As the U.S. gears up for the forthcoming Election Day, cryptocurrencies and the broader digital assets industry have become a pervasive topic within political circles. There’s no denying that the crypto industry has left indelible marks on this election cycle, shaping the narratives of both presidential candidates and influencing mainstream media dialogues.
The former President Donald Trump, in May, addressed a crypto-enthusiastic crowd at Mar-a-Lago, during the launch of his latest Non-Fungible Tokens (NFT) collection. The memeified moment, which saw Trump promising to protect U.S. crypto companies, rapidly circulated on social media and generated optimistic sentiments about the future of U.S. crypto regulation.
In keeping with this crypto-centric discourse, the GOP, in early July, pledged to defend the rights to mine Bitcoin and self-custody crypto in their party platform. These declarations were part of their broader commitment to support digital asset companies and end the perceived “unlawful” crackdown on the U.S. crypto industry.
Meanwhile, at BTC Nashville in July, Trump promised a strategic Bitcoin stockpile for the Federal Reserve if he were elected. He also pledged to replace Securities and Exchange Commission (SEC) Chair Gary Gensler with crypto-friendly regulators. Then-independent presidential candidate Robert F. Kennedy Jr. (RFK Jr.), however, provided a more comprehensive plan to promote Bitcoin but later suspended his campaign and threw his support behind Trump.
In August, the Trump Organization announced another crypto venture, a DeFi platform named World Liberty Financial. The project promised to liberate the average American from the control of big banks and financial elites. However, the announcement sparked questions about potential conflicts of interest, given Trump’s increasing involvement with the crypto industry.
Simultaneously, Democratic presidential nominee Kamala Harris received support from several U.S. Democrat congressmen, key crypto industry players, and billionaire investor and entrepreneur, Mark Cuban. In a digital town hall meeting, Senator Chuck Schumer pledged to pass legislation that provides clear regulatory guardrails for the U.S. crypto industry.
However, the crypto industry’s enmeshment with politics hasn’t been without its fair share of complications. The launch of the World Liberty Project was marred by scams, with fake pages luring unsuspecting investors into losing their crypto holdings. There were also conflicting claims about the authenticity of the DJT token, further complicating matters.
Amid these controversies, Trump was seen buying burgers with Bitcoin in a BTC-themed bar in Manhattan. This campaign stunt, along with Vice President Kamala Harris acknowledging the need for the U.S. to remain dominant in blockchain technology, signals a shift towards mainstream acceptance of cryptocurrencies.
Lastly, Harris’ campaign pledged to champion new digital assets regulations as part of its strategy to engage Black voters. Despite mixed reactions on social media, the campaign clarified that these plans would be pursued without race-related limits, further solidifying crypto’s place within political discourse.
As the Election Day draws near, it’s clear that crypto will continue to shape U.S. politics, regardless of the election results. The crypto industry’s influence on this election cycle is a testament to the growing importance of digital assets in today’s socio-economic landscape.
