Will the US presidential election define the future of crypto?

Published On Sep 22, 2024, 6:09 AM

Gary Gensler, SEC chair, has criticized the cryptocurrency industry for rampant fraud and poor regulatory compliance. His comments come amid significant political spending by crypto firms to influence upcoming US elections. Former President Trump expresses pro-crypto views, promising supportive regulations, contrasting with the Biden administration's crackdown on crypto firms. High-profile legal actions against key industry players, such as Sam Bankman-Fried and Binance’s CEO, highlight ongoing regulatory challenges. The article details the ongoing political divide regarding cryptocurrency and the industry's attempts to lobby for favorable regulations.