Regulation

Trump Vs Biden Election Outcome Unlikely To Deter Bipartisan Support For Crypto

Published

9 months ago

July 12, 2024

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In a recent interview, the CEOs of the Blockchain Association and the Crypto Council for Innovation shared their insights on crypto regulation after the Trump vs. Biden election outcome. Kristen Smith, CEO of the Blockchain Association, and Sheila Warren, CEO of the Crypto Council for Innovation, both attended a significant roundtable discussion led by Democratic Congressman Ro Khanna.

The meeting, held across the street from the White House, saw the participation of several industry leaders and members of the Biden administration. It aimed to bridge the gap between crypto advocates and federal regulators. Smith highlighted the productive nature of the meeting, acknowledging Congressman Khanna’s efforts in organizing the event. “It was a really productive meeting,” she said.

Smith added, “For a long time, the crypto industry has felt like they haven’t been treated fairly by the Biden Administration, and I think this was a really important step towards increasing the dialogue between the agencies and us. We’re really excited to be a part of the discussion.”

Will Trump Vs. Biden Election Result Impact Crypto?

Moreover, recent political developments indicate a growing bipartisan interest in crypto. The Republican Party’s newly adopted policy platform explicitly supports crypto innovation. In addition, former President Donald Trump recently announced that he’ll speak at Bitcoin 2024 Conference.

This stance is resonating with voters, as Smith noted: “There was a poll from about two months ago that said one in five swing state voters considers cryptocurrency an important issue in the upcoming election. Of the Republican voters who were not planning to vote for Donald Trump, 33% are considering doing so because of his new pro-crypto stance.”

In addition, she noted that remarkable bipartisan support was noted for the FIT21 Act and SAB 121 revocation bill. Hence, Smith believes that the Trump vs. Biden election result won’t hinted the support garnered. She remarked, “We should have fairly strong bipartisan support in the House and the Senate and the White House regardless of which party is in charge.”

Furthermore, Warren echoed Smith’s sentiments on the increasing bipartisan support for crypto. Additionally, she emphasized the technology’s global nature and the need for the U.S. to keep pace with other nations. “This is a global technology. Other countries have not waited for the United States to act,” she said. “It’s about really architecting an internet for everybody.”

Both CEOs stressed that the interest in cryptocurrency transcends party lines. “Crypto tech is nonpartisan,” Smith asserted. “The issues and values of crypto align very well with those of the Democratic Party. It’s a very democratizing technology.” She also pointed out that despite the vocal anti-crypto stance of figures like Senator Elizabeth Warren and SEC Chair Gary Gensler, there is substantial support for crypto within the Democratic ranks.

Also Read: SEC SAB 121 Stands as House Upholds Presidential Veto

Insights Into The Roundtable Discussion

The roundtable discussion revealed key areas where the industry seeks progress. The points in highlight were market structure and stablecoin regulation. Moreover, Smith pointed out the promising legislative discussions around market structure.

She said, “The House’s version of this market structure legislation, FIT 21, was passed with overwhelming bipartisan support earlier this spring. The ball is now in the Senate’s court.” She also emphasized the importance of stablecoin regulation, noting the bipartisan interest in creating a regulatory framework for this sector.

Additionally, the Crypto Council CEO highlighted the industry’s challenges with regulatory clarity and the SEC’s aggressive stance under Gary Gensler‘s leadership. “It’s not just the lack of regulatory clarity that the industry has been talking about for many years now, which really hasn’t been changed or fixed,” she said.

Warren added, “It’s what that lack of clarity and the lack of congressional action has actually led to – namely, regulation by enforcement by the SEC.” Despite these challenges, both CEOs remain optimistic about the future of crypto regulation in the U.S.

The Crypto Council CEO noted the increasing interest from lawmakers outside the core committees of jurisdiction, which she views as forward progress. She stated, “We’re seeing folks in other committees of jurisdiction expressing a lot of interest. I think that’s forward progress and movement that we’re happy to see.”

Furthermore, the meeting also underscored the nonpartisan nature of the technology, with both sides expressing openness and eagerness to learn more. Warren was pleased with the tone of the discussion. She said, “I was really pleased tonally with how it went on both sides. I felt that it was a very productive and constructive conversation.”

Also Read: 5 Things To Know About Upcoming SAB 121 Bill Vote