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THE RIPPLE EFFECT: HOW THE US PRESIDENTIAL RACE IMPACTS THE CRYPTOCURRENCY
MARKET

Tech Planet Author 6 minutes ago Follow


The US presidential election 2024 may be a game changer for the crypto market in
the long-term period. Approximately 10% of world crypto users are adult
Americans. The US crypto market regulations influence the whole market sentiment
and state. While current US President Joe Biden sees cryptocurrencies as a
threat and his administration comes up with aggressive measures, many American
crypto companies left the US market and moved under the EU and British
jurisdictions. What to expect after the US presidential election in 2024, and
how do candidates use cryptocurrencies in their campaigns?




CURRENT CONCERNS ABOUT CRYPTO IN THE USA


UNCERTAINTY OF DIGITAL ASSETS

The US security law defines securities based on whether buyers expect profits.
Those expectations are affected by a comprehensive range of conditions outside
issuers' control resulting in risk to companies and users. At the same time, the
EU regulations clearly define tokens depending on factors under issuers'
control. Everyone says the US needs a clear regulatory framework for digital
assets, but nothing went further than just proposals.


CBDC

The US policymakers are deliberating about whether to have CBDC. The anti-CBDC
parties are concerned about privacy and government control over the US citizens
that are against democracy and the US values. The loudest example of using CBDC
is exposed in China, where Communist Party tightens control over people and the
economy. If the US digital dollar appears, it should follow the interests of
Americans and prioritize their private life. Potential presidential candidates
from Democrats and Republicans are against CBDC.


TAXES

The presidential administration considers crypto users and service providers as
tax evaders and the crypto market as a tax gap. Thus Joe Biden proposed a mining
tax of 10% of used electricity in 2023 and 30% in 2026 that didn't make it into
a bill. However, Internal Revenue Service (IRS) tracks crypto transactions and
provides clear tax rules. Thus crypto may be subject to Income Tax or Capital
Gains Tax depending on transactions. Mining is subject to Income Tax.




WHY DOES PRESIDENTIAL RUN 2024 MATTER?

The US is the world's largest economy, exposing over 25% of the gross world
product. Such political changes in the USA influence the whole world.

The USA is home to large established crypto companies such as Coinbase, Kraken,
Gemini, Circle and others. An estimated 37.7 million Americans own crypto,
approximately 10% of the world's crypto users. One person, on average, invests
$10,200 in cryptos, prioritizing centralized platforms.



New regulations depend on the crypto approach of the future president, the
administration and the team. It is a battle for the end customers since crypto
users appreciate anonymity, financial freedom, security and transparency and may
withdraw their assets from the US-based exchanges. Anti-crypto regulations may
crash the market and force crypto users to withdraw funds, drop prices and get
stuck in a bearish state.


THE US PRESIDENTIAL CANDIDATES AND THEIR CRYPTO APPROACH


JOE BIDEN — DEMOCRAT

The US president exposes an anti-crypto approach during his term, causing him to
lose his youth voters. He considers most cryptocurrencies to have no fundamental
value and the American crypto market as the most crucial tax gap. His
administration is working on restrictions for the crypto market and increasing
taxes.


DONALD TRUMP — REPUBLICAN

The former president mainly claims Bitcoin and cryptocurrencies are a scam and
financial crimes tools. Their value is based on thin air, and when he proposed
budget for 2021 included cryptocurrencies, they were represented only for crimes
usage. However, his administration believes the distributed ledger technology
can serve the government's cybersecurity.


RON DESANTIS — REPUBLICAN

The Republican candidate promised to protect "the ability to do things like
Bitcoin" and fight the "central planners" at Capitol Hill. The Florida Governor
is considered "the choice for crypto enthusiasts in 2024". He proposed to allow
businesses to pay the state fees in cryptocurrencies. DeSantis is radically
against the CBDC and sees it as Big Brother controlling citizens. He signed a
bill restricting CBDCs in Florida. The whole state supported his crypto
enthusiasm. Miami has introduced its cryptocurrency built on the Bitcoin
blockchain, and the city hosts the largest Bitcoin event.


ROBERT F. KENNEDY JR. — DEMOCRAT

He is the first-ever presidential candidate to accept crypto donations for his
campaign. Kennedy considers Bitcoin a symbol of democracy and freedom and crypto
technologies the major innovation engine. The candidate is opposite CBDCs as
they only increase the power of the government.


VIVEK RAMASWAMY — REPUBLICAN

The candidate accepts crypto donations for his presidential run campaign in
Bitcoin. Ramaswamy suggests Bitcoin should be regulated as security since it has
no issuer.


BOTTOM LINE

The possible candidates to get vast votes are against cryptocurrencies taking
the crypto market to times of restrictions and overcontrol. The crypto approach
is unlikely to be the reason to vote for one or another candidate. However,
let's keep an eye on the US presidential run and stay cool-headed since the
upcoming Bitcoin halving may have a positive bullish effect.

 

Source: SpectroCoin

CRYPTO BLOCKCHAIN CRYPTOCURRENCY BITCOIN ETHEREUM

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