Regulation
Trump’s claim about crypto presidency is braggadocio, says former Biden adviser, urges Biden to act
Moe Vela, former senior advisor to President Joe Biden and senior advisor to Unicoin, recently spoke with crypto.news, emphasizing the importance of proactive and balanced cryptocurrency regulation.
Former President Donald Trump had the audacity declared himself the “crypto president”, placing cryptocurrency at the heart of his electoral campaign. Embracing Bitcoin with new fervor, Trump pledged to make the United States a global platform for Bitcoin mining and began accepting crypto donations for his campaign.
This focus on cryptocurrencies has become a recurring theme during the 2024 US presidential race, where incumbent President Joe Biden finds himself recalibrating his stance on cryptocurrencies.
Biden’s team, perhaps feeling the heat of the competition, has started to show a warmer side to cryptocurrencies. His campaign explored engagement in crypto payments through platforms like Coinbase and softened their rhetoric on regulation.
This tug of war over crypto policies could have profound implications for the future of digital currencies in the United States and beyond. The direction the next U.S. president takes will likely influence global standards.
Vela says that for the crypto industry to thrive, it must be proactive in developing fair and inclusive regulations rather than reacting after the fact.
How could Trump’s policies and promises, as well as Biden’s potential regulatory actions, influence investor behavior and impact the crypto industry?
From an investor perspective, the underlying challenge AND opportunity of cryptocurrency is that there are many NEW investors in the sector. It could be argued that cryptocurrency began as a sort of fad or movement and piqued the curiosity and spirit of adventure of many people who had never felt like they had access to trading opportunities. investment. It was and still is a new frontier in many ways. Both Trump’s self-proclamation and the Biden administration’s regulatory approach are being watched very closely by the industry, as these two candidates’ stance on the issue may very well change the outcome of this election, given the extent of the race. Millennial and younger crypto investors, of which there are millions, could be politically influenced based on their portfolio and newfound ability to invest and not by some of the more traditional issues from past elections like climate change, abortion , immigration and international affairs.
Trump recently declared himself the “president of crypto.” What are your thoughts?
Unfortunately, as someone with decades of political experience and having helped launch an asset-backed cryptocurrency that is growing exponentially, it is somewhat embarrassing to see any reaction to Donald Trump’s statement as the “president of cryptocurrency”. He has a clear and blatant reputation for saying what his audience wants to hear and only what is politically calculated. It is astonishing that anyone in our crypto industry would allow themselves to be caught in this trap. His comments on crypto are literally a complete reversal from just a year or two ago, it’s just political bluster.
How should the Biden campaign respond to the rapid increase in miners following Trump’s self-proclamation, given the significant number of U.S. crypto investors and the potential impact on the upcoming presidential election?
The rapid increase in the number of minors after Trump’s self-proclamation is, at best, a display of naivety. That said, this should also be a wake-up call for the Biden campaign, the Biden administration, and the Democratic Party. If I were still advising the president, I would remind him that more than 60 million Americans have invested in cryptocurrency, many of them millennials and young professionals, a wide range of voters who could make or break a presidential election . The Biden campaign would be foolish to continue to concede on the issue of crypto and the Biden administration should take this opportunity to express support for cryptocurrency and the creation and implementation of crypto-friendly regulations and protective of investors and consumers at the same time. . This is their chance to take the lead on this issue.
Why do you think Biden accepts crypto donations?
The Biden campaign should absolutely accept crypto campaign donations, and whether it’s just on CoinBase or others doesn’t matter, in my opinion. Acceptance of crypto in today’s campaigns demonstrates a candidate’s understanding that crypto is here to stay and a recognition of its impact and use.
How do crypto investor sentiments reflect broader trends regarding President Biden’s regulatory approach to cryptocurrency, and what should his administration do to address these concerns?
Regulation is inevitable. The sooner the crypto community accepts this reality, the sooner we can help create a regulatory environment that promotes industry growth and protects consumers, while preventing harmful behavior. For over two years, I have been encouraging crypto investors and crypto thought leaders around the world to participate in shaping these inevitable regulations rather than waiting for them to be implemented and complaining Next. Our government is for, by and by the people, so our crypto industry must ensure at this point that regulations are fair, inclusive, preventative and promote growth. The Biden administration has a golden opportunity to develop a set of regulations that do just that, and it should do so as soon as possible. It’s time for regulators to enforce regulations that tell consumers and investors how THEY CAN invest and participate safely, rather than always scaring us into wondering why WE CAN’T OR SHOULD NOT.
Based on their recent actions, how do you think Donald Trump and Joe Biden’s approaches to cryptocurrency regulation compare?
I think because cryptocurrency is still a new frontier, I hope that whether it’s Donald Trump or Joe Biden, the regulatory environment as it relates to cryptocurrency will be one – let me put it that way. to put it another way, I think it must be the case. one that, no matter who it is, no matter which party is in control and who is in power, I believe that the regulation of cryptocurrencies must strike a healthy balance between supporting the industry and growing the sector, while doing what the regulations require. the initial intention is to prevent harmful behavior and protect the unsuspecting investor and consumer. I don’t think it matters which of these two gentlemen is president, I truly believe that this is what the cryptocurrency industry demands. The regulations that will be created, implemented and enforced by either should, and I hope, contain this healthy balance.
Depending on who wins the election, what could the regulatory landscape for cryptocurrencies in the United States look like over the next four years?
Regardless of the administration in place, cryptocurrency, as we all know, is still a new frontier. So I think the regulatory environment for the next four years, regardless of administration, could be a series of trial and error. This could be a fluke, which is not uncommon when regulations for a new industry are put in place. Sometimes they miss the point a little bit because not everyone understands the industry completely, and I think that’s very much the case here with cryptocurrency. So I think you’re going to see regulations, regardless of administration, that will need to be tweaked, improved, amended and maybe even removed in the future. So I think that’s what the next four years will look like. It’s trial and error, and it’s sort of a regulatory dance, as I call it, until you get used to the regulatory environment that promotes that balance that I referred to.