Democrats and Republicans can stop squabbling like children over one thing – cryptocurrency. The majority of both lefties and righties see crypto as the ‘future of finance.’
A new survey shows that crypto may be the force that stops the great divide between political sides. But, Americans do want established rules and regulations. The need for regulation is also something else that Democrats and Republicans agree on. 59% of Democrats and 52% of Republicans supported the introduction of rules and regulations. Regulation is one of the most discussed agendas in crypto circles.
Cryptocurrencies are creeping slowly into the mainstream. And celebs have got on the gravy train. Anyone from Baseball Hall-of-Famer David Ortiz (who has been plugging FTX in a series on commercials) to Matt Damon representing Crypto.com are in on the action.
But what about the political front?
Regarding regulations around cryptocurrencies, Democrats and Republican representatives seem to be aligned in a crypto love-in. Representatives from both sides took a combined approach, urging the need for regulatory measures to fight the bad actors in crypto. Aw cute.
However, some differences remain as we approached the Midterm Elections in 2022. The U.S. Midterm elections 2022 on November 8 could have huge ramifications for the crypto industry.
Democrats and Republicans: Where they stand
President Joe Biden signed an executive order earlier this year on “Ensuring Responsible Development of Digital Assets.” The President said it was designed to “protect consumer rights and the rights of investors.”
This is the opposite action of the previous President, Donald Trump, who is a crypto skeptic.
Biden’s first-ever framework for ‘responsible development of digital assets stated:
“Since taking office, the Biden-Harris Administration and independent regulators have worked to protect consumers and ensure fair play in digital assets markets by issuing guidance, increasing enforcement resources, and aggressively pursuing fraudulent actors.”
Whether this will actually happen is a whole other story. But at least there was a change in narratives compared to the previous ruling party.
Former US President Donald Trump never lost the opportunity to voice anti-crypto sentiments.
Trump remains a vocal supporter of fiat currency and the US Dollar. Mike Pence, the former Vice President, is also riding this bandwagon. Many have accused Trump and Pence of being out of touch and ready for the retirement village by adopting an anti-crypto stance. However, Trump and Pence’s opinions may change – the old guard of Republicans seem to be coming around.
Candace Owens, the American conservative author, and commentator declared she was “finally into crypto.” Owens has massive sway when it comes to Conservative opinion. And so does her husband. She is married to George Farmer, the CEO of the conservative social media platform Parler. If anyone can bring Republicans over the line with mainstreaming crypto, it is them.
Voting to fill these gaps
The exponential growth of cryptocurrencies and the broader Web3 space means that the regulation issue is coming to a head.
Grayscale Investments investigated American opinion in a survey about the current state of cryptocurrencies. Even country leaders took part in this poll. Regarding regulations, “81% agree there should be clearer cryptocurrency industry regulation, including 88% of Democrats and 77% of Republicans.”
Michael Sonnenshein is the CEO of Grayscale CEO. He said, “As we approach the midterm election, U.S. voters are considering the intersection of cryptocurrency, traditional finance, and the state of the economy. This survey reinforces that crypto continues to generate diverse, mainstream investor interest and engagement.”
Regulations: To do or not to
Aside from the United States, regulators across the globe seek to get on the regulation bandwagon. The EU financial services commissioner Mairead McGuiness urged US lawmakers to create crypto regulations and international industry standards.
Regulations can boost three key aspects of the industry – stability, investor protection, and confidence.
Crimes within crypto have grown significantly over the last two years. Scammers looted $14 billion worth of crypto in 2021. This is yet another record compared to the $7.8 billion taken by scammers in 2020.
However, there are some in the crypto industry that think there should be no regulation at all, and that government involvement in the crypto industry goes against the very ideals upon which it was created.
While the debate around regulation rages on, it seems that Democrats and Republicans have buried the hatchet – on the crypto front anyway.
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