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With the US elections approaching, the Republican Party's encryption-friendly policies have drawn follow.
The US election brings new opportunities for the crypto market
Recently, the relationship between the crypto market and the U.S. election has garnered widespread attention. This article will provide readers with a detailed overview of the connection between the two.
The Republican Party Turns to Support Encryption
In stark contrast to the Democratic Party's stance, the Republican Party is gradually becoming a supporter of the crypto market. The latest 2024 Republican platform explicitly states that it will terminate the crackdown on the crypto market. This position sharply contrasts with the policies during the Democratic administration.
In the past two years, under the leadership of the Democratic Party, the U.S. Securities and Exchange Commission has initiated lawsuits against several crypto market platforms and issued hefty fines. The SEC has also publicly opposed the development of specific regulations for encryption assets, arguing that most token issuances violate federal securities laws.
The encryption background of the vice presidential candidate
The vice presidential candidate nominated by the Republican presidential candidate, Vance, has a notable background in encryption. It is reported that Vance held Bitcoin worth $250,000 as early as 2022. He has repeatedly voted in Congress in favor of bills that benefit the development of the crypto market and has publicly criticized the SEC's attitude towards the encryption industry.
It is worth mentioning that Vans himself is also an active user of cryptocurrencies, having conducted various token transactions on the blockchain. This personal involvement has earned him recognition in the crypto community.
Tech Giants Turn to Support
As the election approaches, some Silicon Valley tycoons who originally supported the Democratic Party are beginning to shift their support to Republican candidates. Several well-known investors and entrepreneurs have publicly expressed their support for Republican candidates and their campaign partners. This trend indicates dissatisfaction within the tech community regarding the current government's encryption policies.
Encryption policies become the focus of the election campaign
It is worth noting that the Republican candidate's attitude towards encryption has also undergone a change. As early as during his presidency in 2019, he publicly expressed skepticism about encryption. However, as the election campaign unfolded, he began to actively seek support from the crypto community, criticizing the current government's related policies and promising to create a more favorable environment for the industry upon regaining power.
Recently, Republican candidates plan to attend an important Bitcoin conference, where they are expected to elaborate on their policy proposals for the encryption industry. This further highlights the significant role of crypto market policy in this election.
Overall, as the U.S. presidential election approaches, cryptocurrency policy is becoming an important campaign issue. Regardless of the final outcome, this increased attention may bring new development opportunities to the crypto market.