Crypto regulatory approach could be clarified through presidential debate says former Biden advisor
Moe Vela, a former senior advisor to President Joe Biden, has shared his thoughts on the potential impact of cryptocurrencies on tonight’s presidential debate.
The debate between President Joe Biden and former President Donald Trump is expected to be one of the most-watched events of the year. For those interested in cryptocurrencies, this debate comes at a time when digital assets like Bitcoin (BTC) and Ethereum (ETH) have become topics of discussion in Washington.
With the recent approval of BTC exchange-traded funds (ETFs), the anticipated approval of ETH ETFs, and the introduction of crypto-related bills like the Financial Improvement and Transformation (FIT) Act 21, it’s clear that cryptocurrencies are gaining attention in the mainstream.
According to reports from Grayscale Investments and The Harris Poll, nearly half of likely American voters believe that crypto will play a role in their future investment portfolios.
When asked about the possibility of crypto being discussed in the debate, Moe Vela, a senior advisor at Unicoin, stated that the moderators may not ask specific questions about cryptocurrencies. However, he expects that at least one candidate will mention crypto in some capacity.
It’s worth noting that President Trump has previously made comments about Bitcoin mining being an alternative to central bank digital currencies (CBDCs). He has advocated for Bitcoin mining to take place in the United States and has positioned himself as a supporter of cryptocurrencies.
Despite this apparent shift in stance, Trump has also expressed skepticism towards Bitcoin, calling it a scam that negatively impacts the value of the US dollar.
Vela suggests that Trump’s apparent change in position on crypto may simply be a political tactic. He emphasizes the importance of both candidates and their campaigns being clear about their regulatory plans for the crypto industry.
Under President Biden’s administration, regulatory bodies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have taken a stricter approach to cryptocurrencies in order to protect investors from risky investments.
Vela acknowledges that regulators and government agencies can sometimes be too strict in their oversight, and warns against regulators who use regulations to obstruct or destroy the crypto sector.
In response to criticism, Biden’s administration has issued an Executive Order (EO) that calls for a comprehensive approach to crypto policies across all government agencies. This move is seen as a recognition of the important role that cryptocurrencies will play in America’s future.
Vela emphasizes the need for leaders to find a balance between supporting the crypto sector and protecting consumers. He believes that a pro-sector, pro-consumer approach will encourage innovation and investor freedom in the crypto industry.
Overall, the role of cryptocurrencies in tonight’s presidential debate remains uncertain. However, it is clear that cryptocurrencies have become an important topic in Washington, and both candidates will need to address their regulatory plans for the industry.
