The future of the cryptocurrency world depends on who will become the US president in 2024

The CEO of the largest US exchange Coinbase believes that the upcoming US presidential election in 2024 could be a turning point for the crypto industry.

During a conference in New York, the top manager emphasized: «It's politically unpopular to be against cryptocurrencies right now, and we’re potentially going to see a change here, whether it’s in the administration [президента], the parties, or the head of the SEC. Since we saw that there were lawsuits against Coinbase, I have to remind people that we are working with the SEC in the civilian sphere as well. This is a kind of technical question about what is a commodity and what is a security. The courts can help clarify it.»

Last summer, Coinbase filed a petition with the SEC. The crypto exchange demanded that the regulator clarify the Commission’s powers to oversee the digital asset market. The main question is whether the current regulatory framework for securities applies to cryptocurrencies. After the petition was ignored, Coinbase went to court and redirected the petition to the SEC several times.

Recently, it became known that the SEC promised to respond to Coinbase’s petition on cryptocurrency regulation in the United States within four months. The Commission explained that it is considering a petition for action by the crypto exchange itself, as the regulator recently initiated a lawsuit against Coinbase. According to court documents, since 2019, Coinbase has been operating in the United States as an unregistered broker and trading in cryptocurrencies that are securities.

As a reminder, US presidential candidate Robert F. Kennedy Jr, the nephew of President John F. Kennedy, has promised to support bitcoin and the freedom to conduct cryptocurrency transactions if he wins the presidential election. «I will make sure that we have policies that support bitcoin, the freedom of movement of funds, and allow people to manage their own wallets, nodes, and passwords. I will allow only the minimum controls necessary to prevent money laundering,» the politician said.