SEC's Gensler vs. Crypto: A 2024 U.S. Election Battle Brews
SEC commissioner Gary Gensler, appointed by President Biden, has taken a tough stance on cryptocurrencies, potentially influencing the 2024 presidential election. Meanwhile, a significant portion of American voters and financial institutions are investing in crypto, raising political stakes.
Gensler's decision to reject an Ethereum ETF has sparked concern among the Ethereum community. In contrast, Hester 'Crypto Mom' Peirce, appointed during the Trump administration, is known for her crypto-friendly stance. The political divide over crypto regulation could sway undecided voters in the 2024 election.
Mark Cuban, a prominent crypto holder, believes that the crypto community will play a significant role in the upcoming election. Ongoing lawsuits challenge fundamental assumptions in the crypto scene, further complicating the political landscape. President Biden's recent veto threat on a congressional bill easing crypto asset custody for financial institutions underscores the deepening political divide.
With around 15-20 percent of eligible American voters holding cryptocurrencies, the crypto community's political influence is growing. Donald Trump could potentially benefit from the Democrats' tough stance on cryptocurrencies, as it could drive undecided voters or liberal crypto owners to him. As the 2024 U.S. presidential election approaches, the U.S. government's stance on cryptocurrencies is set to remain a contentious issue.
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