US Election Winner Determines Future of Crypto Industry

Crypto enthusiasts argue that crypto offers a fast, cheap and secure way to move money. A survey by the US central bank, or Federal Reserve, found that the number of Americans using crypto has dropped from 12% in 2021 to 7% last year.

“I can’t emphasize enough how important this is, not just for the US, but for the world,” said Paul Grewal, chief legal officer at crypto firm Coinbase.

Grewal also added that given how tight the race for the White House is, “every vote counts, and crypto votes are no exception.”

In the US, a bill to regulate cryptocurrencies has now passed the House of Representatives, but has not passed the Senate. Critics argue the bill will reduce protections for consumers.

Grewal supports the bill, saying: “This is not an industry that is shying away from regulation.” He said the sector simply wants the same standards applied to crypto as other assets, “not stricter, but not weaker.”

With the US election approaching in November, the cryptocurrency industry is looking to help elect lawmakers who are sympathetic to the business.