Aaron & Austin Arnold recently delved into the intricacies of how the upcoming U.S. presidential election could shape the future of cryptocurrency. Here, the CoinSpeech team highlights the most crucial insights from their detailed discussion. Find Aaron & Austin Arnold’s new video below.
Cryptocurrency as an Election Issue
The 2024 U.S. presidential election is notably the first in which cryptocurrency has emerged as a significant issue. According to Aaron & Austin Arnold, the previous years under President Trump saw an ambivalent attitude toward crypto: “The Trump Administration wasn’t particularly Pro crypto, but they weren’t particularly anti-crypto either.” However, the landscape has drastically changed under President Biden’s administration, which has been described as conducting “a systematic war on crypto.”
The Biden Administration’s Approach
The current administration has taken a hardline stance against cryptocurrency. As Arnold explained, “All the major exchanges have received Wells notices, major projects have received Wells notices, chokepoint 2.0 is underway where people are being deplatformed and debanked.” The Biden administration has been accused of stifling innovation and imposing severe regulatory challenges that make compliance nearly impossible.
Trump’s Potential Impact
In contrast, a potential second term for Trump might offer a more favorable environment for crypto. Arnold suggests that “Trump figured out how to make money from crypto,” implying that his economic interests could drive a more supportive stance on digital assets. Trump has been raising considerable sums from the crypto market, including ventures in NFTs and other blockchain-related activities.
The Kennedy Alternative
Many in the crypto community are looking beyond the two main parties. Arnold introduced Robert Kennedy as a viable alternative, highlighting his curiosity and intellect regarding economic and technological issues. “I’ve never in my life met a political candidate who has such a raw curiosity and intellect for issues,” Arnold said. Kennedy’s legacy and nuanced understanding of the industry make him a compelling candidate for those passionate about crypto.
Consequences for the Crypto Industry
The stakes are high; the crypto community views this election as pivotal for the industry’s future in the U.S. Arnold warns that “a vote for Biden is a vote for the death of the American cryptocurrency industry,” emphasizing that young Democrats who are also cryptocurrency investors might feel particularly alienated. He cautioned that the continued crackdown on crypto could lead to a decrease in jobs, economic competitiveness, and ultimately, a weakened national economy.
Call to Action
Aaron & Austin Arnold conclude by urging voters to prioritize cryptocurrency when making their electoral choices. “These elections do have consequences,” Arnold stressed, advising voters to “choose a candidate who’s Pro crypto at every level from the local to the federal.”