Crypto forces its way into 2024 as investment institutions set the stakes higher.
Never have we seen the likes of Wall Street, London’s finance district or Zurich’s IBS put their money behind cryptocurrencies. So far, in 2024, we’ve seen Bitcoin flirt with $75,000, ETFs get approved for Ether and now political stages running their campaigns as “pro crypto.”
It started with recent elections in the United Kingdom where the Labour Party had little resistance in removing U.K. conservatives. Analysts suggest that these developments are critical for fastforwarding CBDCs for the British and its legislation for cryptocurrencies.
Crypto Forces Behind the U.S. Election
On one side, there’s the newly announced Democratic candidate, Kamala Harris.
On the other is Republican primary for President of the United States, Donald Trump. As for what will come of crypto in the United States, the entry of a new nominee shifts the focus.
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First, Kamala Harris
Now that President Joe Biden removes himself from the 2024 election, his slow approach to crypto adoption is under questioning. Under Biden, in fact, Ether was persecuted by the Security and Exchange Commission.
Ether ETFs only barely passed SEC scrutiny for its 2024 launch.
According to The Financial Times, Kamala’s people are networking with crypto businesses in a bid to establish a few new policies. From Coinbase to RippleLabs, a slew of leading crypto agencies were part of Harris’s outreach.
Reports suggest a renewed, liberal stance on crypto.
Lawmakers in the United States are also positive about Harris’ run as they see her entry a plus for crypto legislation and for speeding up early adoption.
Second, Donald Trump
With a new running mate alongside him, Donald Trump has taken a more aggressive bid to be a crypto supporter. “Crypto capitol” are the exact words used by the 45th President who seeks to retake the chair as America’s leader and chief.
The Trump administration’s specific claim is that U.S. legislation to ease the adoption of crypto will most certainly be put in place. What spectators noted, more clearly, is the campaign’s failure to mention having a U.S. Federal CBDC token.
However, the ex-president did go as far as saying he would remove current Securities and Exchange Commission Chair, Gary Gensler. Trump later told his live audience that Kamala Harris would only forward plans to disrupt crypto investments in 2025.
The Market Reactions
Based on The Washington Post reports, voters who support crypto are leaning toward the latter, backing Trump in his bid for the White House. “Make Bitcoin Great Again” is the new catchphrase, and crypto enthusiasts are taking a hold of it.
What might now seem like a cheap move into the presidency is being admired by global businesses. As Trump touts, “Crypto, crypto!,” businesses are looking for a fresh ad platform.
This presidential race will surely be one, and we’ll be sure to keep you updated.
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