Crypto veteran Arthur Hayes is warning that American voters focused on crypto-friendly policy will likely be ignored once the 2024 election is over.
In a new essay, Hayes says if pro-crypto voters want regulatory clarity in the US, they should push for regulation before the November election with the current administration.
Hayes says all crypto policies should focus on adherence to free speech.
“Cryptographic currencies and tokens that reside on or are powered by a blockchain are forms of protected speech. All laws applicable to the protection of free speech are applicable to crypto users or intermediaries. Any law or regulation that restricts the ability of an individual or duly formed entity to hold or transfer crypto is not applicable.”
Hayes also says that if regulatory clarity for crypto isn’t locked in before November, industry advocates will lose their leverage given that politicians will no longer need their votes.
“After the election, pro-crypto voters lose all leverage. The next election is two years away and primarily concerns congresspersons elected to two-year terms.
Biden or Trump won’t expend the same political capital supporting crypto policies because it doesn’t directly affect their re-election chances or the majority of elected officials within their respective parties.
Keep in mind that post the election, the drumbeat of war will intensify. The only reason why Iran and Russia haven’t been targeted more directly by the US and NATO is that Biden doesn’t want the price of oil to go up before election day. Trump assassinated the leading general in the IRGC, Qasem Soleimani, in his first term. He will have no qualms about bombing Iran at Israel’s behest. All this is to say, the issue about crypto monetary freedom will be quickly forgotten once bombs start flying.”
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