Presidential Debate May Clarify Crypto Regulatory Approach
His opinion was expressed by Moe Vela, a former senior advisor to President Biden when asked about the potential role of crypto in the debate of the presidential candidates, tonight.
It is predicted that this debate between the present president Joe Biden and back-in-the-days president Donald Trump will become one of the most widely televised events this year. A debate related to the future of digital currencies became a hot issue recently in Washington, particularly regarding cryptocurrencies like Bitcoin (BTC) Thee candidate will have a chance to respond to allegations on Greece and Ethereum (ETH) reaching a position of a hot issue in the political circle of Washington. Certainly, no one can imagine among cryptocurrency enthusiasts so many investors driving the latest figures of the debate. What particularly cryptocurrency owners would like to know- when will the government start to legitimize these assets?
Crypto in the Spotlight
In addition to approved spot BTC ETFs, expected spot ETH ETF greenlights, and crypto bills like FIT 21, Grayscale Investments and The Harris Poll reports stated that “nearly half of likely American voters think some of their future investment portfolios will include crypto”.
Will Crypto Come Up in the Debate?
Unicoin’s senior advisor, disclosed that the moderators may very well avoid the topic of cryptocurrency. Nonetheless, Mr. Vela is certain that one of the candidates will pitch the topic of crypto in their remarks as a guarantee.
As Trump noted before, his administration planned to use the U.S. for mining Bitcoin similarly to Franklin Roosevelt’s era. Trump and smiled that all the Bitcoin mines will come in America and have preferred to be known as “Crypto President”.
Trump’s Stance on Crypto
Unlike what we see at the moment, there was a period when it was hard to tell whether Trump was a currency enthusiast, crypto supporter, or simply carrying on a cynical rerun. In a speech in June 2021, Trump reported that the controversial Bitcoin issue had shaped the U.S. dollar.
“Vela proposed a may be just a political move for Trump in regard to the crypto field. The policy planner in the previous White House still maintained a position that “both candidates and their campaigns MUST soon be clear about what type of regulatory environment they will develop and enforce” (referring to the need for greater transparency with the regulations) even when having this discussion.
Biden Administration’s Scenario
In the Biden government, authorities such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have made significant and significant moves in the direction of the development of the cryptocurrency market which was done to protect investors from fraud and misleading investments.
Vela asked, “why don’t regulators and other authorities see their oversights as mistakes?” and “those regulators who are not realistic, are telling with the help of these laws that they must minimize, discourage, or destroy given sector is very dangerous and are the one at fault”.
The Way The Crypto Regulations will shape in the future
After the criticism of the legal framework that guides the digital asset sector to the decision makers who heard arguments in favor of the industry, Biden´s administration came out with an executive order to ensure a complete-of-government strategy for dealing with the crypto space.
Carole House is a writer of the EO that was signed by President Joe Biden. She is currently a member of the team. Vela perceives the comeback as proof that the current government acknowledges the importance of the blockchain industry to the U.S. economy.
Clinging to Innovation and Regulation
No matter what happens, Vela, retains that view and insists that blockchain in the US is becoming more embedded on a daily basis and as such, political leaders must make sure that both business and consumers are in the win-win to have expansion and riches legitimized.
