Close Menu
Altcoin ObserverAltcoin Observer
  • Regulation
  • Bitcoin
  • Altcoins
  • Market
  • Analysis
  • DeFi
  • Security
  • Ethereum
Categories
  • Altcoins (1,455)
  • Analysis (1,638)
  • Bitcoin (2,227)
  • Blockchain (1,316)
  • DeFi (1,539)
  • Ethereum (1,508)
  • Event (56)
  • Exclusive Deep Dive (1)
  • Landscape Ads (2)
  • Market (1,583)
  • Press Releases (2)
  • Reddit (877)
  • Regulation (1,480)
  • Security (2,106)
  • Thought Leadership (3)
  • Videos (41)
Hand picked
  • Dexs captures almost 30% of the CEX Spot activity in June, establishing a new record
  • Update: received my money back from Celsius after 2-3years
  • Robinhood announces a new layer 2 blockchain 2
  • Solana Rival following herself for major outperformance after correction, according to the CEO of Real Vision, Raoul Pal
  • Bitwise’s ETF ETF hits the speed of regulatory slowdown
We are social
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Facebook X (Twitter) Instagram
  • About us
  • Disclaimer
  • Terms of service
  • Privacy policy
  • Contact us
Facebook X (Twitter) Instagram YouTube LinkedIn
Altcoin ObserverAltcoin Observer
  • Regulation
  • Bitcoin
  • Altcoins
  • Market
  • Analysis
  • DeFi
  • Security
  • Ethereum
Events
Altcoin ObserverAltcoin Observer
Home»Regulation»Powerful cryptocurrency players have spent a lot of money on the elections. Will this pay off?
Regulation

Powerful cryptocurrency players have spent a lot of money on the elections. Will this pay off?

November 13, 2024No Comments6 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Urlhttps3a2f2fk1 Prod Gbh.s3.us East 2.amazonaws.com2fbrightspot2fbc2f2b2f16e5c8e0cfc29f4c2.jpeg
Share
Facebook Twitter LinkedIn Pinterest Email


AYESHA RASCOE, HOST:

The cryptocurrency industry is in celebration mode following Tuesday’s election. Donald Trump’s victory sparked an all-time high for bitcoin last week, as the industry funneled more than $100 million to pro-crypto candidates from both parties. So what do they expect in return? Brendan Pedersen covers banking and finance for Punchbowl News and joins us now. Welcome to the program.

BRENDAN PEDERSEN: Hi, Ayesha. Thank you for inviting me.

RASCOE: So the procrypto PACs – they’re betting really big on the selection. What was the reaction to Tuesday’s results?

PEDERSEN: Yeah, I mean, if you’re a crypto enthusiast or you’re pro-crypto, the results couldn’t have been much better for you, I think. There’s this feeling within the industry that the Biden administration just hasn’t given them a fair chance for much of the last two years. The regulatory framework around crypto has been quite restrictive. Regulators are not very fond of unrestricted access to cryptocurrencies. And the industry has basically been trying to get some sort of legitimacy for years, and this election appears to be the first time it’s going to get it.

RASCOE: Well, I mean, just three years ago, Trump was calling crypto a scam. Now he has changed his tune. He is committed to making the United States, quote, “the crypto capital of the planet.” Does the industry trust him?

PEDERSEN: I think so. It’s pretty hard to say for sure with Trump for all the obvious reasons. But his family now owns their own crypto company. So he has a stake in that, which is worth noting. And I think that’s going to prompt him – whatever it is – to think about what the future of crypto regulation should look like.

RASCOE: Well, what does that mean? For example, what do these companies expect from a Trump presidency?

PEDERSEN: More than anything, they want some kind of stronger legal footing in our financial system. Right now, crypto companies can do some things at the edge. But you have regulators like the Securities and Exchange Commission who have set the bar very high for what they consider legitimate or non-legitimate crypto. Whoever takes the next position as SEC Chairman will likely make big strides in the crypto space. This could be something that simply establishes basic safeguards, whatever form they take.

But what they really want is legislation, because regulations will change every administration. The statutes, the laws will remain in force for much longer. So there are people in the crypto industry who are a little bit worried that, okay, having a friendly regulatory state will be really nice under the Trump administration, but it might actually kill momentum which was created in Congress to give them something more lasting.

RASCOE: It’s interesting because you don’t often hear an industry say they want to be regulated. But as you said before, you talked about the need or desire for some form of legitimacy. There was a Pew Research poll at the end of October. More than 60% of Americans do not trust cryptocurrencies. Can you tell me about the support the crypto industry needs to provide to the public?

