The criminal question in the coming wave of pro-crypto legislation
January 13, 2025 – Published on CNBC
With the levers of power in Washington, D.C., about to change hands, a raft of pro-crypto legislation is expected from Congress and the Trump administration. To date, there’s been less focus on the cybersecurity side of the political effort, which could be an issue for crypto in relation to its popularity among a wary U.S. population.
Cryptocurrency, which includes not just bitcoin but ethereum, dogecoin, and others, has a faithful following among American adults. According to the Pew Research Center, 17% of American adults have traded in crypto, but that market share of American wallets has remained virtually unchanged since 2021. Meanwhile, according to a poll Pew conducted shortly before the election, 63% of adults say they have little to no confidence in crypto investing or trading, and don’t think cryptocurrencies are reliable and safe.
The incoming Trump administration has been touting its crypto bona fides, with a focus on the industry rather than the consumer.
The crypto industry also donated significant sums to the 2024 election cycle, contributions that were not limited to the GOP, but focused more broadly on lawmakers with an industry-friendly view of crypto regulation. It’s likely that will continue to influence political calculations.
“It is rare to see cryptocurrency proponents advocate for increased regulation in the space, regardless of reason,” said Jason Baker, senior threat intelligence consultant at GuidePoint Security.
Baker says the anonymity and independence of cryptocurrency are often cited as primary benefits that legislation would curtail, and cryptocurrency’s decentralized nature makes it hard to regulate in a traditional sense.
“Given current signaling from the incoming administration and the interests of cryptocurrency proponents influential to the administration, we do not anticipate significant advances in cryptocurrency regulation within the next four years,” Baker said.
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