J.W. Verret, an associate professor at George Mason University's Antonin Scalia School of Law, said that in the 2024 US Presidential Election, cryptocurrency supporters may have only one option - Donald Trump. The Biden administration has taken several measures to crack down on cryptocurrencies, including encouraging banks to cut ties with cryptocurrency businesses, treating developers as brokers, and suing privacy protocol developers. By contrast, Trump administration nominees such as CFTC Chairperson Chris Giancarlo and SEC Commissioner Hester Peirce are known for their support of cryptocurrencies. If Trump is re-elected, he is expected to continue to support the cryptocurrency industry.