Crypto industry already has its sights set on the 2024 US elections

More and more industry voices believe that the fate of the crypto sector will be decided after the 2024 elections in the United States.

A few weeks ago, the American stock market policeman came into conflict with the two cryptocurrency giants Binance and Coinbase. Since then, the cryptocurrency industry, more strongly developed in the United States than elsewhere, has wondered about its room for maneuver in a country that is still unclear about its regulations.

As a reminder, various authorities (CFTC, SEC, etc.) are fighting each other to find out which one will have control over the sector, as the United States has not established regulations for the sector. For example and until now, the SEC has distinguished itself by qualifying, over the years, certain cryptocurrencies as “securities” (financial securities). If they qualify as such, then they fall under the supervision of the SEC in the same way as other financial securities. Today, the institution has qualified 68 cryptocurrencies as securities out of the 20,000 in circulation.

A communication strategy

Faced with this regulatory vagueness, more and more voices in the crypto industry believe that the fate of the sector will be decided after the next American elections.

“The 2024 election will play a key role here,” Coinbase boss Brian Armstrong said at a conference in New York on Thursday, as reported by The Block.

“It’s kind of politically unpopular to be anti-crypto right now, and we’re potentially going to see a change here, whether it’s in the administration, the parties, or the chairman of the SEC,” the latter clarified.