Regulation
Presidential debate could clarify regulatory approach to cryptocurrencies
Moe Vela, former senior advisor to President Joe Biden, shared his thoughts on the possible role of crypto in tonight’s presidential debate.
The presidential debate between outgoing President Joe Biden and former President Donald Trump may very well be the most televised event this year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets like Bitcoin (Bitcoin) and Ethereum (ETH) have become hot topics in Washington.
In addition to approved spot BTC ETFs, expected green lights from spot ETH ETFs and crypto bills like FIT21Grayscale Investments and Harris Poll Reports declared that “nearly half of likely US voters believe some of their future investment portfolios will include crypto.”
Will crypto come back into the debate?
Moe Vela, senior advisor at Unicoin, told crypto.news in an interview that moderators cannot answer crypto-related questions. But he expects at least one candidate to comment on crypto in some form.
As previously reported, Trump said Bitcoin mining could be an antidote to central bank digital currencies (CBDCs). Asset announcement that all Bitcoin mining should take place in America and proclaimed himself “president of crypto”.
Although Trump has apparently rebranded his candidacy in favor of cryptocurrencies, the former US president has made skeptical remarks in the past. In 2021, Trump called Bitcoin, a scam that affected the value of the US dollar.
Vela suggested that AssetCrypto turnaround could be “political bluster.” However, the former White House adviser stressed that “candidates and their campaigns MUST soon be clear about the type of regulatory environment they will develop and enforce.”
Under the Biden administration, government agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have tightened the noose around crypto in an attempt to protect investors from risky investments.
According to Per Vela’s comments, “regulators and government agencies can too often be overzealous in their oversight role” and “regulators who refuse and use regulations to hinder, discourage, dismantle or destroy an industry are dangerous. “
While the litigation strategy for digital asset surveillance has drawn a backlash from industry supporters, The Biden administration also issued an executive order mandating a whole-of-government approach to crypto policies.
Carole House, one of the authors behind President Joe Biden’s EO, recently income at the White House before the election. Vela believes the development signals the current regime’s recognition of the critical role cryptography plays in America’s future.
Regardless, as cryptocurrencies become more integrated into American society, Vela stressed that leaders should strike a balance between being pro-industry and pro-consumer to foster innovation and investor freedom.