Why the crypto world wants Trump to win

By Jonathan Josephs

Compiled by: Xiaobai Navigation coderworld

Although TrumpcryptocurrencyThe views of the White House are very clear, but Harris's position is not so clear.

加密货币行业“充满了欺诈、江湖骗子和诈骗者”，美国最高金融监管机构之一的负责人告诉 BBC。

Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said that "investors around the world have lost too much money because crypto companies did not follow the laws that his agency tried to enforce."

The comments come amid the industry's spending of millions of dollars in political donations in an attempt to influence the outcome of the November U.S. election in the hope of obtaining more favorable laws.

In addition to the presidential race between Donald Trump and Kamala Harris, 435 House districts are up for reelection, as are 33 of the 100 Senate seats.

The future of cryptocurrency is one of the most hotly debated technologies in the world, an issue on which there appears to be a clear divide between Donald Trump and the outgoing Biden administration.

Trump promised to make the United States the "cryptocurrency capital of the world" and create a "National Strategic Bitcoin Reserve" similar to the U.S. government's gold reserves in an effort to win votes from crypto enthusiasts.

Last week, he launchedA new crypto company, called World Liberty Financial, and although he provided few details, he said "I think cryptocurrency is one of the things we have to do."Xiaobai Navigation

This is different from three years ago when he regarded Bitcoin as aLooks like a scam"And the attitude towards the threat to the US dollar has undergone a huge reversal.

Trump’s new enthusiasm stands in stark contrast to the Biden administration, where Harris is vice president. In recent years, the White House has launched an all-out crackdown on crypto companies.

In March, FTX founder and CEO Sam Bankman-Fried was indicted for fraud.Sentenced to 25 years in prison, he receivedstealBillions of dollars were taken, and many of them are still trying to get their money back.

Then in April, the world’s largest cryptoexchange Changpeng Zhao, founder of BinanceSentenced to four months in prison, the company paid a $4.3bn (£3.2bn) fine. He admitted allowing criminals, child abusers and terrorists to register on his platform to launder money, in a case brought by the US Department of Justice.

The U.S. Securities and Exchange Commission (SEC) has also filed a lawsuit against Binance. Last year, financial regulators brought a record 46 enforcement actions against companies trying to profit from the emerging technology.

The jailing of cryptocurrency boss Sam Bankman-Fried reflects the worst of the crypto industry.

“This is an area that has developed where just because they’re recording their crypto assets on a new accounting ledger, they’re [falsely] saying ‘We don’t think we want to comply with time-tested laws,’ ” Gensler said.

He explained that rules forcing companies looking to raise money from the public to "share certain information with them" have been in place since the SEC was founded and are intended to protect investors.

This dates back to 1934, after the infamous Wall Street crash of 1929, which marked the beginning of the Great Depression.

“Cryptocurrencies represent only a small portion of U.S. and global capital markets, but they have the potential to undermine the trust that ordinary investors have in capital markets,” Gensler said.

Although supporters argue that cryptocurrencies offer a fast, cheap andSafetyA survey by the Federal Reserve, the U.S. central bank, found that the number of Americans using cryptocurrencyFrom 12% in 2021 to 7% last year.

Harris has not said much about cryptocurrencies, but one of her advisers said last month that she would "support policies that ensure emerging technologies and the industry can continue to grow."

Recent meetings between her team and industry executives are aimed at building trust while giving cryptocurrency bosses hope for a brighter future for whoever wins in November.

“I can’t stress enough how important this is, not only for the United States but for the entire world,” said Paul Grewal, chief legal officer at cryptocurrency company Coinbase, who attended the meetings.

“Not only is the U.S. a significant market for cryptocurrency, but significant technology around cryptocurrency is developing here as well. I think we have to realize that the rest of the world is not sitting there waiting for the U.S. to get its affairs in order.”

He added that with the race for the White House so hotly contested, “every vote is going to count, and the cryptocurrency vote is no exception.”

Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), has been highly critical of some cryptocurrency companies.

The U.S. crackdown on cryptocurrencies this year has also been echoed in Europe. In April this year, the European UnionA new law was reached, aimed at reducing the risk of cryptocurrencies being exploited by criminals.

However, other regulators have been slower to act. The Group of 20 (G20) is working on minimum standards for cryptocurrencies, but these are not legally binding and implementation has been slow.

In the United States, a bill to regulate cryptocurrenciesPassed by the House of Representatives, but has not yet passed the Senate. Critics say it would reduce consumer protections.

Coinbase’s Grewal supported the bill, saying: “This industry is not shying away from regulation.” He added that the industry simply wants the same standards applied to cryptocurrencies as other assets, “no stricter, but no looser.”

With the November U.S. elections approaching, the cryptocurrency industry senses an opportunity to elect lawmakers sympathetic to the industry.

As of last month, the industry hadSpent a record $119 million on donations, according to research by the nonprofit Public Citizen.

Rick Claypool, research director at the consumer advocacy group, said the money was used to "help elect pro-crypto candidates and attack cryptocurrency critics regardless of political affiliation."

He added that they spend more on corporate donations than any other industry as they try to get the U.S. Congress to yield to their demands for less regulation and weaken consumer protections.

The article comes from the Internet:Why the crypto world wants Trump to win

Related recommendations: The situation has reversed, is the rising tide of liquidity in the East coming?

Let's see what the institutions that have been long on China have to say. Author: Sean Tan, Primitive Ventures Translator: Xiaobai Navigation Coderworld As a multi-strategy investment institution that does not stick to a single asset, our investment philosophy is not just as simple as discovering opportunities. We pay more attention to how to build a system that can predict and adapt to future market changes...