In the USA, crypto currencies are unleashing all the passions at the heart of political debates with the 2022 American elections. Thus, whether you are a Democrat or a Republican, it is impossible to avoid the subject. Especially when you know that the victory of either of these political parties could have a big impact on the future of cryptocurrencies in the United States and on a global scale.
The future of cryptocurrencies in the USA after the November 2022 midterm elections
Like many topics in politics, the Democratic Party’s position on cryptocurrencies remains complex. In the Democratic camp, there are representatives like Jim Himes who are in favor of crypto-currencies.
At the same time, the Democrats party also has representatives who are highly critical of digital currencies. For example, within this same political party, Elizabeth Warren and Sherrod Brown are fiercely opposed to the use of digital currencies.
As for Elizabeth Warren specifically, she has always been a fierce opponent of cryptos. For Democrats, she is the emblematic figure who represents a powerful current of crypto-skepticism.
Despite this bias among Democrats, President Joe Biden who is a Democrat issued an executive order on cryptos last March. In its entirety, the executive order is favorable to cryptocurrencies insofar as it protects consumers without prohibiting digital currencies.
With this in mind, it is possible for cryptocurrency investors to hope for rather favorable regulations if the Democratic party wins the next election.
If the Democrats are divided on the question of crypto-currencies, this is not the case within the Republican party. Indeed, Republicans are generally very supportive of cryptocurrencies.
However, that doesn’t mean there will be positive cryptocurrency legislation if Republicans win the 2022 election.
Indeed, in politics and more particularly in the United States, anything is possible. In addition, powerful institutions like the FED or the SEC are generally quite critical of cryptos.
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Democrats and Republicans are not globally anti-crypto
Certainly, the debate on crypto currencies divides the two camps. However, it should be remembered that the American political parties have found common ground or at least are on the point of agreeing on certain points.
Indeed, there is a multiparty bill carried by senators Cynthia Lummis and Kirsten Gillibrand which goes in the direction of a legal framework for crypto-currencies.
The objective of this bill is to strike a balance between the need for consumer protection in relation to investment in cryptocurrencies and the need to let the crypto industry develop without going too far. ban new digital currencies.