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Home»ADOPTION NEWS»Pantera Capital Highlights Political Shift Towards Blockchain
ADOPTION NEWS

Pantera Capital Highlights Political Shift Towards Blockchain

By Crypto FlexsJuly 24, 20243 Mins Read
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Pantera Capital Highlights Political Shift Towards Blockchain
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Lawrence Jengar
23 July 2024 17:45

Pantera Capital discusses the significant shift in the US government’s stance on blockchain, highlighting key regulatory changes and political support.





Political Shift Towards Blockchain

Pantera Capital highlights a notable shift in the U.S. government’s stance on blockchain technology and cryptocurrencies, evidenced by recent comments from former President Donald Trump and other significant regulatory developments.

According to Pantera Capital, many branches of the U.S. government have historically been hostile to blockchain. But sentiment appears to be changing. The firm points out that 93 million Americans own cryptocurrency, a demographic with significant voting power.

Trump’s recent remarks at the Bitcoin 2024 conference in Nashville were a significant turning point in his more favorable view of blockchain and cryptocurrencies. He emphasized the strategic importance of blockchain technology to the United States, warning that if the United States does not embrace it, other countries, especially China, will dominate the field.

Regulatory Development

The political sentiment shift had an immediate impact on the markets. The odds of the Securities and Exchange Commission (SEC) approving an Ethereum (ETH) ETF soared from 6% to nearly 100% in two weeks following Trump’s comments. This is a significant step forward in recognizing Ethereum as a non-security, and is consistent with a U.S. District Court ruling that XRP is not a security in most cases.

Pantera Capital also praised early regulatory actions by agencies such as the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS). The CFTC held hearings and was proactive in regulating futures, while the IRS classified blockchain as an asset in 2013, providing long-term capital gains tax benefits to holders.

Blockchain in US Policy

The US government’s previous stance on crypto-asset regulation stands in stark contrast to its approach to the Internet. The government played a key role in building the Internet, providing significant benefits to early Internet companies, such as safe harbors and tax incentives from regulation. This support helped US-based companies dominate the global Internet landscape.

In contrast, the regulatory approach to blockchain has driven most of the trading overseas, with 95% of blockchain transactions occurring outside the U.S. and 93% of blockchain protocol market cap located overseas. However, recent changes in political and regulatory attitudes suggest a potential reversal of this trend.

Market meaning

Pantera Capital is bullish on the future of blockchain and cryptocurrencies in the United States. They believe that alignment between political interests and the blockchain community can lead to significant market growth. The firm also noted that Bitwise, a Pantera portfolio company, will ring the closing bell on the New York Stock Exchange, symbolizing the growing acceptance of blockchain.

The firm also highlighted the broader market situation, noting that while digital asset prices have experienced volatility, they remain fundamentally bullish. Regulatory clarity and political support are expected to drive positive change, making the U.S. a more attractive environment for blockchain innovation.

conclusion

The political shift in blockchain discussed by Pantera Capital highlights a transformative moment for the industry. With significant regulatory approval and political support, the United States is poised to become a more conducive environment for blockchain technology and cryptocurrency innovation.

For more details, read the original article by Pantera Capital.

Image source: Shutterstock


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