With less than a month left until the U.S. presidential election, the upcoming election on November 5 (U.S. local time) has emerged as the biggest watershed moment for the global virtual asset (cryptocurrency) ecosystem. As the global crypto market keeps a close eye on the U.S. election, the price of Bitcoin is indeed moving sensitively in response to the approval ratings of certain candidates, proving this influence.

Both major candidates are showing competitive moves toward the virtual asset industry. Former President Donald Trump mentioned making the U.S. the global capital of Bitcoin, expressing his willingness to become a "pro-crypto" president. Furthermore, he announced that he would fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, drawing cheers from the crypto ecosystem.

Vice President Kamala Harris is also quickening her pace toward the crypto industry. Vice President Harris pledged to "establish a framework to strengthen virtual asset regulation," and at an event held in New York City, she made remarks with the nuance that "if elected president, I will encourage innovative technologies like virtual assets." Recently, she also garnered attention when Chris Larsen, co-founder of Ripple, donated $1 million worth of XRP to the Harris campaign. Additionally, there was a rumor circulating that if Vice President Harris is elected, she would appoint Chairman Gary Gensler as Secretary of the Treasury, but the Harris camp has officially denied this.

Looking at the movements of U.S. politicians, it is clear that a paradigm shift regarding cryptocurrencies is imminent. It is only a matter of time before this new paradigm becomes a reality. So, how prepared are we for the tide of global change?

Fortunately, the current domestic private ecosystem—namely, crypto exchanges—is busy adapting to the upcoming changes ahead of the U.S. election. Recently, there is a noticeable atmosphere of trying to become more familiar to the general public through the popularization of staking and customer acquisition events. These are different steps from last year, which can be seen as a struggle for survival in a new era, conscious of the impending changes.

Now is the time for the authorities to make a move as well. Whether former President Trump or Vice President Harris is elected, changes in the virtual asset market are inevitable. In that regard, there are calls for the authorities to also adopt an open policy mindset, breaking away from closed-off attitudes. It is difficult to say that the institutionalization of regulation and innovation has made proper progress so far. It is no exaggeration to say that until now, there has been no intention to actively nurture the "cow" that is the virtual asset market.

"The barn should be fixed while the cow is still there." This is the point where the authorities need to take proactive steps to establish an advanced system without missing the opportunity.