In the political arena of the United States, especially during an election year, it’s not uncommon for politicians to leverage current issues to shift public focus from unfavorable press. Recently, cryptocurrency has emerged as a tool for some American legislators to steer the narrative in their favor as the election approaches in November.
Republican representatives may voice opposition to the creation of a central bank digital currency (CBDC) or link cryptocurrencies like Bitcoin (BTC) to the concept of financial liberty. Conversely, certain Democrats may draw connections between cryptocurrency transactions and terrorist funding, or diverge from their party’s stance to support digital currencies.
**Matt Gaetz**, a Florida Representative, is under the Ethics Committee’s scrutiny for alleged obstruction concerning “sexual misconduct and illicit drug use” claims. Although Gaetz has endorsed crypto-friendly legislation such as the FIT21 Act, he seldom indicated that digital assets were a key aspect of his legislative agenda. On June 25, he proposed a bill mandating the IRS to accept Bitcoin for tax payments, inspired by El Salvador President Nayib Bukele’s inauguration. Gaetz is campaigning for re-election in 2024, with potential competitors being Republican Aaron Dimmock and Democrat Gay Valimont, neither of whom have expressed strong crypto stances.
**Donald Trump**, the former President, reversed his stance on cryptocurrencies and blockchain after leaving office. Following the announcement of his 2024 campaign, he introduced a series of non-fungible tokens (NFTs). Amidst ongoing legal battles, Trump has positioned technology at the forefront of his campaign, even accepting cryptocurrency donations. Convicted on multiple felony charges, Trump’s sentencing is pending, yet he remains active in the crypto space, advocating for domestic Bitcoin mining and criticizing President Joe Biden’s crypto policies.
President **Joe Biden** himself might be employing cryptocurrency to influence public perception. While his campaign’s stance on crypto donations is unclear, he has engaged in discussions about digital assets with congressional leaders. Biden has faced scrutiny over various national and international issues, and his potential endorsement of cryptocurrencies would mark a significant policy shift. Criticism within his administration often targets SEC Chair Gary Gensler and Senator Elizabeth Warren for their stringent views on digital currencies.
As the 2024 election draws near, the impact of crypto voters is becoming increasingly apparent, signaling a potential shift in the political landscape.