Crypto Assets industry expects the US election to bring a turnaround

The Crypto Assets industry is facing dual challenges of regulatory pressure and public trust. On one hand, U.S. financial regulators have taken a tough stance on the industry; on the other hand, scandals and fraud cases within the industry have also damaged its image. Against this backdrop, the upcoming U.S. elections have become a focal point of hope for Crypto Assets supporters.

The chairman of the U.S. Securities and Exchange Commission, Gary Gensler, takes a tough stance on the Crypto Assets industry. He believes that many Crypto Assets companies have failed to comply with existing laws, resulting in significant losses for global investors. Gensler emphasized that the SEC's rules are designed to protect investors and require fundraising companies to disclose necessary information, a principle that also applies to the Crypto Assets industry.

However, the Crypto Assets industry has not been idle. According to reports, the industry has invested a record $119 million in political donations in an attempt to influence the upcoming U.S. election results. In addition to the presidential election, all 435 House seats and 33 Senate seats will also be up for re-election, providing the Crypto Assets industry with an opportunity to influence legislation.

In terms of presidential candidates, former President Trump has recently shown a positive attitude towards Crypto Assets, which is in stark contrast to his previous critical stance. He has promised to make the United States the "global capital of Crypto Assets" and even proposed the idea of establishing a "national strategic Bitcoin reserve." In contrast, current Vice President Harris's attitude towards Crypto Assets is less clear, although her team has recently met with industry executives in an attempt to build mutual trust.

The Chief Legal Officer of the crypto assets company Coinbase, Grewal, emphasized the key position of the United States in the global development of crypto assets. He believes that the U.S. is not only an important market but also the source of key technologies, and therefore, the direction of U.S. policy will have a profound impact on the world.

Despite the challenges facing the Crypto Assets industry, its supporters insist that this technology can provide a fast, cheap, and secure way to transfer funds. However, a survey by the Federal Reserve shows that the proportion of Americans using Crypto Assets has dropped from 12% in 2021 to 7% last year.

At the same time, the European Union reached new legislation in April this year aimed at reducing the risk of Crypto Assets being exploited by criminals. The G20 ( G20) is working on minimum standards for Crypto Assets, but progress is slow and not legally binding.

In the United States, a bill to regulate Crypto Assets has passed the House of Representatives but has not yet been approved by the Senate. Supporters believe this will provide a clear regulatory framework for the industry, while critics worry it may weaken consumer protections.

As the election date approaches, the Crypto Assets industry is actively seeking influence, hoping to elect legislators who are sympathetic to the industry. However, this large-scale political donation has also raised concerns among some people, who believe it may lead to regulatory relaxation and weaken consumer protections.

Regardless of the final outcome, the U.S. election will undoubtedly have a profound impact on the future of the Crypto Assets industry, and its results will not only affect the United States but also influence the direction of global Crypto Assets development.