The crypto industry is looking forward to the results of the U.S. election

The cryptocurrency industry has been in the spotlight lately, and its future development has become one of the hotly debated technology topics around the world. In the upcoming U.S. election, the issue appears to be a point of disagreement between the candidates.

A senior financial regulator told the media that the cryptocurrency industry "is rife with fraud and scams." He pointed out that due to some encryption companies' failure to comply with relevant regulations, global investors have suffered significant losses.

However, the crypto industry is actively influencing the outcome of the November election through political donations in hopes of a more favorable legal environment. In addition to the presidential election, numerous seats in Congress will also be re-elected.

! [Why does the crypto world want Trump to win?] ](https://img-cdn.gateio.im/webp-social/moments-5b6d6c2449d3e6fd300c11defa3f3a79.webp)

In terms of presidential candidates, Trump has recently shown a positive attitude towards cryptocurrency. He promised to make the U.S. the "global cryptocurrency capital" and even proposed the creation of a "national strategic bitcoin reserve" similar to a gold reserve. This is in stark contrast to his attitude towards Bitcoin as a "scam" a few years ago. Trump also launched a new crypto company called World Liberty Financial, although there are not many specifics.

In contrast, the current government has taken a harsher approach to the crypto industry. In March, the FTX founder was sentenced to 25 years in prison for fraud. In April, the founder of another large trading platform was also punished for violating the law. The U.S. Securities and Exchange Commission (SEC) took a record 46 enforcement actions against crypto companies last year.

SEC Chairman Gary Gensler emphasized that cryptocurrencies, although they represent only a small part of the capital market, could hurt the confidence of ordinary investors in the market. He said that since the SEC's inception, rules that require companies to disclose information to the public when raising capital have been in place, and these rules are designed to protect the interests of investors.

! [Why does the crypto world want Trump to win?] ](https://img-cdn.gateio.im/webp-social/moments-c3fd862f41fd9b8f0be57c1b723a1fe8.webp)

Although cryptocurrency proponents believe it provides a fast, cheap, and secure way to transfer funds, the Federal Reserve Bank's survey shows that the percentage of Americans using cryptocurrencies has decreased.

For the encryption industry, whoever wins in November is hoping for a brighter future. An executive from a well-known encryption company stated that the United States is not only an important market for cryptocurrencies but also a key area for the development of related technologies. He believes that in the fiercely competitive election, the votes of cryptocurrency supporters will also play an important role.

At the same time, Europe is also tightening regulations on cryptocurrencies. In April, the European Union passed new laws aimed at reducing the risk of cryptocurrencies being exploited by criminals. The G20 is also working on minimum standards for cryptocurrencies, but progress has been slow.

In the United States, a bill to regulate cryptocurrencies has passed the House of Representatives, but it has not yet been approved in the Senate. Proponents argue that the industry does not shy away from regulation and simply wants to impose the same standards on cryptocurrencies as other assets.

As the election approaches, the cryptocurrency industry sees an opportunity to elect lawmakers who are sympathetic to the industry. Reports indicate that the industry has spent a record $119 million on political donations.

Research by consumer rights protection organizations shows that these funds are used to support pro-encryption candidates and attack critics, regardless of their political stance. Some argue that the encryption industry is attempting to influence Congress in this way to reduce regulation and weaken consumer protections.

! [Why does the crypto world want Trump to win?] ](https://img-cdn.gateio.im/webp-social/moments-e91d4649857d6c70414974a31df99c78.webp)