The upcoming 2024 presidential election in the United States is set to have a significant impact on the cryptocurrency market. As citizens prepare to vote on November 5, 2024, several politicians have already expressed their intentions to challenge President Joe Biden for the country’s top position. With the Biden administration displaying an increasingly anti-crypto stance, the stage is set for a potential rematch with former President Donald Trump. Additionally, other candidates from both the Democratic and Republican parties are vying for their respective presidential nominations.

Joe Biden, the current president, has been vocal about his scepticism towards cryptocurrencies. In his 2023 Economic Report of the President, Biden included a section dedicated to debunking the perceived appeal of crypto assets. He argues that many cryptocurrencies lack fundamental value and have rallied against perceived tax loopholes related to crypto. Biden’s executive order in March 2022 introduced a framework for crypto regulation, including proposals for a tax on crypto mining electricity usage and stricter regulations on capital gains and wash sales.

On the Republican side, Donald Trump, the former president, has also expressed his reservations about cryptocurrencies. He has referred to crypto as “fake” and a potential disaster, stating that he is not a fan of Bitcoin or other cryptocurrencies. During his presidency, Trump targeted crypto use in financial crimes but considered a capital gains tax cut that could have benefited crypto users. Trump administration officials have also recognized the potential of distributed ledger technology (DLT) to enhance government operations and cybersecurity.

Ron DeSantis, the Governor of Florida, has emerged as a potential Republican candidate who supports Bitcoin. He has pledged to protect the ability to use Bitcoin and has criticized Congress for failing to address the crypto space adequately. DeSantis has proposed accepting cryptocurrencies as payment for state fees and has been a vocal opponent of central bank digital currencies (CBDCs) and the Federal Reserve’s instant payments system.

Vivek Ramaswamy, a pharmaceutical firm founder and Republican hopeful, has signalled a pro-crypto stance. He believes that Bitcoin should not be regulated as a security and has announced that he will accept campaign donations in Bitcoin.

On the Democratic side, Robert F. Kennedy Jr., although unlikely to be nominated, has expressed support for crypto. He views crypto technologies as a major innovation engine and considers Bitcoin a symbol of democracy and freedom. Kennedy opposes Biden’s proposed crypto miner energy tax and CBDCs, believing they increase the government’s power. He also opposes the Fed’s FedNow system for similar reasons.

While several candidates have made their positions on crypto known, others, such as Nikki Haley, Marianne Willamson, and Tim Scott, have yet to address the topic publicly. Cointelegraph contacted their campaigns for clarification but did not receive a response.

As the 2024 presidential election approaches, the candidates’ stances on cryptocurrency will undoubtedly shape the regulatory landscape and potentially influence the next crypto bull run. Voters and crypto enthusiasts will closely watch the election’s outcome to assess its impact on the industry’s future.