The cryptocurrency industry will continue to grow, regardless of which candidate wins the U.S. presidential election this November. This is because cryptocurrency has emerged as a major player in election funding, leading to expectations that more favorable policies will be established, according to a report released by the Upbit Investors Protection Center, Friday.
Upbit is Korea’s largest coin exchange, operated by Dunamu.
The report highlighted the cryptocurrency-related pledges and positions of each candidate, predicting that, regardless of who wins the election, the growth trajectory of the industry will remain consistent, although the pace may vary.
“If Democratic presidential nominee Vice President Kamala Harris, who is expected to continue President Joe Biden’s policy direction, wins, the cryptocurrency industry is expected to see gradual growth within a regulatory framework,” the report suggested.
“On the other hand, if Republican presidential candidate and former President Donald Trump wins, the volatility of cryptocurrencies could increase significantly.”
Citing data from U.S. market research firm Morning Consult, the report noted that 22 percent of Americans were investing in cryptocurrencies 스포츠 as of last year, making them a voter base that cannot be ignored. This is prompting each presidential candidate to show pro-cryptocurrency tendencies in an apparent effort to win over these voters.
The report underscored that one of the most notable aspects of this presidential election is the sponsorship from cryptocurrency-related companies.
According to Washington-based nonprofit research group OpenSecrets, cryptocurrency companies contributed $119 million to federal election campaigns this year, accounting for 43 percent of the total. This was a significant increase from $4.6 million in 2022.
Currently, the leading contributors are Coinbase and Ripple. These companies are backing a blockchain-focused super PAC called Fairshake, which supports candidates across the political spectrum whose positions align with the crypto industry’s interests.
Unlike regular PACs, which support or oppose specific politicians or legislation, super PACs can raise and spend unlimited funds from individuals and organizations, provided they do not directly contribute to a particular candidate or party.
Since Fairshake has emerged as one of the wealthiest super PACs in this election, it is anticipated that policies and legislation favorable to the cryptocurrency industry will be further strengthened in the future.
