2024-05-02 13:05:18
Posted: May 2, 2024
- The SEC’s crypto involvement raises questions about partisan regulation in the upcoming election.
- Darius Dale hopes for policies aligned with Biden on budget deficit financing.
Apart from the bitcoins [BTC] According to half, the 2024 US elections stand as one of the most anticipated events this year.
Despite significant progress within the crypto industry under the administration of President Joe Biden, regulatory challenges remain.
In particular, the increased involvement of the Securities and Exchange Commission (SEC) in the cryptosphere raises speculation: will the growing partisan gap in cryptocurrency regulation affect the approach taken in the Elections 2024?
Senator Lummis criticized the Justice Department’s position on Bitcoin
Among the emerging concerns, US Senator Cynthia Lummis recently criticized the Department of Justice (DOJ) for its interpretation of regulations regarding non-custodial software wallets.
Expressing his concern on the same, Senator Lummis He took to X (formerly Twitter) and noted:
“I am deeply concerned that the Biden administration will criminalize the major tenants of the Bitcoin network and decentralized finance.”
She said,
The dispute arose when the Department of Justice charged developers linked to Bitcoin mixers such as Samourai Wallet and Tornado Cash. The Department of Justice considered these activities to be an unauthorized transmission of money.
Senator Lummis’ comment highlights the Department of Justice’s inconsistent approach to previous Treasury guidance, which could criminalize core aspects of Bitcoin and DeFi operations.
View of Darius Dale
Separately in an interview with Anthony Pompliano, Dario DaleThe CEO of 42Macro, analyzed the impact of various events on the cryptocurrency market and the elections.
An illustration of the potential impact of President Biden’s administration on Treasury policy, particularly as it relates to how the budget deficit is financed. Dale said,
“The Exchequer knows what the budget deficit will be, but how they choose to finance it is a discretionary choice.”
This highlights the positive relationship between Secretary Janet Yellen and Joe Biden, and the prospect of policies that match the goals of the administration.
Stock Market Trends
Historical data suggests that the stock market tends to show strong performance in the run-up to presidential elections. In 2024, this trend will significantly exceed historical averages.
Needless to say, Dale emphasized the importance of understanding the interplay between persistent inflation and the Treasury’s policy responses, saying:
“We know we’re in that discussion process, but certainly the early signs of that discussion process are moving in an aggressive direction.”
This is an automatic translation of our English version.
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