As the U.S. presidential election approaches, cryptocurrency insiders are largely dismissing concerns over its potential impact on the crypto markets. Speaking at TOKEN2049 in Singapore, Charles Hoskinson, co-founder of Ethereum, emphasized that regardless of the U.S. administration’s stance on cryptocurrency, the global movement toward decentralization will continue. “The world is moving on,” he stated, pointing to the establishment of regulatory frameworks in places like Singapore and the European Union.
Former BitMEX CEO Arthur Hayes echoed this sentiment, arguing that Bitcoin’s rise has occurred without clear regulations or government endorsement, making the political landscape irrelevant to its future. “Bitcoin has gone from zero to what it’s worth now… So why do we need it now?” he said.
While some insiders view former President Donald Trump as more crypto-friendly—citing his recent keynote at the Bitcoin Conference and his promise to prevent the federal government from selling its Bitcoin holdings—others, like Anthony Scaramucci of SkyBridge Capital, believe that a potential Harris administration would handle crypto regulation similarly to Trump. Scaramucci expressed optimism about Harris’s approach, suggesting it may become clearer as she fleshes out her economic policies.
Despite the general sentiment that U.S. politics won’t significantly sway crypto markets, significant financial contributions from the crypto sector to political candidates have been noted, with over $190 million sent to various candidates and PACs ahead of the elections. While spending has been more balanced this cycle, it has leaned slightly toward Republican candidates.
Jeremy Allaire, CEO of Circle, added that regulation will not be a partisan issue in this election, highlighting recent bipartisan support for the industry in Congress. “No matter who wins the White House, Congress is set to act,” he stated, underscoring the urgency for the U.S. to maintain its competitive edge in technology.
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