Regulation
Trump vs Biden election result shouldn’t discourage bipartisan support for cryptocurrencies
In a recent interview, the CEOs of the Blockchain Association and the Crypto Council for Innovation shared their views on cryptocurrency regulation following the Trump vs. Biden election result. Blockchain Association CEO Kristen Smith and Crypto Council for Innovation CEO Sheila Warren both attended a major panel discussion led by Democratic Congressman Ro Khanna.
The meeting, which was held across the street White House
saw the participation of several industry leaders and members of the Biden administration. The goal was to bridge the gap between crypto advocates and federal regulators. Smith highlighted the productive nature of the meeting, acknowledging Congressman Khanna’s efforts in organizing the event. “It was a really productive meeting,” she said.
Smith added: “For a long time, the crypto industry has felt like it hasn’t been treated fairly by the Biden administration, and I think this was a really important step toward increasing the dialogue between the agencies and us. We’re really excited to be part of the conversation.”
Will the Trump vs. Biden election result impact crypto?
Additionally, recent political developments indicate a growing bipartisan interest in crypto. The Republican Party’s recently adopted policy platform explicitly supports crypto innovation. Additionally, former President Donald Trump recently announced that he will be speaking at the Bitcoin 2024 conference.
This position resonates with voters, as Smith noted: “A poll conducted about two months ago found that one in five voters in key swing states view cryptocurrency as an important issue in the upcoming election. Among Republican voters who were not planning to vote for Donald Trump, 33% are considering doing so because of his new pro-cryptocurrency stance.”
Additionally, she noted that there was remarkable bipartisan support for the FIT21 Act and the SAB 121 repeal bill. As a result, Smith believes that the Trump vs Biden The election result is no indication of the support that will be won. She said: “We should have pretty strong bipartisan support in the House, the Senate and the White House, regardless of which party is in power.”
Warren also echoed Smith’s sentiments about the growing bipartisan support for cryptocurrencies. She also emphasized the global nature of the technology and the need for the U.S. to keep pace with other nations. “This is a global technology. Other countries haven’t waited for the United States to act,” she said. “This is really about designing an internet for everyone.”
Both CEOs emphasized that interest in cryptocurrencies transcends partisan lines. “Cryptocurrency technology is nonpartisan,” Smith said. “The stakes and values of cryptocurrencies align very well with the Democratic Party. It’s a very democratizing technology.” She also noted that despite the anti-crypto stance of figures like Sen. Elizabeth Warren and SEC Chairman Gary Gensler, there is substantial support for cryptocurrencies within the Democratic ranks.
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Roundtable Overview
The roundtable revealed key areas where the industry is looking to make progress. Highlights included market structure and regulation of stablecoins. Additionally, Smith highlighted promising legislative discussions around market structure.
She said, “The House version of this market structure legislation, FIT 21, passed with overwhelming bipartisan support earlier this spring. The ball is now in the Senate’s court.” She also stressed the importance of regulating stablecoins, noting the bipartisan interest in creating a regulatory framework for the sector.
Additionally, the Crypto Council CEO highlighted the challenges the industry faces in regulatory clarity and the SEC’s aggressive stance. Gary Gensler“It’s not just the lack of regulatory clarity that the industry has been talking about for many years, which hasn’t really been changed or corrected,” she said.
Warren added, “That’s what this lack of clarity and lack of action by Congress has actually led to, which is regulation by enforcement by the SEC.” Despite these challenges, both CEOs remain optimistic about the future of cryptocurrency regulation in the United States.
The Crypto Council CEO noted the growing interest from legislators outside of the major jurisdictional committees, which she sees as progress. “We’re seeing people in other jurisdictional committees expressing a lot of interest,” she said. “I think that’s progress and an evolution that we’re happy to see.”
Additionally, the meeting also highlighted the nonpartisan nature of the technology, with both sides expressing openness and a desire to learn more. Warren was pleased with the tone of the discussion. She said, “I was really pleased with how things went on both sides. I felt like it was a very productive and constructive conversation.”
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