Democrats and Republicans can stop bickering like kids about one thing – cryptocurrencies. Most left and right wing see crypto as the ‘future of finance’.
A new survey suggests that crypto may be the force that bridges the great divide between political parties. But, Americans want established rules and regulations. The need for regulation is also something Democrats and Republicans agree on. 59% of Democrats and 52% of Republicans supported the introduction of rules and regulations. Regulation is one of the most talked-about agendas in crypto circles.
Cryptocurrencies are slowly going mainstream. And the celebs have boarded the gravy train. Anyone from Baseball Hall-of-Famer David Ortiz (who is plugging FTX into a series on commercials) to Matt Damon, who represents Crypto.com, is in on the action.
But what about the political front?
With regards to cryptocurrency regulations, Democrats and Republican representatives seem to align in a crypto love-in. Representatives from both sides took a joint approach, urging the need for regulatory measures to fight bad actors in crypto. oh cute
However, some differences remain as we approached the mid-term elections in 2022. The US midterm election on November 8th in 2022 could have huge implications for the crypto industry.
Democrats and Republicans: Where They Stand
Earlier this year President Joe Biden signed an executive order on “ensuring the responsible development of digital assets.” The president said it was designed to “protect consumer rights and the rights of investors”.
This is the opposite action of previous President Donald Trump, who is a crypto skeptic.
Biden’s first outline for responsible development of digital assets stated:
“Since taking office, the Biden-Harris administration and independent regulators have been working to protect consumers and ensure fair play in digital asset markets by issuing guidance, increasing enforcement resources, and aggressively pursuing fraudulent actors. work done.”
Whether this will actually happen is a whole other story. But at least the narrative has changed compared to the previous ruling party.
Former US President Donald Trump never missed an opportunity sound Anti-crypto sentiments.
Trump remains a vocal supporter of the fiat currency and the US dollar. Former Vice President, Mike Pence is also riding the bandwagon. Many have accused Trump and Pence of being out of touch and preparing for retirement village by taking an anti-crypto stance. However, Trump and Pence’s opinion may be changing – the old defenders of the Republicans are coming.
American conservative writer and commentator Candace Owens announced that she was “finally into crypto”. Owens has a heavy sway when it comes to conservative opinion. And her husband does the same. She is married to George Farmer, CEO of the conservative social media platform Parlor. If anyone can bring Republicans together with mainstream crypto, it is him.
Voting to fill these gaps
The exponential growth of cryptocurrencies and the wider Web3 space mean that the issue of regulation is coming to a head.
Grayscale Investments examined US opinion on the current state of cryptocurrencies in a survey. The leaders of the country also participated in this poll. With regard to regulations, “81% agree that there should be clear cryptocurrency industry regulation, with 88% Democrats and 77% Republicans.”
Michael Sonnenshin is the CEO of Grayscale’s CEO. He said, “As we approach the midterm election, American voters are contemplating the intersection of cryptocurrencies, traditional finance and the state of the economy. This survey reinforces that crypto is diversified, mainstream investor interest and engagement.” continues to generate.”
Regulations: to do or not to do
Apart from the United States, regulators around the world are looking to get on the regulation bandwagon. EU Financial Services Commissioner Mairead McGuinness urged US lawmakers to create crypto regulations and international industry standards.
Regulations can promote three key aspects of the industry – sustainability, investor protection and confidence.
Crimes within crypto have increased significantly over the past two years. Scammers laundered $14 billion worth of cryptocurrency in 2021. This is another record compared to the $7.8 billion taken by scammers in 2020.
However, there are some in the crypto industry who think that there should be no regulation, and government involvement in the crypto industry goes against the ideals upon which it was built.
While the debate about regulation continues, Democrats and Republicans seem to have buried the hatchet – on the crypto front anyway.
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