. With a yawning divide between the visions of Donald Trump and Joe Biden, the presidential vote promises to be decisive for the future regulatory environment and the adoption of digital assets.
Donald Trump's positioning
During a recent event at Mar-a-Lago for holders of his NFTs, Donald Trump surprised by adopting a radically pro-crypto tone. He, who had previously been skeptical of Bitcoin, this time deplored the Democratic “hostility” towards the sector, and even asserts that Joe Biden does not know anything about crypto. An ostentatious turn, Trump now affirming his desire to attract crypto companies to the United States if he returned to power.
Beyond simple regulatory disagreements, the growing divide between Republicans and Democrats reveals a deep philosophical divergence. On the one hand, conservatives like Trump see it as an economic opportunity to be seized and a guarantee of financial freedom. On the other hand, wary progressives fear the risks of instability, money laundering and tax evasion linked to crypto.
An election for the future of crypto?
Therefore, it is difficult to imagine a regulatory status quo regardless of the winner in November 2024. A re-election of Biden would portend years of headwinds for the crypto ecosystem. Conversely, a return of Trump to power could catalyze his rapid institutionalization. Faced with these irreconcilable visions, the vote of the ballot box could well seal the divergent destinies of virtual currencies. Will voters choose to embrace this new financial El Dorado or keep it at bay?
For its part, the Biden administration seems determined to stem the rise of decentralized digital currencies. This is evidenced by the recent threat to veto any legislation allowing financial institutions to hold crypto assets. A position in line with the hard line defended so far by Democratic regulators such as Gary Gensler, the divisive president of the SEC.
In short, let us remember that the fault lines are now clearly defined. The 2024 election should constitute a de facto referendum on the place to be given to crypto assets in the United States. In this sense, the Americans perhaps hold in their hands the keys to the future of this booming sector.
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