- Most crypto executives expect a friendlier regulatory environment following the election, regardless of which candidate wins, according to Reuters.
- Some pockets of doubt remain around how committed Kamala Harris is to crypto regulatory reform, but most don’t expect a Harris victory to mark the end of the current bull run.
- It’s also expected that Gary Gensler will be replaced as Chairman of the SEC regardless of who wins the election.
The US presidential election is now under a week away and the polls show it could be the closest race in decades, so what does this mean for the future of crypto policy in the US? Despite the uncertainty over who’ll win, most crypto industry leaders are confident of one thing — whoever wins is likely to adopt more crypto-friendly policies than the current administration.
A report from Reuters shows executives from many crypto firms, including Bitwise, Canary Capital and Ripple, are moving forward with plans premised on the belief that the next administration — be it a Trump or Harris administration — will be much more welcoming towards crypto.
Regardless who wins, there will be a new approach to how we move forward with crypto.
Rebecca Rettig, chief legal and policy officer at Polygon LabsIt’s also expected that regardless of who wins, Gary Gensler’s days as the chairman of the Securities and Exchange Commission (SEC) could be numbered.
Related: Ripple CEO Predicts Crypto Reset Post US Election, No Matter Who Wins
Trump And Harris Both Support Crypto
Anyone with even a passing interest in crypto knows by now that Donald Trump has positioned himself as the champion of the crypto industry, calling himself “the crypto president” and saying he’ll make the US the “crypto capital of the planet”.
Trump’s stated policies on digital assets include exploring a strategic federal Bitcoin reserve — similar to the federal government’s gold reserves, but with Bitcoin. He’s also hinted there’ll be tax breaks for crypto and vowed to block any plans to implement a central bank digital currency (CBDC) in the US.
Harris has been more tight-lipped when it comes to specific policies, but she has warmed to crypto throughout her campaign, saying that she believes the US should be “dominant in blockchain” and writing in her economic plan that her administration will “encourage innovative technologies like AI and digital assets while protecting our consumers and investors”.
Executives Believe Change Is Coming, Whoever Wins
Crypto firms Bitwise and Canary Capital have both moved forward with plans to launch XRP ETFs, expecting better conditions, with a spokesperson from Bitwise telling Reuters:
We do think that, whoever wins on Tuesday, crypto markets will be looking at a more favourable regulatory environment in a new administration in the new year.
Bitwise spokesperson
Canary Capital has a similar position with their spokesperson saying the firm “continues to see encouraging signs of a more progressive regulatory environment,” adding that this move towards more crypto-friendly policy settings is “spurring investor demand for access to cryptocurrencies beyond bitcoin and ether”.
The view that crypto policy changes will be positive after the election was echoed by entrepreneur and Harris campaign advisor, Mark Cuban, who told Reuters “absolutely it will be friendlier under a Harris admin”.
Doubts Harris Will Go Far Enough
Despite general agreement that both candidates will be more pro-crypto than Biden, there are some who fear Harris’ lack of clarity on crypto may mean she’s reluctant to go as far as needed to support the growth of the industry.
Erik Finman, an entrepreneur who made his millions investing in Bitcoin, told Cointelegraph that he thinks Biden’s digital assets policies have been “terrible for crypto” and he’s worried that a Harris administration may largely continue in the same vein. Basel Ismail, CEO of crypto firm Blockcircle, said that Harris’ lack of discussion of digital assets and scarce policy detail during her campaign was a missed opportunity.
However, crypto influencer, Crypto Rand, said that despite the fear and doubt around her plans, it’s unlikely a Harris victory would spell the end of the latest bull run:
If Harris gets elected, there will be a bump on the road, but the trend will continue.
Crypto RandGensler’s Days Numbered Regardless of Who Wins
From the point of view of investors, SEC Chair, Gary Gensler is often seen as the biggest impediment to better regulation and broader adoption of crypto technology.
Trump has gone on record saying he’ll fire Gensler “day one” — something he isn’t actually legally able to do, but it does sound good. Harris hasn’t taken a clear public position on Gensler, but according to Cuban she isn’t a fan of his “regulation through enforcement” approach, adding that:
I think the obvious issue is Gensler, and my guess is that, based on the lack of public support for him, that he is gone.
Mark Cuban, EntrepreneurA change in leadership at the SEC could see the regulator’s notorious Staff Accounting Bulletin 121 (SAB 121) repealed, opening the door for financial institutions like banks to custody their customers crypto assets and likely supercharging adoption.
Related: Gary Gensler Gives Bitcoin a ‘Sweet Sixteen’ Shout-Out for White Paper Anniversary
According to David Mercer, CEO of crypto exchange operator LMAX Group, SAB 121 is likely to be repealed post-election no matter who wins:
With recent bipartisan support… I’d expect that regardless of who becomes the next president, SAB 121 is overturned. That should be an accelerant for the whole crypto market.
David Mercer, CEO of LMAX GroupCredit: Source link
