In the field of cryptocurrencies and blockchain, it is difficult to get rid of politicians and vice versa. With the US presidential election slated for later this year, stakeholders are doing their best to sell their dreams and visions for America.
That said, running for political office isn’t cheap. In the run-up to the November 3rd election, there has been an increase in the number of politicians accepting cryptocurrency donations to fund their campaigns, from senators to presidential candidates.. This required an overview of clear guidelines for Bitcoin contributions to the candidates.
Despite the immense benefits of blockchain and digital currencies, not everyone is ready to use them or believe in their potential. The decentralized nature of cryptocurrencies and blockchain has always been a tough pill for most governments, and the United States is no exception. Let’s take a look at the position of some of the country’s leaders on cryptocurrencies.
The 45th President of the United States is very aware of Bitcoin and doesn’t like it. In July 2019, Trump became unleashed A devastating attack on the main cryptocurrency in a tweet that came days after Facebook launched its Libra crypto project. He categorically stated that he was not a fan of Bitcoin, that cryptocurrencies were not money and that their value was very volatile.
The Trump administration failed to create a clear legal framework for digital currencies and blockchain. However, in March the office of currency auditor announced the appointment of bitcoin bull Brian Brooks as chief operating officer. The appointment was viewed by the Trump administration as an endorsement of blockchain technology.
The former US Vice President and the only Democrat running for president after Bernie Sander’s resignation is believed to be a Bitcoin supporter. In one article, Biden was portrayed as “the Bitcoin candidate”. While he hasn’t publicly promoted cryptocurrencies, Biden is a staunch advocate of technology and innovation. In 2011 he commented on the internet, calling it a neutral source: “The Internet itself is not inherently a force for democracy or oppression, for war or peace. Like any public space or platform for commerce, the Internet is neutral.”
In addition, the Political Action Committee, which campaigned for Biden’s presidential candidacy, accepted Bitcoin donations from 2016. According to the then PAC director, the move was in line with Biden’s “support for the.” Technology and innovation throughout his career. “
The former presidential candidate and democratic socialist has not taken an open position on cryptocurrencies. However, A recent report indicated that Silicon Valley tech giants feared sanders. However, another Guardian report showed that Sanders had received the most donations from technology companies like Microsoft and Facebook. As of March 2020, the company had received approximately $ 726,702 from employees at some of the largest tech companies in the United States.
This presidential candidate is the first woman to fight for the highest seat in the country with the Libertarian Party ticket. The vocal political activist believes in free markets and unrestricted competition between banks and other depository institutions. Regarding his position on the country’s financial aspects, he said his first step would be to pass the Ron Paul Currency Free Competition Act.. On his Reddit page, he stated:
“Also, I would repeal Bank Secrecy, Know Your Customer (KYC) and other laws that violate our financial privacy rights. A lot of people go to Bitcoin because they want privacy, so I would work on these unfair laws to cancel. “
On July 4th, famous American rap artist Kanye West announced that he would be running for President’s seat. Though he was late in the race A Kanye win is believed to be great for the crypto community. Kanye knows Bitcoin and made reference to the cryptocurrency in an interview with TMZ which stated:
“When I saw Harriet Tubman on the $ 20 bill, that was when I wanted to use Bitcoin.”
The Massachusetts senator, who was also eliminated from the presidential race, has always had healthy criticism of cryptocurrencies and blockchain products. When you talk to Yahoo Finance, He said he was concerned that consumers would be hurt as cryptocurrencies have had high volatility in the past.
She believes promoting the benefits of cryptocurrencies while protecting consumers is a challenge. Nevertheless The Democrat strives to understand the technology behind cryptocurrencies and develop guidelines that will protect American citizens when it comes to that technology.
The billionaire and former mayor of New York has talked a lot about cryptocurrencies. At the beginning of the year before retiring from the presidential race, Bloomberg released a financial reform plan in which it highlighted the need for a clear legal framework for cryptocurrencies.
Bloomberg acknowledged that cryptocurrencies and bitcoin have become high quality fixed assets, but the regulatory framework has been highly fragmented.. He firmly believes that the financial sector needs to be regulated in order for it to thrive and remain accountable.
Buttigieg, one of the youngest presidential candidates in the 2020 general election, isn’t ashamed to talk about technology. The Democrat, who also quit, received some hiring tips from Mark Zuckerberg last year that were seen as endorsement by big tech companies. While Buttigieg does not take a precise stance on blockchain, he has paid tribute to Estonia’s efforts to secure all of its citizens’ identity information on a blockchain.. Meltem Demirors, the chief strategist at Coinshares, gave her assessment of Buttigieg when she testified about the Libra ahead of the congressional hearing:
“I don’t think Buttigieg is particularly focused on cryptocurrencies. I think he’s very focused on promoting Silicon Valley. “
According to her financial report with the federal government, the U.S. Congresswoman from Hawaii invested in Litecoin (LTC) and Ether (ETH) in 2017. During that period, the cryptocurrency market was in an upswing that resulted in Bitcoin reaching historic highs of nearly $ 20,000. It is unclear how much of his cryptocurrency portfolio is still active, nor is it clear whether Gabbard is stuck with his assets or whether his cryptocurrencies have made a profit or loss since then.
The veteran Minnesota attorney and senator retired from the 2020 White House race, but she was a favorite of both Republicans and Democrats. Although he did not step forward to speak about cryptocurrencies, he may have raised the subject during a congressional hearing on terrorism and money laundering.in the following words:
“Will this transition that we are seeing from cash to digital make it easier or more difficult for law enforcement to pursue these money laundering cases? Do you think these drug cartels will start going cashless? And what to do?
The statement underscores his concern that criminals are using cryptocurrencies to fund their activities around the world, a common belief shared by most politicians around the world.
Apart from the hopes of the president, the current finance minister is quite skeptical about cryptocurrencies. In March 2020, Mnuchin told the Senate Finance Committee that the Financial Crimes Enforcement Network would publish new regulations on cryptocurrencies. Last year, Mnuchin voiced his fears over Facebook’s Libra cryptocurrency project, saying it was a serious “national security issue.”. At a press conference he stated:
“Cryptocurrencies like Bitcoin have been used to aid billions of dollars in illegal activities such as cybercrime, tax evasion, extortion, ransomware, illegal drugs, and human trafficking.”
The 70th US Secretary of State Michael Pompeo believes that cryptocurrencies should be regulated in a similar way to other financial instruments. He believes that crypto transactions should be managed in a similar way to SWIFT, although he admits it would be difficult to achieve. In an interview, Pompeo claimed so Pseudonymous cryptocurrencies were used to finance terrorism and other criminal activities. The Trump administrator believes that the current global financial system must be preserved and protected.
The current chairman of the Securities and Exchange Commission has repeatedly postponed approval of exchange-traded funds. However, His appointment of President Trump as the United States attorney for the Southern District of New York was welcomed by crypto advocates who believe this will be an excellent opportunity for the SEC to take a positive step..