Even if everyone is forsaking crypto’s future for now but US Presidential Elections 2020 are crucial for reshaping its policy.
As per the publication issued recently by CoinDesk, it suggests that for now crypto industry on the boom. However, nobody is thinking about what is going to happen when the US Presidential Elections 2020 will take place. Report suggested that once elections are over, the people coming in power will re-write the future course of everything, including crypto.
Of course, the candidates for US President are not using blockchain for their campaigns. Neither are they discussing the future role of cryptocurrencies in strengthening the economy. However, right after the elections the federal agencies will wield their unbridled power over various cryptocurrencies and tokenized crypto assets.
Kristin Smith, who is the ED of Blockchain Association, also said that the 2020 Elections are important than ever before. There are serious concerns regarding the regulatory framework and too much power available to regulators, she said. There is an urgent need of bringing in a reforms package, especially which favors the crypto industry, she added.
John Collins of FS Vector also informed CoinDesk that issues relating to crypto are not on the priority list of the US Federal Government. Therefore there is no expected forthcoming of any policies regarding cryptocurrencies and assets, he told.
However, if Trump is coming back then there is much fear in the crypto industry. This is because, on any occasion, Trump categorically stated that he has no liking for Bitcoin or any other cryptocurrency. On the other hand, Baiden did not make any specific remark regarding Bitcoin or other cryptocurrencies. However, he had made a soft joke over Bitcoin when in July his Twitter account got hacked.
Yet the country’s most powerful regulators are Securities & Exchange Commission (SEC) as well as Commodity Futures Trading Commission (CFTC). Any business done at the behest of digital currency/asset falls under the domain of these two authorities.
The recent past history of SEC in particular does not seem to be friendlier when it comes to crypto. Time and again lawsuits have been filed against various companies in which the crypto companies ended up paying heavy fines.
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