Crypto in the 2024 Election: Where Candidates Stand

As the 2024 presidential election approaches, the candidates’ stance on cryptocurrency is becoming a major talking point. With Bitcoin and Ethereum increasingly gaining mass attention worldwide, the next U.S. President’s approach to this emerging technology could have far-reaching implications for the American economy and the global financial system. In this article, we’ll analyze the positions of three leading presidential candidates on crypto: Robert F. Kennedy Jr., Donald Trump, and Joe Biden.

Robert F. Kennedy Jr.

Robert F. Kennedy Jr., a member of the Kennedy political dynasty and a prominent environmental lawyer, has emerged as a vocal advocate for crypto, particularly Bitcoin. Kennedy has criticized the Biden administration’s hostility towards the crypto industry, arguing that it has driven innovation and investment out of the United States. He believes that embracing digital currencies could help stimulate the economy and create jobs.

Kennedy has promised to impose Bitcoin-friendly laws if elected, arguing that the U.S. should be at the forefront of the digital currency revolution. Additionally, Kennedy supports the idea of backing the US dollar with Bitcoin to restore financial stability and prosperity. He argues that this would help to protect the value of the dollar and prevent inflation.

Donald Trump

Donald Trump has also expressed a positive outlook towards cryptocurrencies, marking a potential shift in his stance on digital assets. Like Kennedy, Trump has criticized the Biden administration for erecting high barriers to the crypto industry through stringent regulations enforced under the watch of the SEC’s Gary Gensler. He has also criticized the exodus of crypto businesses from the U.S. due to regulatory hostility, suggesting that he would take a more favorable approach to the industry.

Trump’s campaign has even recently started accepting donations in crypto, a move that is seen as a bid to entice the alt-finance crowd and appeal to a core group of younger voters who are increasingly likely to dabble in digital assets. Additionally, Trump has released NFT collections on both Ethereum and, more recently, Bitcoin Ordinals.

This follows a previously more crypto-unfriendly stance from Trump, who in the past had been decisively critical, going as far as to call Bitcoin a “disaster waiting to happen.”

Joe Biden

In contrast to his competitors, Joe Biden has been more skeptical about cryptocurrencies. Biden has not explicitly stated his stance on crypto, but his administration’s actions suggest a cautious approach.

The Biden administration has been criticized for not providing clear regulatory guidelines for the industry, and this lack of clarity has led to legal battles and uncertainty within the sector. For example, the SEC’s actions against Coinbase, one of the world’s largest cryptocurrency exchanges, highlight the administration’s aggressive and often confusing approach towards enforcing existing securities laws on crypto assets.

Despite this, there are indications that Biden’s position on cryptocurrency may evolve. Some analysts suggest that Biden’s stance on crypto will be very different in a second term, not least since it’s now an issue that has become more inherently mass political.

Final Thoughts

The differing views of the 2024 presidential candidates on crypto highlight the growing importance of digital assets in the political landscape. As Robert F. Kennedy Jr. champions crypto-friendly policies and Donald Trump shifts towards a more favorable stance, the regulatory environment could see significant changes.

Meanwhile, Joe Biden’s cautious approach suggests that the future of the industry in the U.S. is still very much undecided. The outcome of the election could therefore play a pivotal role in shaping not only the domestic crypto market, but also its global standing.

As voters consider their options and continue to make their voices heard in the lead up to the election, it will be interesting to see how the candidates leverage the popularity of crypto to bolster their chances of victory come this November.