ccording to a new survey, cryptocurrency could be the force that bridges the political divide. Americans, on the other hand, prefer established rules and regulations. Another point on which both agree is the need for regulation. The beginning of rules and regulations was supported by 59% of Democrats and 52% of Republicans. One of the most hotly debated topics in crypto circles is regulation.

Cryptocurrencies are slowly making their way into the mainstream. And celebrities have joined the gravy train. Baseball Hall of Famer David Ortiz (who has been promoting FTX in a series of commercials) to Matt Damon, indicating Crypto.com are all involved.

In terms of regulations, Democratic and Republican representatives appear to be in agreement. Representatives from both sides advocated for regulatory measures to combat bad actors in the market. 

However, some differences remained as the 2022 Midterm Elections approached. The United States midterm elections on November 8, 2022, could have far-reaching consequences for the industry.

Where do Democrats and Republicans stand?

President Joe Biden issued an executive order earlier this year titled "Ensuring Responsible Development of Digital Assets," which he stated was intended to protect consumer and investor rights. This is the polar opposite of the previous President, Donald Trump, who is a skeptic of cryptocurrency.

The question is whether this will actually happen. However, there was a shift in narratives when compared to the previous ruling party.

Former US President Donald Trump has never been away from expressing anti-crypto sentiments.

Trump continues to be an outspoken supporter of fiat currency and the US Dollar, while Former Vice President Mike Pence has also jumped on board. Many people have accused Trump and Pence of being out of touch and unprepared for retirement by taking an anti-crypto stance. However, Trump and Pence's positions may change - the Republican establishment appears to be changing its tune.

Candace Owens, an American conservative author, and commentator, recently declared her interest in cryptocurrency. Owens wields enormous power in the Conservative Party. Her husband feels the same way. George Farmer, the CEO of the conservative social media platform Parler, is her husband. They are the only ones who can persuade Republicans to accept crypto.

Grayscale Investments surveyed American opinion on the current state of cryptocurrencies. This poll included participation from country leaders. Regarding regulations, 81% agree that the cryptocurrency industry should be regulated more clearly, including 88% of Democrats and 77% of Republicans.

To do or not to make regulations.

Aside from the United States, regulators worldwide are attempting to jump on the regulatory bandwagon. Mairead McGuiness, the EU's Commissioner for Financial Services, has urged US lawmakers to develop regulations and international industry standards.

Regulations can help the industry in three ways: stability, protection of investors, and confidence.

Crimes involving cryptocurrency have increased significantly in the last two years. Scammers stole $14 billion in the market in 2021. This is a new high in comparison to the $7.8 billion taken by scammers in 2020.

However, some in the industry believe that there should be no regulation at all and that state intervention goes against the exact ideals upon which it was founded.

What do you think is the reason for their sudden change of heart when it comes to Crypto? Let us know your thoughts by sharing this article online.

Nov 6, 2022
Digital Lifestyle

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