Democrats, Republicans Clear Crypto Regulation Grayscale Survey Hack
Democrats and Republicans can stop arguing like children about one thing – cryptocurrency. The majority of both the left and the right view crypto as the “future of finance.”
A new survey shows that crypto could be the force that stops the great divide between political sides. But Americans want established rules and regulations. The need for regulation is also something else that Democrats and Republicans agree on. 59% of Democrats and 52% of Republicans supported the imposition of rules and regulations. Regulation is one of the most discussed agendas in crypto circles.
Cryptocurrencies are slowly creeping into the mainstream. And celebrities have gotten on the gravy train. Everyone from Baseball Hall-of-Famer David Ortiz (who has linked FTX in a series of commercials) to Matt Damon representing Crypto.com is in on the action.
But what about the political front?
When it comes to cryptocurrency regulations, Democrats and Republican representatives appear to be aligned on a crypto law. Representatives from both sides took a combined approach, urging the need for regulatory action to combat the bad actors in crypto. Oh sweet.
However, some differences remained as we approached the 2022 midterm elections. The 2022 US midterm elections on November 8 could have huge implications for the crypto industry.
Democrats and Republicans: Where They Stand
Earlier this year, President Joe Biden signed an executive order to “Ensure Responsible Development of Digital Assets.” The president said it was designed to “protect consumer rights and the rights of investors.”
This is the opposite action of the previous president, Donald Trump, who is a crypto-skeptic.
Biden’s first-ever framework for “responsible development of digital assets” stated:
“Since taking office, the Biden-Harris administration and independent regulators have worked to protect consumers and ensure a level playing field in digital asset markets by providing guidance, increasing enforcement resources and aggressively pursuing fraudulent actors.”
Whether this will actually happen is a completely different story. But at least there was a change in the narratives compared to the previous ruling party.
Former US President Donald Trump never lost the opportunity to voice anti-crypto sentiment.
Trump remains a vocal supporter of fiat currency and the US dollar. Mike Pence, the former vice president, also rides this wagon. Many have accused Trump and Pence of being out of touch and ready for retirement by taking an anti-crypto stance. However, Trump and Pence’s opinions may change – the old guard of Republicans seems to be coming around.
Candace Owens, the American conservative writer and commentator declared that she was “finally into crypto”. Owens has massive influence when it comes to conservative opinion. And so does her husband. She is married to George Farmer, CEO of the conservative social media platform Parler. If anyone can bring the Republicans over the line on mainstreaming crypto, it’s them.
Vote to fill these gaps
The exponential growth of cryptocurrencies and the wider Web3 space means that the issue of regulation is coming to the fore.
Grayscale Investments surveyed US public opinion in a survey on the current state of cryptocurrencies. Even national leaders took part in this survey. Regarding regulations, “81% agree that there should be clearer regulation of the cryptocurrency industry, including 88% of Democrats and 77% of Republicans.”
Michael Sonnenshein is the CEO of Grayscale CEO. He said: “As we approach the midterm elections, American voters are considering the intersection of cryptocurrency, traditional finance and the state of the economy. This survey reinforces that crypto continues to generate diverse, mainstream investor interest and engagement.”
Regulations: To do or not to do
Apart from the US, regulators around the world are looking to get on the regulatory bandwagon. EU Finance Commissioner Mairead McGuiness urged US lawmakers to create crypto regulations and international industry standards.
Regulations can enhance three key aspects of the industry – stability, investor protection and confidence.
Crime in crypto has increased significantly in the last two years. Fraudsters looted $14 billion in crypto in 2021. This is another record compared to the $7.8 billion taken by fraudsters in 2020.
However, there are some in the crypto industry who believe that there should be no regulation at all, and that government involvement in the crypto industry goes against the very ideals it was created for.
As the debate over regulation rages, Democrats and Republicans seem to have buried the hatchet – on the crypto front, anyway.
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