2024 US Elections: How Political Changes Could Affect Crypto Regulations and Business

2024 US Elections: What Political Shifts Mean for Cryptocurrency Regulations and the Future of Bitcoin

The US presidential elections are pivotal not just for the nation’s future, but for the global crypto market as well. The US, being the world's leading economy, will see its next president and Congress define the path for cryptocurrency regulation in the coming years. Understanding potential scenarios can help crypto business owners, investors, and legal experts prepare for these changes and mitigate risks.

What's Happening In Crypto Today?

Right now, cryptocurrency in the US is regulated by major agencies like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Internal Revenue Service (IRS). Their main focus is to protect consumers and keep the financial sector transparent.

If you’re up to date with global crypto, you might noticed a series of recent lawsuits and tighter regulations. The SEC alone pursued a record 46 cases against crypto firms last year.

For example, FTX founder Sam Bankman-Fried was convicted of fraud and sentenced to 25 years in prison. Binance CEO Changpeng Zhao faced a four-month jail term and a $4.3 billion fine. Clearly, it’s been a tough period for the industry.

Democrats vs. Republicans: Different Views on Cryptocurrency and Bitcoin

The Democratic Party generally favors stricter regulation and tight financial oversight. The Biden administration has taken a hard stance on crypto and blockchain projects, evident from numerous lawsuits and hefty fines.

Vice President Kamala Harris, representing Silicon Valley, supports innovation but remains cautious about consumer protection and financial stability.

Although she hasn’t made direct statements about cryptocurrency or blockchain, it’s uncertain what path she would take if elected. Harris could either maintain the current administration’s approach or foster a more open, favorable environment for crypto market growth.

Donald Trump, on the other hand, has been more straightforward. He has already stated his intention to make America the “crypto capital of the world” by creating a strategic Bitcoin reserve akin to the US gold reserve.

His campaign and plans for launching his own crypto project have drawn significant attention from crypto enthusiasts. If Trump wins the presidency, we can expect a relaxation of regulatory pressure and an emphasis on boosting crypto business growth.

How Will the US Election Affect the Crypto

Opinions and predictions vary widely. For instance, Brad Garlinghouse, CEO of Ripple Labs, expressed optimism about the crypto market’s future post-election, despite recent challenges. “This is the most important election we’ve had, but I also believe no matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had,” he stated at DC Fintech Week.

Garlinghouse also noted that the Biden administration had taken an “attack” stance on the crypto industry, creating tough conditions for businesses, according to the BBC.

“Not only is the US an important market for crypto, but so much of the important technology surrounding it has been developed here. And I think it's also critically important that we do not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.” — Paul Grewal, Chief Legal Officer at Coinbase.

Grewal attended private meetings between Harris’ team and crypto leaders, which has given the community hope for a brighter future for cryptocurrency in the US.

How to Minimize Risks Amid Potential Changes

Regardless of the election outcome, everyone wants to ensure their assets are secure. But how can you achieve that?

Diversify Your Assets

Spread your funds across different types of assets and jurisdictions.

Use Non-Custodial Wallets

Keep full control over your assets so you’re prepared if regulations change.

Stay Updated on Regulatory News

Stay informed with news and analysis to quickly adapt to any shifts in regulations and requirements.

If regulations tighten, with stricter KYC and AML requirements, businesses with flexible but reliable crypto solutions will have the upper hand. BitHide is one of those!

Why BitHide is the Best Choice in the Turbulent Crypto Market

We offer a user-friendly business crypto wallet with banking features, designed to protect 100% privacy on the blockchain.

• Non-Custodial Wallets and Control. With BitHide, you control your assets and decide if your clients need KYC checks. This is especially important as new regulations could appear.
• Data Protection and Privacy. Our Dark Wing technology hides your IP address and secures wallet transaction history with 512-bit encryption. Only you have access to your seed phrase.
• Simple Integration and Flexible Management. BitHide’s API makes it easy to connect your wallet to your business, automate payments, and manage multiple accounts. This reduces risk and saves time.

Let the unprepared worry about changes. With BitHide, you can feel secure and ready to handle new crypto rules. Focus on growing your business while BitHide takes care of routine tasks and asset protection.

Want to be prepared? Learn more about BitHide and get a consultation to set up crypto processing for your business today.