encryption industry follow US election trends

As the November U.S. elections approach, the encryption industry is closely following the potential impact of the election results on its future. Although some regulatory agencies are critical of the industry, encryption supporters still hope to influence policy direction through political donations and lobbying.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, recently told the BBC that the cryptocurrency industry "is rife with fraud and scams." He believes that global investors have suffered significant losses due to some cryptocurrency companies not complying with existing regulations. Gensler emphasized that the SEC has required companies raising public funds to disclose specific information to protect investor interests since its inception.

However, the encryption industry is striving for a more favorable regulatory environment. According to reports, the industry has spent millions of dollars on political donations in an attempt to influence the upcoming US election results. In addition to the presidential election, all 435 seats in the House of Representatives and 33 seats in the Senate will also be contested.

In terms of presidential candidates, Trump has recently shown a significant shift in his attitude towards encryption. He has promised to make the United States the "global capital of cryptocurrency" and even proposed establishing a "national strategic Bitcoin reserve." This stands in stark contrast to his attitude three years ago when he viewed Bitcoin as a "scam." In comparison, the current government has taken harsh measures against the encryption industry, including legal sanctions against FTX founder Sam Bankman-Fried and the founder of a certain trading platform, Zhao Changpeng.

Nonetheless, the Harris campaign recently met with industry executives, stating that it will "support policies to ensure that emerging technologies and the industry can continue to develop." This brought some hope to cryptocurrency supporters.

Paul Grewal, the Chief Legal Officer of a trading platform, emphasized the important position of the United States in the global development of encryption. He stated that given the intense election climate, "every vote will be important, and the votes on encryption are no exception."

At the same time, the European Union also reached new encryption regulations in April this year. The G20 (G20) is formulating minimum standards for encryption, but progress is relatively slow.

In the United States, a cryptocurrency regulatory bill has passed in the House of Representatives but has not yet been approved in the Senate. Supporters believe that the bill will provide the same regulatory standards for cryptocurrency as for other assets.

As the election date approaches, the cryptocurrency industry has invested a record $119 million in political donations. Critics argue that this funding is used to support pro-cryptocurrency candidates and attack critics, regardless of their political stance.

Despite the decline in cryptocurrency usage in the United States, the industry is still actively seeking policy support to ensure its future development. Regardless of the election results, the issue of cryptocurrency regulation will continue to be an important topic for policymakers.