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The 2024 presidential election in the United States is just months away.
With Joe Biden out of the race, Kamala Harris and Donald Trump of the Democratic and Republican parties respectively remain the leading contenders for the leadership of the most powerful country in the world.
Interestingly, for the first time, the blockchain industry is a major voting bloc that could play a very important role in the rise of the 47th President of the United States.
Usually, stakeholders in the blockchain industry, including Web 3.0 users and cryptocurrency enthusiasts, maintain a reserved attitude towards politics.
In fact, Ethereum co-founder Vitalik Buterik recently warned against voting for candidates simply based on their allegiance to decentralized technologies.
However, the stakes for the coming elections are higher.
The right candidate could mean the difference between a return to the stifling “regulation by enforcement” environment the industry is currently grappling with under the Biden administration, or a renewed approach that will spur innovation and maintain investor interest.
The voting importance of the blockchain/crypto community is not lost on the Democratic and Republican parties either, as participants on both sides have taken steps to appeal to major industry stakeholders.
All this underlines a crucial question Which candidate is better for advancing blockchain/Web 3.0 interests in the United States?”
To get better context, let’s take a look at the current state of the industry.
Primaries
Thirty-eight percent of employees in the United States admit to using blockchain technology in their businesses, while over 40% of American adults own cryptocurrency.
With the approval of Bitcoin ETFs earlier this year, national interest in digital assets and cryptocurrency has increased.
However, blockchain in the United States continues to struggle with a difficult landscape.
Unclear regulatory guidelines, a perceived ‘operation choke point 2.0’ and the determined efforts of the SEC (Securities Exchange Commission) led by Gary Gensler to crack down on ‘unregistered securities’ have seen the likes of Coinbase, Ripple and Terra Labs with controversial criticism have been challenged. lawsuits.
The ideal presidential candidate would address policy changes, promote fair regulation, and encourage pro-blockchain development, among other things.
The Trump option
Key players in the sector such as Ryan Selkis, the CEO of Messari, the Winklevoss brothers of Gemini, Elon Musk and many others consider former President Donald Trump the ideal choice for blockchain innovation.
And with good reason. Trump has been increasingly vocal about supporting digital assets and blockchain technology.
A major highlight was the last Bitcoin conference in Nashville, where he made headlines for his position in the industry and his newfound love for crypto.
But a few years ago this was not the case.
During his term as President of the United States in 2021, Trump came down heavily on crypto in a post on X, clearly stating that he was not a fan of digital assets.
His change of heart and explicit support for blockchain has been a call that has had a positive impact on public opinion polls.
In addition to verbal reassurance, the Republican candidate’s financial disclosure documents reveal that he has invested more than $1 million in Ethereum and three separate NFT collections that have generated more than $7.5 million in sales.
His campaign team also encouraged and received crypto donations amounting to $25 million as of late July 2024.
At the Bitcoin conference, Trump also commented on firing Gery Gensler, prioritizing the growth of blockchain technology in the US and shutting down CBDCs (central bank digital currencies).
These and many more statements by Trump about the blockchain have endeared him to the crypto majority and positioned him as a much-needed ally to turn the tide politically.
Kamala Harris
However, Polymarket, the world’s largest decentralized prediction market, is showing a hotly contested battle, with Kamala Harris trailing Trump by just a few points.
Harris clinched the Democratic Party’s presidential nomination after Joe Biden resigned and is vying to become the first female president of the United States.
Unlike Trump, Kamala Harris has refrained from making any public comments on the blockchain industry’s approach.
Similarly, the recently released 92-page official platform of the DNC (Democratic National Committee) made no direct or implied mention of blockchain, crypto or digital assets, sparking rumors that Kamala Haris might toe Biden’s line.
On the other hand, however, there are already positive signs that a Democratic presidency can boost blockchain sentiment, especially with the DNC’s continued efforts to connect and communicate with industry stakeholders.
Billionaires like Mike Cuban, with extensive investments in Web 3.0 companies including Polygon, OpenSea and Arbitrum, are also betting on the Democratic candidate.
Furthermore, Harris’ running mate Tim Walz’s commitment to clean energy policies could significantly shape the future of crypto mining and pave the way for a more environmentally sustainable approach.
However, Harris’ personal stance on the blockchain industry remains unclear and could be the biggest drawback for moderate voters and the younger, more tech-savvy demographic.
Beyond elections
In the broader tech ecosystem especially with the rise of AI, whose impact is currently widening access to all sectors what will Trump or Harris’ victory mean for solutions that integrate blockchain technology?
Since its explosive resurgence last year, AI (artificial intelligence) has emphasized the need for decentralized technologies to bridge the infrastructure and computing gaps that traditional tech companies have been unable to fill.
Decentralized marketplaces and DePIN (Decentralized Physical Infrastructure Networks) have become increasingly popular over the past year due to their affordability and competitive advantage, especially when running AI projects.
However, a tight line on AI development will spill over to blockchain, limiting the potential capabilities of Web 3.0 and DePIN.
An elected Trump will actively seek a repeal of the 2023 Biden AI executive order in an effort to loosen the reins and allow more room for development.
While this is good news for innovation, critics worry about the potentially damaging effect of uncontrolled growth in the AI sector.
The explosive pace of acceleration of generative AI technology although it could be a short-term gain for Web 3.0 new social problems may arise.
Take, for example, the rise of dangerously accurate deep fakes.
On the other hand, Democratic Harris will most likely try to enforce the executive order, pushing for more guidelines to structure the industry, with an emphasis on consumer protection laws. An approach that sources say the majority of Republican and Democratic voters inherently support.
Wrapping up
November 5, 2024 is gearing up to be a pivotal moment for the future of Web 3.0 in the United States.
With blockchain as a major talking point, regulatory clarity and the perceived ability to implement favorable policies will play a crucial role in the outcome of the elections.
Currently, only Trump’s candidacy has articulated and upheld these ideals.
Therefore, barring a solid last-minute pro-blockchain move by the Democratic team, Donald Trump remains the top choice for many industry stakeholders and enthusiasts.
Daniel Keller is the CEO of InFlux technologies and has over 25 years of IT experience in technology, healthcare and non-profit/charitable work. He successfully manages infrastructure, bridges operational gaps and deploys technology projects effectively. As an entrepreneur, investor and proponent of disruptive technology, Daniel has an ethos that resonates with many on the Flux Web 3.0 team for the people, by the people” and is deeply involved in projects that uplift humanity.
Generated image: Midjourney
Credit : dailyhodl.com
