The Encryption Industry's Expectations and Impact on the US Elections

The cryptocurrency industry is facing significant changes. U.S. financial regulators are becoming increasingly strict towards the industry, with some high-level officials openly criticizing the existence of fraud and scams in encryption. However, with the November U.S. elections approaching, the crypto industry seems to see a glimmer of hope for a turnaround.

The chairman of the U.S. Securities and Exchange Commission stated that many investors have suffered losses due to encryption companies not complying with existing regulations. He emphasized that these regulations are designed to protect investors, with a history that dates back to the Wall Street crash of 1929. Although cryptocurrencies only account for a small portion of the global capital markets, they can impact the confidence of ordinary investors in the entire market.

In this context, the encryption industry is actively seeking to influence the outcome of the upcoming U.S. elections. In addition to the presidential election, all 435 House seats and 33 Senate seats will also be up for re-election. This presents a rare opportunity for the encryption industry to hope to influence the direction of future policies.

Trump's recent attitude towards encryption has undergone a significant shift. He not only promised to make the United States the "global capital of cryptocurrency," but also plans to establish a "national strategic Bitcoin reserve." This stands in stark contrast to his attitude three years ago when he regarded Bitcoin as a "scam." In comparison, the current government has taken a harsher stance towards the encryption industry, with several well-known encryption companies and their founders facing legal lawsuits and penalties.

However, the current vice president's stance on cryptocurrency is unclear. Her advisors have stated that they will support policies for the development of emerging technologies and industries. This has given the encryption industry some hope that regardless of who wins in November, the industry's prospects may improve.

An executive from a well-known cryptocurrency company emphasized that the United States is not only an important market for encryption but also a key area for the development of related technologies. He believes that considering the intensity of the elections, the votes of cryptocurrency supporters could have a significant impact.

At the same time, Europe is also strengthening its regulation of encryption currencies. In April of this year, the EU passed new laws aimed at reducing the risk of encryption currencies being exploited by criminals. G20 countries are also developing minimum standards for encryption currencies, but progress is relatively slow.

In the United States, a bill regulating cryptocurrency has passed in the House of Representatives but has not yet been approved in the Senate. Supporters argue that the bill will provide a clear regulatory framework for the industry, while critics worry that it may weaken protections for consumers.

To influence election outcomes, the encryption industry has invested a record $119 million in political donations. This figure surpasses corporate donations from any other industry. Research by consumer protection organizations shows that this funding has been used to support pro-encryption candidates while attacking critics of the industry.

As the election day approaches, the cryptocurrency industry is actively seeking voter support in hopes of influencing future policy directions. Regardless of the outcome, this election could have profound implications for the future of cryptocurrency.