Crypto Insiders Downplay U.S. Election's Impact on Markets: "The World is Moving On"
As the U.S. presidential election approaches, cryptocurrency insiders are largely dismissing the notion that the outcome will significantly influence the crypto markets. At the TOKEN2049 conference in Singapore, industry leaders expressed their views on the potential ramifications of the election on the future of digital currencies.
Charles Hoskinson, co-founder of the Ethereum blockchain, stated that regardless of the U.S. government’s stance on cryptocurrency, the global trend towards decentralization is unstoppable. “Regardless of if the U.S. is pro-crypto or not, the world is moving on,” he noted, highlighting that countries worldwide are already implementing regulatory frameworks for cryptocurrencies. He also pointed out that former President Donald Trump is viewed as more favorable towards crypto, having previously promised to position the U.S. as a “crypto capital of the planet.”
Former BitMEX CEO Arthur Hayes echoed Hoskinson’s sentiment, asserting that Bitcoin and other cryptocurrencies have thrived without clear regulations or government endorsement. “Bitcoin has gone from zero to what it’s worth now with no clear regulations, no acceptance by governments. So why do we need it now? It’s irrelevant,” Hayes remarked, indicating that political dynamics should not sway crypto enthusiasts.
Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital, expressed a more optimistic view regarding potential regulatory developments under either candidate. He suggested that Vice President Kamala Harris could align her crypto policies similarly to Trump’s, given her track record and approach to economic issues.
Jeremy Allaire, CEO of digital currency company Circle, emphasized that cryptocurrency regulation is unlikely to be a partisan issue this election cycle. “No matter who wins the White House, Congress itself is set to act, and there’s really good work that’s being done from both sides of the political spectrum,” he stated, underscoring the necessity for the U.S. to remain competitive in the rapidly evolving tech landscape.
Despite the relative indifference to political outcomes, it’s noteworthy that crypto-related contributions have surged ahead of the election, with over $190 million sent to various candidates and PACs. This cycle has seen a more balanced distribution of funds between parties, although Republicans have received a larger share of donations.
In conclusion, while some may perceive a shift in crypto policy depending on the election outcome, the consensus among industry insiders remains that the future of cryptocurrency will largely be shaped by global trends rather than U.S. politics.