Investing in Cryptocurrencies have emerged as a major force not only in the financial sector but also in the political landscape. As digital assets continue to grow in influence, they are shaping policies and economies across the world. This article explores the latest developments in the cryptocurrency space, with a special focus on the impact on the US elections and the expected growth of the cryptocurrency market in Russia.
The Role of Cryptocurrencies in the 2024 US Elections
A cryptocurrency-focused political action committee (PAC) has spent $131 million during the 2024 election to support lawmakers with malaysia telegram data favorable views on cryptocurrencies. At the same time, wealthy cryptocurrency investors have donated millions of dollars to support Donald Trump’s re-election campaign.
These crypto advocates aim to influence government policies related to their industry. They hope that Donald Trump will appoint a more pro-cryptocurrency Securities and Exchange Commission (SEC) chairman. Such an appointment could lead to the development of clearer cryptocurrency regulations, which would benefit both investors and crypto businesses.
Leadership Changes at SEC and Crypto Regulations
The new SEC chairman will replace Gary Gensler, whose actions during the Biden presidency were criticized by many crypto leaders for their how to increase
social capital regulatory scrutiny of the industry. Additionally, crypto advocacy groups are calling on Congress to enact new cryptocurrency regulations that would better integrate digital currencies into the overall US financial system, which could benefit a wide range of crypto users, from institutional investors to individual traders.
Crypto-Friendly Candidates in Congress and Their Impact on Crypto Regulation
Many believe that the crypto sector will grow significantly when the new Congress takes office in 2025. According to a tracker maintained by seo mails the group Stand with Crypto, around 274 pro-crypto candidates won seats in the House of Representatives, while 20 made it to the Senate during this election. These pro-crypto lawmakers are expected to push legislation that supports blockchain technology and lowers regulatory hurdles for cryptocurrencies.
The PAC has invested heavily in supporting both major Republicans and Democrats, including Michigan’s Elissa Slotkin and Arizona’s Ruben Gallego, who are both running for vacant Senate seats. Their support could help create a regulatory environment that fosters innovation and growth within the US cryptocurrency market.
The recovery of the cryptocurrency industry’s influence after the collapse of FTX
The bipartisan influence in the cryptocurrency industry has seen a significant rebound in 2023, following the collapse of cryptocurrency exchange FTX in 2022. The collapse of FTX was a major setback, putting the cryptocurrency sector under increased scrutiny. The lawmakers quickly returned campaign donations from the company’s founder, Sam Bankman-Fried.
Bankman-Fried is currently serving a 25-year prison sentence for defrauding clients and investors. Despite these obstacles, the recent election results have given the market renewed hope. After Trump’s victory, Bitcoin (BTC) surged to record highs as investors anticipated his administration’s more pro-crypto policies.
Crypto market expected to grow in Russia
Russia is preparing for a major growth in the cryptocurrency market. Which is expected to reach 10 trillion rubles (about $101.3 billion) by 2026. Anatoly Popov, vice president of Sberbank. Said that by 2024, the value of digital assets in Russia will already exceed 500 billion rubles, indicating significant growth. This growth is being driven by increased interest from institutional and retail investors, as well as a change in the government’s attitude towards digital assets.
