The Crypto Assets industry looks forward to a more favorable policy environment

As the U.S. elections approach, the Crypto Assets industry is actively seeking to influence the election results in hopes of welcoming a more friendly regulatory environment. Although some candidates have an open attitude towards Crypto Assets, regulatory agencies remain highly vigilant towards the industry.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, has a critical attitude towards the Crypto Assets industry, stating that the industry is "rife with fraud and scams." He indicated that global investors have suffered significant losses due to some crypto companies not complying with existing regulations.

However, the Crypto Assets industry is influencing the upcoming US elections through large-scale political donations. In addition to the presidential election, all 435 seats in the House of Representatives and 33 Senate seats will also be up for election.

In this election, the future of Crypto Assets has become an important topic. A presidential candidate has promised to make the United States the "global capital of Crypto Assets" and proposed the establishment of a "national strategic Bitcoin reserve." This sharply contrasts with their attitude a few years ago when they regarded Bitcoin as a "scam."

In contrast, the current government has taken a harsher stance towards the Crypto Assets industry. Recently, executives from several well-known Crypto Assets companies have been sentenced to prison or face hefty fines for various illegal activities. Last year, financial regulators took a record 46 enforcement actions against Crypto Assets companies.

Although supporters argue that Crypto Assets provide a fast, cheap, and secure way to transfer funds, a survey by the Federal Reserve Bank shows that the proportion of Americans using Crypto Assets has decreased from 12% in 2021 to 7% last year.

The chief legal officer of a certain Crypto Assets company emphasized the important position of the United States in the global development of Crypto Assets. He believes that, given the intense electoral competition, the votes of Crypto Assets supporters could have a significant impact.

At the same time, the European Union is strengthening its regulation of Crypto Assets to reduce the risk of their use by criminals. The G20 is developing minimum standards for Crypto Assets, but progress is slow.

In the United States, a bill regulating Crypto Assets has passed in the House of Representatives but has not yet received Senate approval. Supporters believe the industry does not avoid regulation but simply seeks to obtain the same standards as other assets.

As the election approaches, the Crypto Assets industry has invested a record $119 million in political donations. A research director of a consumer rights protection organization pointed out that this funding is used to support pro-Crypto Assets candidates and attack critics, with the aim of promoting reduced regulation and weakening consumer protections.