US Elections and Crypto Assets: The Buzz for 2024?

Since the start of the U.S. election, a series of election-related meme tokens have emerged. After a certain candidate's campaign team publicly supported Crypto Assets donations, especially with one token as the main representative, its market capitalization reached a peak of $775 million. Due to another candidate's relatively conservative stance on encryption, the market attention on the related tokens was relatively low. Following the legal case progress of a certain candidate, the price of the related tokens dropped, while the meme tokens related to the other candidate saw an increase. During the election period, presidential candidates and their public statements on Crypto Assets influence the price trends of the related tokens.

Candidates' Attitude Towards Crypto Assets

Candidate A

The candidate has changed their previous stance on Crypto Assets during this election, making a series of friendly statements, including a commitment to safeguard the rights of Crypto Assets holders and expressing intentions to grant clemency to the founder of a well-known case.

His change of attitude was not sudden. Previously, the candidate announced the issuance of a limited edition NFT on social media and launched an NFT project on a certain blockchain in 2023, offering rights for interaction with himself.

In May 2024, the candidate's campaign team officially announced the acceptance of Crypto Assets donations as campaign funds, further confirming their friendly stance.

Candidate B

The candidate's latest stance on Crypto Assets is reflected in the rejection of a proposal related to the accounting treatment of Crypto Assets. In the rejection letter, it stated that overturning the regulation would undermine the authority of regulatory agencies in accounting matters and emphasized that its government would not support measures that could harm consumer interests.

In contrast, the candidate's attitude towards Crypto Assets is more conservative. In the future, they may express their position again on a digital asset regulatory framework bill, which aims to allocate the jurisdiction of different regulatory bodies based on the characteristics of blockchain.

Regulatory Agencies' Attitude Towards Crypto Assets

From 2016 to 2020, regulators primarily cracked down on fraudulent ICO activities and crypto trading platforms, with representative cases including actions against certain well-known projects and companies.

Since April 2021, although the new head of the regulatory agency has personally stated a neutral stance on Bitcoin, they have taken a cautious position towards other Crypto Assets. During this period, the number of regulatory cases against the Crypto Assets industry has significantly increased, especially the lawsuits against trading platforms.

It is worth noting that from the second half of 2023 to the first half of 2024, the number of cases by regulatory agencies against the Crypto Assets industry has decreased.

Election Process and Key Events

In mid-July and late August, the two major political parties will hold their national congresses to determine their respective candidates and platforms.

At the end of June and the beginning of September, the two candidates will hold debates that could have a significant impact on the final election results.

November 5th is the official voting day.

An important legal case may affect the election situation. Although several charges against a certain candidate in this case have been established, this does not legally affect their continued participation in the campaign. However, polls indicate that if this candidate is convicted, it may influence the voting intentions of some voters.

Interestingly, the legal case has instead boosted the candidate's fundraising efforts. In April, their fundraising amount surpassed that of their opponent, and in May, they raised over $400 million, mainly from small donations. However, historical experience shows that an early fundraising advantage does not guarantee the final election outcome.

The Importance of Crypto Assets in Elections

According to multiple polls, about one-fifth of registered voters in the United States hold Crypto Assets. In key swing states, over a quarter of respondents indicated that they are concerned about candidates' positions on Crypto Assets, and one-fifth believe it is an important issue to consider in the election.

However, economic growth and inflation issues remain the most concerning topics for most voters, especially in swing states where economic growth lags behind the national average.

In order to gain the support of young voters, candidates may bring up topics related to Crypto Assets again during their campaigns.

Meme Tokens Related to the US Election

The prices of meme tokens related to the election theme are highly volatile, involving various risks, including but not limited to changes in the candidates' attitudes, shifts in campaign slogans, and low probabilities of being listed on exchanges. Investors should exercise caution, and the content of this article is for reference only and does not constitute investment advice.