Regulation
Trump vs. Biden election outcome unlikely to deter bipartisan support for cryptocurrencies
In a recent interview, the CEOs of the Blockchain Association and the Crypto Council for Innovation shared their insights into crypto regulation following the Trump vs. Biden election. Kristen Smith, CEO of the Blockchain Association, and Sheila Warren, CEO of the Crypto Council for Innovation, both participated in a major roundtable discussion led by Democratic Congressman Ro Khanna.
The meeting, held across the street from the White House
The meeting was attended by several industry leaders and members of the Biden administration. The goal was to bridge the gap between cryptocurrency advocates and federal regulators. Smith emphasized the productive nature of the meeting, acknowledging the efforts of Congressman Khanna in organizing the event. “It was a really productive meeting,” he said.
Smith added: “The cryptocurrency industry has long 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 a part of that conversation.”
Will the Trump vs. Biden election result impact cryptocurrencies?
Furthermore, recent political developments indicate a growing bipartisan interest in cryptocurrencies. The Republican Party’s recently adopted political platform explicitly supports cryptocurrency innovation. Additionally, former President Donald Trump recently announced that he will be speaking at the Bitcoin 2024 conference.
This stance is resonating with voters, as Smith noted: “There was a poll about two months ago that found one in five voters in swing states see cryptocurrency as an important issue in the upcoming election. Of Republican voters who weren’t planning on voting for Donald Trump, 33% are considering doing so because of his new pro-crypto stance.”
Additionally, he noted that there was significant bipartisan support for the FIT21 Act and the SAB 121 repeal bill. Thus, Smith believes that the Trump vs Biden The election results did not indicate how much support he had. He noted, “We should have fairly strong bipartisan support in the House, the Senate, and the White House, regardless of which party is in charge.”
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 U.S. to act,” she said. “This is really about designing an internet for all.”
Both CEOs emphasized that interest in cryptocurrencies transcends party lines. “Cryptocurrency technology is nonpartisan,” Smith said. “The issues and values of cryptocurrency align very well with the Democratic Party. It’s a very democratizing technology.” He also noted that despite the anti-crypto stance of figures like Senator Elizabeth Warren and SEC Chairman Gary Gensler, there is substantial support for cryptocurrencies within the Democratic ranks.
Read also: SEC SAB 121 Stands as House Upholds Presidential Veto
Round Table Insights
The panel discussion revealed key areas where the industry is looking to advance. Highlights included market structure and stablecoin regulation. Additionally, Smith highlighted promising legislative discussions on market structure.
He 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.” He also emphasized the importance of regulating stablecoins, noting the bipartisan interest in creating a regulatory framework for this industry.
Furthermore, the Crypto Council CEO highlighted the challenges of the industry in terms of regulatory clarity and the SEC’s aggressive stance on the matter. Author: Gary Gensler“It’s not just the lack of regulatory clarity that the industry has been talking about for many years now, which hasn’t actually been changed or addressed,” he said.
Warren added: “That’s what that lack of clarity and lack of action from Congress has led to, which is regulation through enforcement by the SEC.” Despite these challenges, both CEOs remain optimistic about the future of cryptocurrency regulation in the U.S.
The Crypto Council CEO noted the growing interest from regulators outside of the main jurisdiction committees, which she sees as forward motion. She said, “We’re seeing people in other jurisdiction committees expressing a lot of interest. I think that’s forward motion and a movement that we’re happy to see.”
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 the tone of how it went on both sides. I thought it was a very productive and constructive conversation.”
Read also: 5 Things to Know About the Upcoming SAB 121 Bill Vote