2024 U.S. Election: A New Hype Theme for Meme Tokens?

As the 2024 U.S. presidential election approaches, a series of election-related meme tokens have begun to emerge. In particular, after a certain campaign team publicly supported cryptocurrency donations, the market value of tokens represented by TRUMP once surged to $775 million. In contrast, due to another candidate's more conservative stance on cryptocurrency, the tokens associated with them have received relatively less market attention.

After a recent legal incident, the price of a certain candidate's related Token has dropped, while the related meme Token of their opponent has risen. During the election period, the candidate's chances of winning and their public statements on cryptocurrency will continue to influence the price trends of the related Tokens.

The Candidate's Cryptocurrency Position

Republican candidate

The candidate has changed his previous stance on cryptocurrency during this election campaign, making a series of statements in support of crypto. He promised to ensure the future of the cryptocurrency industry and Bitcoin, protect the self-custody rights of 50 million cryptocurrency holders across the U.S., and even stated that if elected, he would pardon the founder of a well-known website.

This change in attitude was not sudden. As early as the end of 2022, the candidate announced the issuance of limited edition digital trading cards NFTs on social media platforms. In 2023, he issued another NFT on a blockchain platform, offering rights such as dining with him and obtaining an autographed item.

In May 2024, the campaign team officially announced that it would accept cryptocurrency as campaign finance donations, further establishing its crypto-friendly stance.

Democratic Party candidate

The current president has a relatively conservative attitude towards cryptocurrency. He recently vetoed a bill that aimed to overturn SEC SAB 121, which requires companies that custody cryptocurrencies to record the cryptocurrencies held by clients as liabilities. In the veto letter, he stated that overturning the regulation would undermine the SEC's authority in accounting matters and emphasized that his administration would not support measures that harm consumer interests.

The next significant event that could impact cryptocurrencies is the FIT 21 Act. This act provides a regulatory framework for digital assets, allocating regulatory authority based on the nature of blockchain. The act has currently passed the House of Representatives and still requires a Senate vote and presidential signature to become official law.

SEC's Attitude Towards Cryptocurrency Regulation

From 2016 to 2020, SEC Chairman Jay Clayton maintained a cautious stance on cryptocurrencies, primarily cracking down on fraudulent ICO activities and cryptocurrency exchange platforms. Typical cases include lawsuits against certain well-known cryptocurrency projects and companies.

In April 2021, Gary Gensler was appointed as the SEC Chairman. Although Gensler referred to himself as a "Bitcoin centrist minimalist," he holds a cautious attitude towards non-Bitcoin cryptocurrencies, believing that "all tokens are securities." During Gensler's tenure, the number of SEC cases related to crypto significantly increased, especially with a notable rise in lawsuits against exchanges.

It is worth noting that from June 6, 2023, to December 31, 2023, there were 14 cases by the SEC against cryptocurrencies, while from January 1, 2024, to June 10, there were 6 cases.

Key Timeline of the Election Process

• July 15 to 18: Republican National Convention
• August 19 to 22: Democratic National Convention
• June 27 and September 10: Candidate debates
• November 5: Presidential Election Voting Day

The Importance of Cryptocurrency in Elections

According to a survey by Paradigm, 19% of registered voters in the United States have purchased cryptocurrency. A DGC survey shows that in several key states, 26% of respondents expressed concern about candidates' positions on cryptocurrency, and 21% believe that cryptocurrency is an important issue to consider in the election.

However, a CBS News poll shows that voters in the "Rust Belt" swing states are still most concerned about economic growth and inflation issues. If they want to win swing state votes, economic issues remain at the core, but candidates may also revisit cryptocurrency issues to attract younger voters.

Memecoins related to the US election theme

The prices of meme tokens related to the election fluctuate significantly, involving various risks, including changes in candidates' attitudes, shifts in campaign slogans, and a low probability of being listed on exchanges. Investors should exercise caution, and the content of this article is for reference only and does not constitute investment advice.