The crypto industry was the decisive winner of the 2024 election : Sam Bankman Fried was on Capitol Hill just over two years ago. He was still distributing campaign donations, and trying to convince lawmakers that crypto legislation should be passed. He’s currently waiting for his appeal at a Brooklyn federal prison with D.I.Y.. But in a cruel turn of fate, Sam Bankman-Fried’s vision finally came true two years late: the U.S. had its crypto elections.
Coinbase’s “Stand with Crypto Alliance”: A Skeptics’ Take on the Missing “Cryptovoter
Coinbase took over the SBF mantle in August 2023 and launched the “Stand with Crypto Alliance.” I was skeptical of even the 50,000,000 Americans Coinbase claimed to be a possible bloc. Coinbase, and the other companies and VCs who joined the entente–from the Winklevii crypto to a16z–would largely agree with me. They avoided all mention of crypto when their Super PACs, which were affiliated with them, spent millions on advertising in key battleground races.
Crypto’s role in the rightward shift of tech and political victory
Crypto won the election, and it was at the top. Crypto was the vanguard in making the rightward shift of tech more politically acceptable. There has been much written about how the MAGA Silicon Valley faction shepherded Trump into his second term. After all, figures like Coinbase’s Brian Armstrong had been fighting the Biden administration and especially SEC chairman Gary Gensler for more than a full year.
Trump’s Crypto Shift – From Critic to Ally
Trump, who had referred to Bitcoin in 2021 as a “scam”, has now embraced the prodigious wallets of the crypto industry, even though his own venture into memecoins didn’t pay off. Trump spoke at the world’s largest crypto conference. He also visited a Bitcoin Bar in New York and promised to commute the sentence for Silk Road founder Ross Ulbricht. This shows how far he has fallen. We’ll have to wait and see if he follows through on his promises.
Crypto-friendly candidates win big, paving the way for legislation
Pro-crypto candidates across the board won in both parties, thanks to campaign donations that would make SBF blush. They received 261 votes in the House according to Stand with Crypto and 17 votes in the Senate. Sherrod brown, the Ohio senator who chairs the banking committee, was among the many industry opponents to lose their seats. This could pave the way for blockchain legislation in the next session or during a last-minute compromise.
The Crypto-Powered Betting markets Predict Trump’s Victory
The rise of the electoral betting markets is another example. Crypto-powered Polymarket, and Kalshi, predicted a Trump win almost the entire way, despite polls indicating a Harris or toss-up. Prediction markets have certainly gained in popularity. As I said to Allie yesterday: probabilities may not be the best way to judge accuracy but they are certainly a popular method. Shayne Coplan, CEO and founder of Shayne Coplan Inc., 26, wrote on Twitter: “The global truth is here. It’s powered by you.”
Crypto’s Surprising Influence on the 2024 Election and Future Policy
What does all this mean? Crypto is not an issue Americans are concerned about, like inflation or immigration. Yet it was the undisputed driving force and winner of the 2024 elections. It is likely that the industry will now play a role in the economic policy for the next four-years, from the overturning of almost a century’s worth of securities regulations to the introduction of stablecoins to the monetary system and the choice of Gensler as Genslers successor. Crypto could change our infrastructure, even if you can’t buy coffee with Dogecoin any time soon. A monkey paw has been unfurled for SBF in Brooklyn.
Important Points (The crypto industry was the decisive winner of the 2024 election )
- Donald Trump, the 47th President of the United States has been elected. He promises to make America “the global cryptocurrency capital.”
- More than 250 candidates have been elected who are in favor of cryptocurrency, creating a strong network.
- Bitcoin reached new highs over $87,000 in the cryptocurrency market after the elections.
- Insiders in the industry are anticipating a change in policy that will encourage innovation and promote market development.
The Cryptocurrency Industry’s Victory
The 2024 results are a major victory for the cryptocurrency sector. Trump’s victory is seen by cryptocurrency supporters as a major win, particularly in light of his promises to end the crackdown against cryptocurrency and promote a more friendly regulatory policy. The cryptocurrency industry spent over $238 in the election to support many candidates.
Election Results and their Impact
- Market reaction After the results of the elections were announced, Bitcoin’s prices surged to an all-time record, boosting confidence in cryptocurrency.
- Regulatory environment: Industry insiders hope that Trump’s win will signal a change in regulations, and encourage innovation and investment.
- Political support: More than 287 members of Congress who are pro-cryptocurrency have been elected. This could increase the chances of cryptocurrency legislation.
Future Outlook
The future of cryptocurrency is bright with Trump’s election. Experts in the industry predict that the new regulatory climate will encourage development in areas like decentralized finance, artificial intelligence and fixed income markets. The adoption of cryptocurrency by the mainstream will accelerate and there will be new opportunities in the industry.
The conclusion of the article is:
The 2024 elections not only altered the political landscape of the United States, but also opened up new opportunities for cryptocurrency. The future of the cryptocurrency industry is brighter with the election of candidates who are pro-cryptocurrency. Cryptocurrency advocates are hoping for a more friendly regulatory climate to encourage further development of the industry.