Regulation
Trump or Biden? Who’s Better Suited for Crypto Regulation? Novogratz Says…
- Novogratz Predicts Positive Cryptocurrency Regulation Regardless of Who Wins the Election
- Memecoins TREMP and BODEN have seen a decline, dropping by 16.5% and 27.9%, respectively.
Mike Novogratzfounder and CEO of Galaxy Digital, expressed optimism about the future of cryptocurrency regulation in the United States. According to the executive, the industry is ready for positive regulatory changes, regardless of who wins the next presidential election.
Novogratz on the Role of Cryptocurrencies in the Upcoming Election
In a recent conversation with CNBC’s ‘Squawk Box,’ Novogratz said:
“Cryptocurrency should be bipartisan, and it needs to be.”
He added,
“No matter who wins the next election, we will get positive cryptocurrency legislation, I know that.”
This highlights the significant role cryptocurrency is playing in the 2024 presidential election. In fact, according to a survey conducted by Harris Poll on behalf of Grayscale, it is evident that,
“Cryptocurrencies have cemented their place in the financial future of the United States and the 2024 presidential election.”
Trump vs Biden
Recognizing the rise of crypto voters in the United States, former President Donald Trump has been vocal about his pro-crypto stance. He even started accepting cryptocurrency donations for his presidential campaign.
This is in stark contrast to President Joe Biden’s approach to cryptocurrencies, which many believe is influenced by SEC Chairman Gary Gensler’s continued scrutiny of various cryptocurrency firms.
The executives intervene…
Providing further insights into the current status quo of cryptocurrency regulations in the United States, Ethereum [ETH] co-founder Vitalik Buterin had this to say,
“The main challenge with cryptocurrency regulation (especially in the US) has always been this phenomenon where if you do something useless… you are free and transparent, but if you try to give your customers a clear story about where the profits are coming from and promise what rights they have, then you are screwed because you are ‘a guarantee.'”
Billionaire Entrepreneur Cuban Mark he certainly believes the same thing. According to him,
“The problem is not that cryptocurrency companies don’t want to register. The problem is that it’s like trying to put a square peg in a round hole. It doesn’t fit. If no one can register, the problem is not us. It’s you.”
In a separate postHe added,
“Biden must choose between Gensler and cryptocurrency voters, or he could lose the White House.
Biden and Trump’s contrasting views on cryptocurrencies appear to have pushed voters more toward Trump.
Impact on Cryptocurrency Market and Forecast
This trend is also highlighted by By Polymarket Forecast market data shows Trump leading with 63% of the vote in the 2024 presidential election winner poll, compared to Biden’s 15%.
Source: Polymarket
However, if we look at the impact on memecoins inspired by the two presidential candidates, many of them are in a bearish phase right now. This is despite the fact that Biden-inspired memecoins are outperforming Trump-inspired ones.
For example, at the time of writing, Donald Tremp [TREMP] has dropped 16.5% in the last 24 hours, while Joe Boden [BODEN] had decreased by 27.9% in the same period.