Saturday, July 20, 2024
Home > News > Bitcoin News > Crypto is gaining popularity among Democrats, ‘Gensler will be gone’ soon 

Crypto is gaining popularity among Democrats, ‘Gensler will be gone’ soon 

Former Democratic Representative Tim Ryan believes crypto is gaining popularity in the Democratic party.

With crypto gaining popularity as a political issue in the United States, it’s no surprise that Democrats are starting to embrace the crypto industry. This not-so-subtle embrace was evident when The U.S. House of Representatives approved bill FIT21 by a majority of 279 to 136, pushing it to the Senate. 71 Democrats voted in favor of the bill.

Tim Ryan, a former Democratic Representative from Ohio, told MarketWatch that the increasing backing for cryptocurrency regulation suggests that his Democratic colleagues are now taking a more active interest in crypto rather than relying on the Biden administration and financial regulators.

Gary Gensler 

Biden-appointed Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), has vocally expressed skepticism towards crypto regulation. He even came out forcefully against the FIT21 bill after it was passed in the House. 

Industry lobbyists claim that Gensler influences Democratic lawmakers, as they often rely on regulators appointed by their own party for expertise on complex topics such as financial regulation. Ryan alluded to this and Gensler’s stance towards crypto, emphasizing Congress’ crucial responsibility in shaping the nation’s direction towards crypto.

“Gensler will be gone in a year or two and these members of Congress charged with the Constitutional obligation to set the direction of the country for the next decade or two,” Ryan said.

Gensler is expected to conclude his tenure as head of the SEC in June 2026.

Is crypto apolitical? 

This sentiment signals a shift in the Democratic party, as crypto enthusiasts recognize President Biden’s reversed stance towards crypto, specifically after the President announced plans to receive campaign donations in crypto. 

Dan Gambardello, founder of Crypto Capital Venture said on X, ”So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase…But now, they’re scrambling to set up crypto donations through Coinbase?”

Former President and presumptive Republican nominee Donald Trump is once again being vocal about his support for crypto. He has deemed himself the “crypto president” while calling for better domestic BTC mining practices and readily using crypto in his financial endeavors.

Republicans, led by people like Trump, have increasingly embraced crypto. They advocate for a system in the U.S. that embraces crypto and positions the U.S. as a leader in the crypto economy.

Despite a somewhat bipartisanship embrace of crypto, the changing political nature of crypto endorsements seems to pressure Democrats to embrace it. Democrats face increasing demands to stay ahead and regulate the industry.