I agree with the idea to some extent. I wouldn't say that elections cannot influence the price because we don't know what to expect from Biden regarding cryptocurrencies.
If Trump wins he won't go against it but I wouldn't expect any big positive decisions from him either. He's a strong supporter of the dollar.
At the same time US citizens think everything revolves around them and crypto investors are waiting for their election results. In reality Obama did nothing for crypto, Trump did nothing for crypto, if Biden wins he'll continue the tradition.
If they ban crypto, they will lift their bans later. Do you remember the pump from the East, with Xi from China. It is crazy to see people talked about bitcoin, crypto bans in China in 2017, and 2018 then in 2019, Xi suddenly pumped it. Tbh, I did not believe China actually ban bitcoin or crypto in any days of 2017 or 2018. Manipulation took advantage of myth of policies in China and created FUD with China apperance in stories.
At good time, news are used to pump Bitcoin with the apperance of China and Xi.