Crypto Clash: How the 2024 U.S. Presidential Election is Shaping the Future of Digital Currencies
The U.S. presidential election, scheduled for November 5, 2024, is starting to have a significant impact on the cryptocurrency market. The topic of cryptocurrency continues to strengthen in the pre-election rhetoric of candidates seeking to gain the votes of the cryptocurrency community, which numbers over 46 million citizens in the U.S. - 22% of the adult population according to New York-based research agency NYDIG. Given the current administration's authoritarian tendencies towards cryptocurrency and cryptocurrency companies, the November elections are expected to bring regulatory relief.
Trump and Biden’s Cryptocurrency Debates
The debates between the incumbent president Joe Biden and presidential candidate Donald Trump were announced by the CCN news channel on May 15, 2024. The incumbent president will have to answer a series of unpleasant questions regarding the implemented cryptocurrency regulation policies, which have led to an outflow of cryptocurrency capital, the closure of major companies, and high-profile lawsuits. Donald Trump, who has turned the topic of cryptocurrency into a weapon against his opponent, is likely to make loud pre-election promises that could lead to significant volatility in the cryptocurrency market, in addition to his attacks on the current state of affairs. The potential participation of Elon Musk, who has expressed readiness to host the debates, and independent candidate Robert Kennedy Jr., also known for his love of cryptocurrencies, could turn the debates from an election event into a cryptocurrency event. The first round of debates will take place on June 27, and the second on September 10.
Coins Without Technology and Product
Popular in the cryptocurrency market in 2024, meme tokens have emerged as a response to the position of the U.S. Securities and Exchange Commission (SEC), led by the main cryptocurrency villain Gary Gensler. According to the SEC's position, all cryptocurrency tokens issued by blockchain projects must be registered as securities. This makes sense: investors get to know the project, believe in its technology, and invest in the creation of the product by purchasing shares or tokens. Then meme tokens appeared in the cryptocurrency market - joke cryptocurrencies, which are not backed by technology or product development, making it impossible for the SEC to classify them as securities and, accordingly, charge the token creators with trading unregistered securities.
Today, Coinmarketcap lists 2,283 meme tokens, which is only 10% of the total number of created meme tokens, and the combined capitalization of registered coins exceeds $60 billion USD. The meme coin market continues to grow - in April 2024, 183 new cryptocurrencies were issued compared to 18 in April 2023. The average increase in the value of new coins after launch is 1300%, so it's no surprise that these coins without products and technology have become so popular.
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