John Reed Stark, a legal expert popular among crypto circles online, believes that the upcoming elections will play a key role in the crypto policy of the United States. According to the crypto lawyer, politicians who were previously critical of cryptocurrencies may take a friendlier stance given the popularity of crypto assets.
Stark took to X (formerly Twitter) earlier today to share his thoughts on the impact of the upcoming U.S. Presidential elections on the country’s crypto market.
Former President Trump is on record as being strongly anti-bitcoin and anti-crypto. But crypto-voters might be one-issue voters and are a powerful and passionate constituency, so perhaps former President Trump will change his crypto-tune dramatically.— John Reed Stark (@JohnReedStark) September 28, 2023
(Per multiple reports,… pic.twitter.com/Jokr6T8yN6
As per the crypto lawyer, if a Republican candidate is elected president, the Republican-appointed Chair of the Securities and Exchange Commission (SEC) may be inclined to approve the many applications for Spot Bitcoin exchange-traded fund (ETF).
According to Stark, a new SEC Chair may even decrease the regulatory scrutiny of the U.S. crypto market and bring down the agency’s crypto-related enforcement efforts. To support his thesis, the crypto lawyer highlighted that crypto users in the United States might become one-issue voters in the upcoming election cycle.
One/single-issue voting is essentially supporting politician candidates based on one policy area or idea. Stark told his followers on X that the crypto users in the U.S. made up a powerful and passionate constituency and accounted for a considerable percentage of the voting population. This may encourage previously anti-crypto candidates to reconsider their stance.
Citing the example of former U.S. President Donald Trump, Stark highlighted how he was strongly anti-Bitcoin and anti-crypto during his tenure. However, recent reports suggested that Trump had adopted a friendlier stance towards crypto and even owned crypto assets. Financial disclosures made by Trump last month showed that he held $2.8 million worth of crypto assets.