PEDERSEN: With any new financial instrument, you need, for example, a critical mass of people using it before it has legitimacy. So with something like crypto, I think the uncertainty around that product – how exactly it’s captured legally, what the consumer protections are – are all good reasons why consumers don’t want to invest a lot of money in it. ‘money. The reason we’re talking about cryptocurrency right now is because the community, the industry, has invested a huge amount of money into this election.

I actually gave a speech to a group of crypto executives a few months ago before the election. And I said – I found myself quoting Chairman Mao when I said, you know, guys, that power flows from the barrel of a gun. And this $100 million to $160 million election splurge is a weapon aimed at the US elections.

RASCOE: It wasn’t just about the presidential race, as you say. Procrypto PACs spent $40 million in Ohio to help defeat Sherrod Brown, who chairs the Senate Banking Committee. And Brown was very skeptical of crypto. What did this movement mean to you?

PEDERSEN: Oh, yeah. The crypto PAC we are talking about is the crypto PAC called Fairshake. And they actually have a few different sub-PACs. The one that put a lot of money into Brown’s opponent in Ohio, Bernie Moreno – it was the Defend America Jobs PAC (ph). The fact is that Sherrod Brown is the thing standing between the crypto industry and the Senate, which passes laws in numerous ways, and the industry has simply had enough. They wanted someone in this position who would work with them. Or if they failed to unseat Brown, they would rather just have a Republican Senate, because it would be easier to work with a Republican Senate.

RASCOE: A few years ago, it seemed like this industry was really on its heels. FTX crashed, then Bitcoin and Ethereum fell. What has changed?

PEDERSEN: I think, honestly, it goes back to politics. If you look at 2022, it’s not like crypto doesn’t have a role in elections, but it was very, very different. One name that might ring a bell is Sam Bankman-Fried, who is the disgraced former CEO of FTX, which collapsed into a… just a big pile of fraud. Before that, he was very politically active. At the time, he was giving a lot of money to Republicans and Democrats, and he was meeting with high-ranking lawmakers on the Hill to talk about his vision for how crypto should be regulated.

But it was just one guy. What has changed is that in the meantime, the crypto industry has professionalized its political functioning very, very quickly. There was something purely transactional about the way Sam Bankman-Fried went about it. He said to me: I’ll give you money. Let’s sit down and talk about it.

And there’s something much more palatable, I think, to lawmakers when you think about an industry getting its act together and picking these calls in races across the country and then seeing where the chips fall. I think lawmakers are taking crypto as an industry more seriously because crypto itself has started taking itself more seriously.

RASCOE: This is Brendan Pedersen from Punchbowl News. Thanks for being with us.

PEDERSEN: Thank you for inviting me.

(SOUNDBITE OF WILCO SONG, “MANY WORLDS”) Transcript provided by NPR, Copyright NPR.





Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleSolana on the rise, figures that surprise the crypto market
Next Article NFT Doodles Sales Increase 500% in Last 24 Hours, Following McDonalds Collaboration

Related Posts

Regulation

The redesign of Lido governance: the future of cryptographic regulations?

June 30, 2025
Regulation

Crypto Bros gains big in Trump America

June 30, 2025
Regulation

Bitcoin Price | Life fabric

June 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Single Page Post
Share
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Featured Content
Event

Philippine Blockchain Week 2025 Welcomes Global Web3 Trailblazers to Manila

June 9, 2025

Manila, Philippines – June 9, 2025 — As Philippine Blockchain Week (PBW) 2025 returns for…

Event

ETHMilan 2025 Returns With a Stellar Line-Up at One of Milan’s Most Iconic Venues

June 5, 2025

Milan, Italy – Mark your calendars! ETHMilan, Italy’s largest international Ethereum and Web3 conference, is…

1 2 3 … 49 Next
  • Facebook
  • Twitter
  • Instagram
  • YouTube

Solana Rival following herself for major outperformance after correction, according to the CEO of Real Vision, Raoul Pal

June 30, 2025

The eyes of a bracing token $ 50 new ATH while Perps Trading reaches 1.571 Billion of dollars in volume – is that the break?

June 30, 2025

Is the XRP gear for a break? – These measures say yes, only if …

June 30, 2025
Facebook X (Twitter) Instagram LinkedIn
  • About us
  • Disclaimer
  • Terms of service
  • Privacy policy
  • Contact us
© 2025 Altcoin Observer. all rights reserved by Tech Team.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 107,212.73
ethereum
Ethereum (ETH) $ 2,492.70
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.25
bnb
BNB (BNB) $ 657.44
solana
Solana (SOL) $ 155.58
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.280119
dogecoin
Dogecoin (DOGE) $ 0.165374
staked-ether
Lido Staked Ether (STETH) $ 2,491.62