Trump or Biden? Who is better at regulating cryptocurrencies? Novogratz says…

• Novogratz predicts positive crypto regulation, regardless of who wins election
• Memecoins TREMP and BODEN saw a decline of 16.5% and 27.9%, respectively.

Mike Novogratz, founder and CEO of Galaxy Digital, expressed his optimism about the future of cryptocurrency regulation in the United States. According to the CEO, the industry is poised for positive regulatory change, regardless of who wins the upcoming presidential election.

Novogratz on the role of cryptocurrencies in the upcoming elections

In a recent interview with CNBC’s “Squawk Box,” Novogratz said:

“Crypto should be bipartisan and must be bipartisan.”

He added,

“No matter who wins the next election, we will have positive cryptocurrency legislation – I know that.”

This highlights the significant role that cryptocurrency is playing in the 2024 presidential election. In fact,According to a study conducted by Harris Poll on behalf of Grayscale,

“Cryptocurrencies have solidified their place in America’s financial future and the 2024 presidential election.”

Trump vs Biden

Recognizing the rise of crypto voters in the United States, former President Donald Trump has been outspoken about his pro-crypto stance, even accepting cryptocurrency donations for his presidential campaign.

This is in sharp contrast to President Joe Biden’s approach to cryptocurrencies, which many believe is influenced by the continued scrutiny of various cryptocurrency companies by SEC Chairman Gary Gensler.

Opinions from management…

To better understand the current status quo of cryptocurrency regulations in the US, Ethereum (ETH) co-founder Vitalik Buterin said:

“The main challenge with cryptocurrency regulation (especially in the US) has always been this phenomenon that if you’re doing something useless… you’re free and clear, but if you’re trying to present your customers with a clear story of where the returns are coming from and promises about their rights, then you’re in a bind because you’re a ‘collateral’.”

Billionaire entrepreneur Mark Cuban certainly feels the same way. According to him,

“The problem isn’t that cryptocurrency companies don’t want to sign up. The problem is that it’s like trying to fit a square peg into a round hole. It doesn’t fit. If no one can sign up, the problem isn’t us. It’s you.”

In a separate post he added:

“Biden must choose between Gensler and crypto voters, or it could cost him the White House.

Biden and Trump’s contrasting views on cryptocurrencies appear to be swaying voters toward Trump.

Impact on the forecast and cryptocurrency market

This trend is also confirmed by data from the Polymarket prediction market, which shows that Trump is leading with 63% of the vote in the 2024 presidential election winner poll, while Biden received 15%.

However, if we look at the impact on memecoins inspired by the two presidential candidates, many of them are currently going through a bearish phase. This is despite Biden-inspired memecoins outperforming Trump-inspired ones.

For example, at the time of writing, Donald Tremp (TREMP) is down 16.5% over the past 24 hours, while Joe Boden (BODEN) is down 27.9% over the same period.