The only way forward for crypto may be a wholesale housecleaning at the 2024 election. How will the 2024 election affect crypto? https://youtu.be/kDTRbEzzZPI

1. By: www.ProfitableInvestingTips.com

2. The world of crypto currencies is at a crossroad. Crypto
winter had a sobering effect on everyone. It also
helped usher in a new era of regulation which has
been welcomed by some and very painful for others.
The EU and others have gotten their legislative houses
in order regarding crypto currencies.

3. The new EU crypto rules could be a nice model for the
US. Sadly the US Congress is bickering over virtually
everything. The only way forward for crypto may be a
wholesale housecleaning at the 2024 election. How
will the 2024 election affect crypto?

4. Administrative Action on Cryptocurrencies

5. In March of 2022 President Biden issued an executive
order. The Future of US Money and Payment
Systems directed US agencies like the Federal
Reserve, Treasury, SEC and CFTC to get their
regulatory houses in order in regard to who should be
overseeing what as crypto grows and becomes a more
important part of the nation’s financial picture.

6. This was a necessary step made even more necessary by
the fact that Congress has of yet passed no laws like
they did in the EU. Thus the administrative arm of the
US government had to step in where the legislative
arm failed to act.

8. What Presidential Politicians Think About
Cryptocurrencies

9. A useful article in Grayscale looked at the 2024
presidential election and what the various
candidates say. They note that Biden favors a central
bank digital currency which is in line with his
executive order last year. He also favors a 30% tax on
Bitcoin mining. The current president and candidate
for 2024 wants to see regulatory protections for retail
investors as crypto gains wider and wider use.

10. The current leading candidate on the Republican side is
ex-president Donald Trump. Trump sees Bitcoin as a
scam but has a favorable opinion about a possible
central bank digital currency. The next in line on the
Republican side is Ron DeSantis, the governor of
Florida. He is against a Bitcoin mining tax, vows to
protect crypto from regulation, and says he will
support the right to trade crypto.

11. He actually introduced legislation in Florida to “protect
Floridians” from a central bank digital currency. That
part sounds like pure politics like protecting Floridians
from the US dollar. Robert Kennedy Jr. who trails
Biden on the Democratic side pretty much follows the
DeSantis line.

12. The two likely 2024 presidential candidates will be Biden
and Trump despite widespread misgivings about both
of them being around 80 years old. Thus the choice
will be between someone who sees Bitcoin as a scam
and someone who wants to regulate crypto to protect
investors and customers.

13. What Do Congressional Candidates Think About
Crypto?

14. Any legislation having to do with spending must
originate in the House of Representatives rather than
the Senate. In July, House Republicans (who are the
majority) introduced legislation to protect crypto
consumers. As a rule Republicans have been more
supportive of crypto and against regulations.
Democrats have wanted tougher regulations.

15. Because the President cannot act alone to create crypto
regulations, it will come down to which party ends up
with the majority both in the House of Representatives
and in the US Senate. It is unlikely that the elections
either for president or seats in Congress will be
decided based on cryptocurrency issues. It is much
more likely that abortion, border issues, the war in
Ukraine, and the state of the economy will drive the
voting. Crypto will benefit or suffer based on how
people vote regarding these other issues.

16. For more insights and useful information about
investments and investing, visit
www.ProfitableInvestingTips.com.