On November 5, 2024, the US presidential election will see voters choose their next president. Against this backdrop, cryptocurrencies are becoming a central topic of political debate. Recemming, the Securities and Exchange Commission (SEC) revised its position on Ethereum ETFs (ETH) spot, and Joe Biden did not veto the FIT21 bill. Donald Trump, for his part, is clearly enthusiastic about the cryptocurrency sector.
Donald Trump's stance on cryptocurrencies
Donald Trump recently published a message on Truth Social, a social network he created, where he shows himself to be very supportive of the cryptocurrency industry :
"I'm very positive and open-minded about cryptocurrency companies and everything to do with this new and developing industry. Our country must be the leader in this field. There's no room for second best. Joe Biden, on the other hand, seems to want the slow and painful death of this industry. With me, that will never happen!"
This speech marks a clear contrast with his statements in 2021, when he described Bitcoin as a "scam". Since then, his position has clearly evolved, as evidenced by his various initiatives, including the launch of several collections of non-fungible tokens (NFT), aimed at leveraging the political potential of cryptocurrencies to gather support.
Potential impact on the cryptocurrency market
Whatever the outcome of the election and the elected candidate's ability to deliver on his promises, the current momentum could benefit the cryptocurrency market, at least in the short term. It remains to be seen how the Democratic camp will eventually adjust its position in the face of these developments.
