cryptojournalist
Crypto Gains Political Ground
With the 2024 U.S. election on the horizon, the crypto industry is optimistic about gaining more allies in Congress. Crypto lobbyists and investors have spent over $160 million this election cycle to strengthen their political presence. Many believe newly elected lawmakers could boost the pro-crypto voting bloc, giving the sector a stronger voice in Washington.
Regulatory Roadblocks Under Biden
The Biden administration, especially SEC Chair Gary Gensler, has put the crypto industry under tough regulatory pressure, costing companies about $400 million in compliance expenses. Many in the industry hope that a new administration or a more balanced Congress might lead to policies that support crypto growth. This potential wave of pro-crypto lawmakers could be a game-changer for the industry.
Bitcoin Prices and Election Speculation
Crypto investors are also watching Bitcoin prices closely as election day nears. In October, Bitcoin jumped 13%, partly driven by speculation about a possible return of Donald Trump, seen by some as a pro-crypto candidate
