As the contenders line up for next year’s presidential election, cryptocurrencies are up for discussion. The topic polarizes opinions, although not necessarily according to political persuasion. The fact is that Republicans do not always agree about the subject, and neither do Democrats.
It’s interesting to see how the land lies regarding crypto in the US. Doing so provides insights into what might happen regarding the crypto market after the election.
Ron DeSantis speaking out against Joe Biden’s Bitcoin restrictions
It’s obvious that Joe Biden does not have a friendly stance towards crypto, given the number of enforcement actions implemented during his time as president. On the other side of the argument is Ron DeSantis, the Republican governor of Florida, who has stated his intention to end “Biden’s war on Bitcoin and cryptocurrency.” He has also promised to block any attempts by the Federal Reserve to reappropriate blockchain technology as a central bank digital currency should he win the election.
Cryptocurrency opinions cross political divides
The pro-crypto feeling does not exist throughout the Republican Party. Former President Donald Trump has said he does not like crypto and has stated he believes Bitcoin “seems like a scam.” However, he would be unlikely to take as strict an approach as Biden if he became president again.
Elsewhere in the political landscape, both Republican Miami Mayor Francis Suarez and Democrat Robert Kennedy Jr. have a more positive view of crypto. Suarez has declared that he would like to turn Miami into a major crypto center. Kennedy has spoken about wanting the US to buy Bitcoin to underpin the dollar’s value. This is a view that experts have rejected, but Kennedy still believes in Bitcoin and is a fan of crypto.
Crypto is not the only point of contention
There are other contentious subjects on the agenda for US politicians prior to the election, including ongoing sports betting and online gambling discussions. Lately, Democrats have been leading the way in proposing legalization in more states. For example, in Georgia, Stacey Abrams has argued against Republican Governor Brian Kemp’s reticence regarding the legalization of sports betting. However, it seems that Kemp may be softening his views, making it more likely that sports betting will be legalized in the future, even though the most recent attempts failed.
In the current uncertain landscape, fed by differences of opinion politically, Americans can access sweepstakes casinos online where there is no real money involved, so legal restrictions do not apply. If more states go down the path to legalization there will be opportunities to use more real money online casinos and betting sites.
The crypto situation is not dissimilar to this. There are people who have concerns about risks attached to crypto investment and trading, just as there are people who worry about the potential risks of online casinos. In fact, in the UK, there were calls for the areas of crypto and online gambling to be regulated in the same way. The UK government decided against this, and there is no suggestion of this type of combined regulation happening in the US.
However, political differences in both areas will remain, especially when it comes to the regulation of cryptocurrencies in the US. It may not be a topic that will win or lose the election, but it will continue to be high on the agenda of people who feel strongly pro or anti-crypto.
