We could see the re-enactment of the 2024 United States presidential election this year, but this time in Australia, as the country prepares for its election set for mid-May.

Just like the U.S presidential election, this presidential election could very well mark either the death or revitalisation of the crypto landscape in Australia, according to Kate Cooper, the newly appointed CEO of OKX Australia.

But unlike President Trump who is a strong advocate and supporter of crypto, the Australian government is taking a more cautious or wait-and-see approach when it comes to crypto adoption.

The fight to win the hearts of crypto-lovers

The two major contenders in this election are the centre-right coalition and the current government, the center-left Labor party. The latest poll result shows that the coalition holding a slight lead over the Labor government, leading 51% to 49%.

Another deciding factor is the race to win the hearts of crypto investors, as they might very well hold the key to winning this upcoming election, as survey has revealed that 59% of the crypto investors in Australia are more likely to vote for a pro-crypto candidate.

Australian government saying no to strategic crypto reserve

Despite the tailwinds from the United States, and how Trump has just announced his plans to create a Strategic Crypto Reserve which includes XRP, Solana, Cardano, Bitcoin and Ether, but the Australia ruling party is making it clear that it has no plans to establish something similar.

Experts revealed that this decision could stem from Australia's more cautious stance towards crypto. Toim Matthews, head of corporate affairs at Australian crypto exchange Swyftx revealed that while the idea for a reserve is popular, but the idea is also fraught with complexity that if not managed properly, could backfire very badly on the economy of the country.

"If one of the main goals of your country's strategic reserve is to hedge against crises, the price volatility of crypto is a problem. It is just difficult to see where the political traction is going to come from."

But while the government is hesitant to create a crypto reserve, it doesn't mean that it has fully given up on the industry just yet. In fact, the Australian government does acknowledge the potential of the crypto industry. But the government is currently putting their focus on crystallising the regulations regarding digital assets, and nothing else.

When asked what the ruling party is doing regarding this issue, the spokesman said

"The Albanese Government has consulted on our proposed framework to build a fit-for-purpose digital asset regulatory regime, and we continue to work closely with industry."