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Large political donations in the encryption industry influence the direction of the US elections.
The Impact and Expectations of the Crypto Assets Industry on the U.S. Election
The Crypto Assets industry is actively participating in the upcoming elections in the United States, hoping to influence the election results through political donations to obtain a more favorable legal environment. This election involves not only the presidential race but also the re-election of all seats in the House of Representatives and one-third of the seats in the Senate.
The future development direction of Crypto Assets has become one of the most discussed technological topics globally. There seems to be a clear divergence among the candidates on this issue. One candidate has promised to make the United States the "global Crypto Assets capital" and even proposed the idea of establishing a "national strategic Bitcoin reserve" to attract the votes of Crypto Assets supporters. This stands in stark contrast to his previous attitude of viewing Bitcoin as a "scam."
In contrast, the current government has taken a stricter stance on the Crypto Assets industry. Recently, executives from several well-known Crypto Assets companies have been sentenced or fined heavily for fraud and other charges. The U.S. Securities and Exchange Commission (SEC) took a record 46 enforcement actions against the industry last year.
SEC Chairman Gary Gensler stated that the Crypto Assets industry "is filled with fraud, quacks, and scammers." He emphasized that companies in this field need to comply with existing financial regulations designed to protect investors. Gensler believes that although Crypto Assets only account for a small portion of the capital markets, they could undermine ordinary investors' trust in the market.
Although supporters of Crypto Assets believe it offers a fast, cheap, and secure way to transfer funds, a survey by the Federal Reserve Bank showed that the proportion of Americans using Crypto Assets fell from 12% in 2021 to 7% last year.
The Crypto Assets industry is actively lobbying politicians in hopes that whoever wins in November can bring a more favorable policy environment for the industry. The Chief Legal Officer of a certain Crypto Assets trading platform emphasized the important position of the United States in the global Crypto Assets market and technology development, calling on the government to pay attention to this field.
This year, the European Union has also reached new legislation aimed at reducing the risk of Crypto Assets being exploited by criminals. Meanwhile, the G20 is formulating minimum standards for Crypto Assets, but progress is slow.
In the United States, a bill regulating Crypto Assets has passed the House of Representatives but has not yet been approved by the Senate. Supporters believe this will provide a clear regulatory framework for the industry, while critics worry it may weaken protections for consumers.
As the election approaches, the Crypto Assets industry has invested a record $119 million in political donations. Some consumer rights protection organizations have expressed concern that this funding is being used to support candidates friendly to Crypto Assets and to attack critics of the industry, regardless of their political stance.
The outcome of this election may have far-reaching implications for the future development of the Crypto Assets industry, and all parties are closely monitoring the situation.