• The United States crypto community will have a huge impact on the next POTUS in the upcoming election, thus signaling a major shift in financial freedom.
• Cardano’s founder believes the crypto industry is the only hope for financial freedom while the CBDC is a surveillance tool for the government.

As the 2024 United States presidential election draws closer, it is more evident that it is a two-man race between Democratic candidate Joe Biden and Republican bearer Donald Trump. However, the American voters are divided among dozens of issues including illegal immigrants, rising national debts, global wars, and the crypto regulation. 

As a result, the US presidential candidates have been forced to come out clear on their respective stand on the issue of crypto regulation. While Biden has remained tough on the crypto issue, as observed via the US SEC stance on Bitcoin and altcoins, Trump on the other hand recently endorsed the crypto market.

Nonetheless, the more than 52 million crypto investors in the United States must consider other factors while electing their next president in addition to crypto regulations.

Cardano’s Hoskinson on Crypto Industry and Upcoming US Election

As Crypto News Flash previously pointed out, the Cardano (ADA) team led by CEO and founder Charles Hoskinson, has been advocating for a third-party presidential candidate. According to Hoskinson in a recent X post, Trump and Biden are just leveraging the crypto narrative to win the presidential seat later this year.

“I’m on the left and understand that the 20 percent of America that holds Crypto is pretty pissed that Biden caused massive harm to our entire industry arbitrarily and capriciously. Still, we can’t let the Orange Man back in, so vote for Biden anyway, even though he wants to put you out of business,” Hoskinson noted.
The renowned crypto leader highlighted that American voters should be wary of any politician seeking to derail the crypto narrative in the future. Moreover, Hoskinson noted that the crypto industry gives more people’s voices heard in addition to financial freedom. 

“Our industry isn’t about building arbitrary products or debating taxes and regulations. It’s about a new social contract that holds governments, corporations, and transnational bodies accountable to the people they should serve. Being anti-crypto means we should accept no accountability and unlimited power to the few,” Hoskinson added.

Meanwhile, Hoskinson reminded the crypto community that the Central Bank Digital Currencies (CBDCs) should not be allowed to see the light of the day. Hoskinson noted that CBDCs are government tools used to widen financial surveillance. As such, Hoskinson indicated that governments should allow people to build robust web3 smart contracts that enable shared humanity.

Market Picture

The United States government has technically endorsed Bitcoin as the only commodity in the digital asset space through the recent approval of spot BTC ETFs. The upcoming final decision of the spot Ether ETF in the United States will significantly shed light on the next altcoins regulatory phase. Nonetheless, the US risks being cut off from the rest of the world – led by Europe, and Asia – that continues to enact clear crypto regulations geared towards adopting the web3 industry and digital assets.