The Impact of the US Election on the Crypto Market: The Future of Web3 Should Not Overly Rely on Politics

As the U.S. presidential election day approaches, the encryption digital asset industry is closely monitoring developments. Crypto assets have become a hot topic globally and are one of the focal points in this election, with candidates holding differing positions on the matter.

Comparison of Candidates' Views

Trump has shown a clear supportive attitude towards the encryption digital asset industry. He has put forward several notable policy proposals:

• Establish a national Bitcoin reserve
• Establish a Digital Asset Advisory Committee
• Oppose the Federal Reserve's creation of central bank digital currency
• Planning to launch a crypto platform named World Liberty Financial.

In contrast, Harris's position is somewhat vague. She only briefly mentioned in a fundraising event that she wants to "encourage innovative technologies such as artificial intelligence and digital assets." Reports suggest that she may adopt a more open attitude than the current administration, but no specific policy plans have been proposed yet.

Political Participation in the Encryption Industry

Crypto companies have become one of the major corporate donors in this election. It has been reported that donations from the industry account for nearly half of all corporate political donations in 2024. Since 2010, the crypto industry has been actively involved in political elections, with participation levels only second to fossil fuel companies.

A survey shows that 53% of American voters are familiar with encryption assets, and 40% of voters say they are more concerned about candidates' positions on Bitcoin than in previous elections. Two-thirds of voters say they would consider candidates' positions in the digital asset space.

Dissenting voices still exist

Despite the apparent growing influence of the crypto industry, dissenting voices still exist. The chairman of the U.S. Securities and Exchange Commission believes that the crypto industry "is rife with fraudsters and speculators," which could undermine investors' trust in the capital markets.

Long-term development should not overly rely on politics

Ethereum founder Vitalik Buterin reminds people not to choose a political stance solely based on whether politicians "support encryption." He suggests:

• View politicians' perspectives on encryption assets from 5 years ago
• Focus on whether politicians have a long-term positive vision, rather than just short-term interests.
• Choose to ally with forces that align with your values.

Buterin emphasized that the future of crypto assets should be related to "decentralization" and that we need to support deeper goals rather than just supporting "encryption" itself.

As election day approaches, the competition between the two parties becomes increasingly fierce. However, the long-term development of the crypto industry should not overly rely on short-term political changes, but should focus on technological innovation and value creation.