The ongoing elections in India and upcoming elections in the U.S. could profoundly impact the global crypto market. India, with its 1.4 billion population, has become the largest crypto hub, while the U.S. holds the highest percentage of crypto ownership.
India’s 2024 election is unlikely to change its restrictive crypto policies immediately. Prime Minister Narendra Modi, seeking a third term, is expected to continue the current stance, including the 1% tax on transactions. Crypto remains a niche issue for most Indian voters.
In contrast, the U.S. political climate is experiencing a shift. Former President Donald Trump now accepts crypto donations, a significant change from his past skepticism. The Biden administration may also soften its stance, following the SEC’s approval of a spot Ether ETF.
Trump’s crypto-friendly moves might attract young voters, while Biden could emphasize consumer protection if re-elected. Regardless of the election outcome, the U.S. will likely continue to influence international crypto regulations. This strategic positioning underscores the long-term global impact of these elections on crypto policies.
