Regulation
Presidential debate could clarify regulatory approach to cryptocurrencies
Moe Vela, a former senior adviser to President Joe Biden, shared his thoughts on the possible role of cryptocurrencies in tonight’s presidential debate.
The presidential debate between incumbent 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 (BTC) and Ethereum (ETH) have become hot topics in Washington.
In addition to the approved spot BTC ETFs, the expected green light for spot ETH ETFs and similar crypto bills SUITABLE 21Grayscale Investments reports and The Harris Poll declared that “nearly half of likely American voters think some of their future investment portfolios will include cryptocurrencies.”
Will cryptocurrencies be mentioned in the debate?
Moe Vela, senior advisor at Unicoin, told crypto.news in an interview that moderators may not answer cryptocurrency-related questions. But he expects at least one candidate to comment on cryptocurrencies in some way.
As previously reported, Trump has said that Bitcoin mining could be an antidote to proposed central bank digital currencies (CBDCs). Trump announced that all Bitcoin mining should happen in America and has called himself the “president of cryptocurrencies.”
Although Trump has seemingly rebranded his candidacy as pro-crypto, the former US president has shared skeptical comments in the past. In 2021, Trump called Bitcoin, a scam that affected the value of the US dollar.
Vela suggested it trumpCryptocurrency U-turn Could Be “Political Bluster.” However, the former White House advisor stressed that “both candidates and their campaigns MUST soon have a clear idea of the type of regulatory environment they will develop and enforce.”
Under the Biden administration, government agencies such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have strict the noose around cryptocurrencies in an attempt to protect investors from risky investments.
Per Vela comments, “regulators and government agencies can too often be overzealous in their oversight roles” and “regulators who are in denial and use regulation to hinder, discourage, dismantle or destroy an industry are dangerous.”
As the litigation strategy for digital asset oversight has received backlash from industry advocates, The Biden Administration also issued an executive order (EO) mandating a whole-of-government approach to cryptocurrency policies.
Carole House, one of the authors of President Joe Biden’s EO, recently returned at the White House before the election. Vela believes the development signals the current regime’s recognition of the critical role of cryptocurrencies in America’s future.
Regardless, as cryptocurrencies become more entrenched in U.S. society, Vela stressed that leaders should balance being pro-industry and pro-consumer for the benefit of innovation and investor freedom.