The United States elections are globally significant events due to the country’s economic power and international influence. The outcome of the presidential race, in particular, attracts attention from various sectors, including the cryptocurrency space, as the president holds considerable power.
Ironically, while the crypto community advocates for regulation, there is a sense of hypocrisy and bias concerning who implements these regulations rather than how they are implemented. Everyone desires a fair and unbiased process, but this is unlikely once large donations and anonymous super PACs become involved, shifting the focus from the common good to the agendas of corporations and specific individuals.
Cryptocurrency exchanges, investment firms, and mining companies are increasingly resembling traditional financial institutions, oil companies, and other major players in the economic landscape. It’s understandable, as the saying goes, “Don’t hate the player, hate the game.” They argue that the system is rigged, leaving them with no choice. However, the initial promise for individual investors and early adopters was that crypto, by its decentralized nature, offered an escape from the control of big corporations and governments. The 2024 U.S. presidential elections suggest this dream might not be realized.
The fact that large crypto companies are endorsing candidates contradicts the idea of a decentralized system where crypto should prevail regardless of who wins. This underscores the influence of greed and self-interest in shaping crypto regulations, as evidenced by the FTX fiasco. As the situation unfolded, it became clear that Sam Bankman-Fried might have aimed to eliminate competitors and establish regulations favorable to his company. Given this, skepticism is warranted regarding the actions of Microstrategy and Coinbase. While they might operate more discreetly, their motivations might be similar – prioritizing their companies over the entire crypto ecosystem.
Ultimately, whether Trump or Biden will be more crypto-friendly remains to be seen. Campaign promises are often idealistic, and reality sets in once elected.
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