Crypto Assets industry looks forward to new opportunities from the US election

The Crypto Assets sector is closely watching the upcoming U.S. elections, hoping to elect leaders who have a more open attitude towards the industry. Although regulators have criticized some practices within the Crypto Assets industry, the sector is still actively seeking political influence in hopes of achieving a more favorable legal environment.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, sharply criticized the Crypto Assets industry, stating that it is "filled with fraud, snake oil salesmen, and scammers." He emphasized that global investors have suffered significant losses due to some crypto companies' failure to comply with existing regulations. Gensler believes that although Crypto Assets only represent a small portion of the capital markets, it could undermine ordinary investors' trust in the entire market.

However, the Crypto Assets industry has not backed down because of this. On the contrary, it is trying to influence the election results in November through massive political donations. According to reports, the industry has spent a record $119 million on political contributions, attempting to elect candidates who are friendly to Crypto Assets.

Regarding presidential candidates, Donald Trump has recently shown a clear supportive attitude towards Crypto Assets, which sharply contrasts with his earlier skeptical stance. Trump has pledged to make the United States the "global capital of Crypto Assets" and even proposed the idea of establishing a "national strategic Bitcoin reserve." In contrast, the current administration's stance towards the Crypto Assets industry has been relatively harsh, with strict enforcement actions taken against several large Crypto Assets companies in recent years.

Despite the decline in the use of Crypto Assets in the United States, industry leaders remain hopeful about the future. The Chief Legal Officer of a certain Crypto Assets trading platform emphasized the important position that the United States holds in the global development of Crypto Assets technology, and urged policymakers to recognize the significance of this.

At the same time, regions such as the EU are also strengthening regulations on Crypto Assets. The G20 is developing global minimum standards, but progress is relatively slow. In the United States, a bill aimed at regulating Crypto Assets has passed the House of Representatives but still needs to be reviewed by the Senate.

As the election date approaches, the Crypto Assets industry is seizing this opportunity in hopes of influencing the legislative process and advocating for a more favorable regulatory environment. Regardless of the election outcome, the position of Crypto Assets in the political and economic landscape of the United States will undoubtedly continue to spark heated discussions.