Donald Trump or Joe Biden for Bitcoin?

As the presidential election approaches, industry leaders are closely watching how candidates Joe Biden and Donald Trump will affect Bitcoin and the broader crypto market.

He raised the issue in a historic debate on CNN, which could set the stage for what's to come.

The SEC's regulatory agenda

Ripple CEO Brad Garlinghouse criticized SEC Chairman Gary Gensler's aggressive stance on crypto regulation. He argues that Gensler's failure to address issues like FTX and Binance will damage his credibility.

“Absolute nonsense coming from Gary Gensler today. And this defamation comes from someone who completely missed FTX (and actually up to SBF) and was not even invited to notify the DOJ about Binance,” Garlinghouse said.

Garlinghouse criticized Gensler for misrepresenting the interests of the American people. Therefore, the chairman of the SEC should have been removed from his post a long time ago. Moreover, he suggested that Gensler's actions could jeopardize Biden's chances in the upcoming election.

Mark Cuban has a similar sentiment, stressing that regulatory challenges in the US are hampering the crypto industry. He contrasts this with more favorable locations such as Singapore and Japan.

Like Garlinghouse, Cuban believes Gensler's actions will alienate young voters who are heavily invested in crypto.

If he has a political career in mind, he's done, and it could actually cost Joe Biden the election because there's a lot of Gen Z, Gen X, there's a lot of millennials who own crypto, and it makes it easier to have all the scam coins to register by not doing it,” Cuban emphasized.

Who is better for Bitcoin?

Despite the sentiment Gensler's regulatory approach has created for the crypto market, voting for Bitcoin between Trump and Biden involves evaluating their policies. Trump has always been known for his enthusiastic support for Bitcoin and the blockchain space. Meanwhile, Biden's strict regulations ensure market stability and safety, but may stifle innovation.

Stocklytics analyst Neil Rorty told BEncrypto that the general consensus in the industry leans more toward Trump because of his vocal support for Bitcoin.

“The consensus among the crypto community seems to be that a Trump victory will be good for the industry. In addition to the vocal support he provides, Bitcoin has performed well during periods of political and economic uncertainty, and a second Trump presidency could see more of both,” Rorty said.

Read more: Crypto Regulation: What are the Pros and Cons?

Mempad founder Max Jones, on the other hand, spoke to BEncrypto about the impact of presidential meme coins on the election. He believes that meme coins reflect public sentiment towards politics and show how cryptocurrency is intertwined with politics.

“Trump-based memcoins like MAGA, MAGA Hat, Doland Tremp, Super Trump, MAGA VP and Trump Mania are leading the trend. Over the past 24 hours, these benchmarks have each increased by more than 19 percent. The top post for Trump may be prioritized by his crypto-focused campaign… President Joe Biden has also offered meme coin projects tied to it. Among the Biden-themed tokens, Joe Boden is the most valuable, up 5.1% in 24 hours to $0.1549,” Jones added.

As the campaign heats up, Jones believes these meme coins can be a measure of a candidate's popularity. Their volatility is represented by the noise around politicians, but their growth reflects broader market trends.

While it's unknown which meme coins will last, they currently provide an unusual measure for Trump and Biden. Rorty notes that the upcoming presidential debate between Biden and Trump could influence these meme coins.

“Biden holds the edge when it comes to presidential meme coins, however, those created and sold by crypto enthusiasts are not endorsed by the candidates themselves. The BODEN coin coined with the president currently has a capitalization of $107 million, compared to $82 million for TREMP,” Roarty shared. .

In a similar conversation, Anthony Pompliano recently talked about how providing stable demand for Treasuries could help America's debt crisis. This perspective is related to the broader debate between Biden and Trump on crypto policies.

Trump's pro-Bitcoin stance suggests a favorable scenario for the stablecoin to help with debt management. On the other hand, Biden's approach to regulation and the search for a CBDC could affect the use of stablecoins.

The upcoming presidential election could play a crucial role in shaping the future regulatory environment for cryptocurrencies in the US. Of course, the result will seriously affect the growth and stability of the industry.