The wind is rising, and U.S. regulation is fully shifting towards "crypto-friendliness."

OdailyNews
2024-11-06 17:12:00
Collection
"Trump's rise to power will mark the starting point of the cryptocurrency bull market," the prophecy is gradually coming true.

Author: Wenser, Odaily Planet Daily

The voting for the U.S. presidential election is about to conclude. As of the time of writing, according to data from the FOX website, Trump is temporarily leading with 248 votes, needing only 22 more votes to reach 270 and ultimately become the winner of the 2024 U.S. presidential election. Given Trump's previously reiterated "crypto-friendly stance," the market sentiment has shifted dramatically, and there is a strong trend in U.S. politics towards "fully embracing crypto-friendly regulation." Odaily Planet Daily will briefly outline the current situation of the cryptocurrency industry in the U.S. for readers' reference.

U.S. Crypto Landscape: Nearly 100 Million Cryptocurrency Holders, About 27.8% of the Total Population

To discuss regulation, we first need to look at the fundamentals.

Previously, in our article "How the 'Crypto Patriarch' Trump Was Formed," we mentioned that "according to a research report released by CouponBirds in March, the survey showed that 45.2% of American parents who own cryptocurrency have already purchased some for their children, and 40.6% of parents plan to specifically buy cryptocurrency for their children in the future. The research indicates that parents generally believe in the potential of cryptocurrency as a long-term investment and wish to educate their children about this asset class."

In May, data disclosed by the publicly traded exchange Coinbase on the X platform showed that in 2023, 52 million Americans owned cryptocurrency, accounting for 20% of the adult population in the U.S.; additionally, statistics from April 2024 indicated that 13% of American adults reported owning Bitcoin.

Now, this number has seen significant growth.

According to a report released by security.org at the end of September this year:

Cryptocurrency Ownership Rate Among U.S. Adults

  • The awareness and ownership of cryptocurrency have reached record levels: currently, 40% of American adults own cryptocurrency, up from 30% in 2023, which could amount to as many as 93 million people.
  • 21% of non-Bitcoin holders indicated that the expectation of a Bitcoin ETF would make them more likely to invest in cryptocurrency, meaning that up to 29 million Americans could soon join the market.
  • Over the past year, the cryptocurrency ownership rate among women surged from 18% to 29% (compared to men, which increased from 43% to 48%), possibly influenced by numerous news reports on the development of female practitioners in the blockchain field and cryptocurrency investment and related behaviors. This includes Unchained Crypto podcast host Laura Shin, Ark Invest founder and CEO Cathie Wood, Senator Cynthia Lummis, who supports cryptocurrency, and SEC Commissioner Hester Pierce, known as "Crypto Mom," who has a friendly attitude towards cryptocurrency.

It is worth noting that, according to statistics, the current total population of the U.S. is approximately 335 million, and the 93 million cryptocurrency holders represent about 27.8% of the total population, especially considering that cryptocurrency holders are typically voting-age adults. It is no wonder that this year's U.S. election has made the crypto community a target for both the Republican and Democratic parties.

Meanwhile, Coinbase's financial report indicates that in 2023, the exchange had 115 million registered users. Although this includes some overseas users, the majority are undoubtedly from the U.S., further confirming that the crypto community in the U.S. has become a mainstream group.

U.S. Politics Shifts: Crypto-Friendly Regulation is Becoming a Reality

At the same time, the U.S. political stance on cryptocurrency regulation has also undergone a significant turnaround, and crypto-friendly regulation may have become a reality. The key turning events mainly include two:

  • First, pro-crypto Republican Bernie Moreno won the Ohio Senate race, successfully defeating Democratic Senator Sherrod Brown of Ohio. He is expected to take over Brown's current position as chairman of the Senate Banking Committee in future appointments (Note from Odaily Planet Daily: This committee has jurisdiction over the SEC and CFTC; more information can be found in the article "Beyond the Presidency, This Seat's Election Will Deeply Impact the Future of Crypto"). Previously, the pro-crypto super PAC "Defend American Jobs" spent $40.1 million supporting Moreno, and his campaign directly raised at least $54,600 from the cryptocurrency industry; notable donors include Coinbase CEO Brian Armstrong, a16z founder Marc Andreessen, benahorowitz.eth, a16z investor cdixon.eth, and Fred Ehrsam.
  • Second, Coinbase CEO Brian Armstrong's latest statement came after Bernie Moreno's victory in the Ohio Senate race. He stated, "Bernie understands that cryptocurrency is an important part of America's future. Bernie and the cryptocurrency owners who helped him win this victory understand—everyone can benefit from cryptocurrency and is willing to fight for it. Welcome to the most pro-crypto Congress in U.S. history." Additionally, he previously stated, "There are now over 219 pro-crypto candidates elected to the House and Senate. Tonight, these crypto voters decisively made their voices heard—crossing party lines in key races across the country. Americans disproportionately care about cryptocurrency and want clear rules for digital assets. We look forward to working with the new Congress to achieve this goal. Thank you to everyone who stood with cryptocurrency today. We succeeded!"

According to the StandWithCrypto website, as of the time of writing, there are currently 14 pro-crypto candidates among the elected senators and 227 among the representatives, far exceeding the number of opponents.

Compared to data from earlier this year (in January, there were 18 senators supporting cryptocurrency and 30 senators firmly opposing it), crypto-friendly regulation in the U.S. political environment may be on the verge of taking off.

Information from the StandWithCrypto website

Conclusion: Trump's Presidency and the Republican Faction Propel the Arrival of the Crypto Bull Market

Given the current situation, the suspense over whether Trump can be elected as President of the United States is rapidly dissipating. According to the latest data from the FOX website, Trump has now reached 277 votes, surpassing the 270-vote threshold required for the U.S. presidential election, and has successfully been elected as the next President of the United States. With the election results settled, he will also become one of the few "two-term presidents" in U.S. history.

Official interface of FOX News

Moving forward, compared to the Democratic figures who have a very strict attitude towards crypto regulation, Republicans represented by Trump will gradually become a vital force in the U.S. government and regulatory agencies, jointly promoting the arrival of the crypto bull market. Based on Trump's previous remarks at the Nashville 2024 Bitcoin Conference in September, establishing a Bitcoin strategic reserve, elevating Bitcoin's priority among U.S. national assets, and releasing Silk Road founder Rose may become the next steps.

Meanwhile, Bitcoin, which has already reached a new high today, may continue to rise. As for whether it can reach the $100,000 mark as crypto enthusiasts hope—let's wait and see.

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