United

Galaxy

President Donald Trump

Donald Trump

Mike Novogratz, the founder and CEO of Galaxy Digital, recently shared his positive outlook on the future of cryptocurrency regulation in the United States. Speaking to CNBC’s ‘Squawk Box,’ Novogratz <a href="https://x.com/SquawkCNBC/status/1808172697249103988?t=rqQXCvS3SY4AmXUoXNVekw&amp;s=19" target="_blank" rel="noopener nofollow">confidently predicted</a> that no matter who wins the next presidential election, the crypto industry will experience favorable regulatory changes. 
<h2 class="whitespace-pre-wrap break-words" id="strong-political-and-market-dynamics-strong">Political And Market Dynamics</h2> 
The contrasting approaches to crypto regulation have impacted voter preferences, with prediction market data showing Trump leading with over 60% of votes in the Presidential Election Winner 2024 poll, compared to Biden’s 15%. 
Despite this political maneuvering, the crypto market remains volatile. Memecoins inspired by the two presidential candidates are experiencing a bearish phase. For instance, at the time of writing, <a href="https://www.coingecko.com/en/coins/doland-tremp" target="_blank" rel="noopener nofollow">Donald Tremp (TREMP)</a> was down by 16.5% in the last 24 hours, while Joe Boden (BODEN) had declined by 27.9% over the same period. 
<h2 class="whitespace-pre-wrap break-words" id="strong-trump-vs-biden-contrasting-approaches-strong">Trump Vs. Biden: Contrasting Approaches</h2> 
Former President Donald Trump has made his <a href="https://www.forbes.com/sites/digital-assets/2024/07/03/trump-sparks-talks-of-bitcoin-as-a-strategic-reserve-asset/" target="_blank" rel="noopener nofollow">pro-crypto stance clear,</a> even accepting <a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow">cryptocurrency</a> donations for his presidential campaign. This is in stark contrast to President Joe Biden’s administration, which many believe is influenced by SEC Chair Gary Gensler’s stringent scrutiny of various crypto firms. The differing views on crypto between Biden and Trump seem to have swayed voters more towards Trump, as reflected in prediction markets. 
<blockquote class="twitter-tweet"> 
 “No matter who wins the next election, we’re going to get positive crypto legislation – I know that,” says <a href="https://twitter.com/novogratz?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Novogratz</a> <a href="https://t.co/Vq8Xp1TEY0" rel="nofollow" target="_blank">pic.twitter.com/Vq8Xp1TEY0</a> 
 — Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1808172697249103988?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">July 2, 2024</a>
</blockquote> A Bipartisan Vision For Crypto 
Novogratz emphasized the importance of bipartisan support for cryptocurrency, stating, crypto needs to be “Bipartisan.” This sentiment is echoed by a survey conducted by Harris Poll on behalf of Grayscale, which highlights the significant role cryptocurrency is playing in the 2024 presidential election. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/T7Mcht2P/" width="1835" height="883"> Industry Voices On Regulatory Challenges 
Prominent figures in the crypto industry, like Ethereum co-founder <a href="https://cloutscoop.com/2024/06/30/vitalik-buterin-criticises-us-crypto-regulation/" target="_blank" rel="noopener nofollow">Vitalik Buterin</a> and billionaire entrepreneur Mark Cuban, have weighed in on the challenges of crypto regulation in the US. 
According to Vitalik Buterin, a key issue with cryptocurrency regulation, particularly in the US, is that projects with vague purposes and unclear return potential face little oversight. However, initiatives that provide clear information about returns and user rights get labeled as securities, subjecting them to stricter regulations. This creates a situation where transparency is penalized, which Buterin argues hinders responsible innovation in the crypto space. 
Building on Buterin’s point, Mark Cuban argued that the current regulatory framework itself is the main hurdle. According to Cuban, crypto companies are willing to register, but the existing system is unfit for the unique characteristics of cryptocurrencies. He likened the situation to forcing a square peg into a round hole, emphasizing that the inability to register lies with the outdated regulations, not the companies themselves. 
As the 2024 presidential election approaches, the intersection of politics and crypto regulation will undoubtedly shape the industry’s trajectory. Novogratz’s optimism about positive regulatory changes suggests a turning point for the crypto industry, regardless of the election outcome. 
Featured image from BitIRA, chart from TradingView

Crypto Regulation To Improve Regardless Of US Election Winner, CEO Says

目錄

Bitcoinist

在 2024年7月4日發表的其他文章

Two Hacks Later: FixedFloat’s Survival Story

Bitcoin Fear & Greed Index: Why Mt. Gox and Government Sales Are Spooking Investors

Venom Expands into India with Dual Listings on WazirX and CoinDCX

Bitcoin Price Drops and Market Dynamics

Top Crypto Airdrops July 2024

Anticipating Bitcoin’s Plummet to $53k: Understanding the Latest Plunge’s Implication

訂閱免費電子報，每天收取加密貨幣最新動態！