FILE PHOTO: A representation of virtual currency bitcoin and a U.S. one dollar banknote are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo
The cryptocurrency industry has been at odds with the Biden administration over regulatory matters, but industry executives are hopeful for a more accommodating climate post-election, irrespective of who occupies the White House. Crypto asset managers such as Bitwise and Canary Capital are developing new products, anticipating a friendlier stance from the government. Ripple executives are also gearing up for a legislative push in the upcoming Congress.
Rebecca Rettig, chief legal and policy officer at Polygon Labs, suggested that a new approach to cryptocurrencies is likely. Donald Trump has expressed his ambition to be a ‘crypto president,’ while many believe Vice President Kamala Harris will offer a more lenient approach than Biden. Although Harris hasn’t outlined specific crypto policies, her commitment to fostering digital asset innovation has garnered optimism from industry leaders.
SEC Chair Gary Gensler, appointed by Biden, has been strict on the crypto sector, emphasizing the risks involved for investors following several high-profile collapses in the industry. Nonetheless, crypto advocates argue for regulation similar to that of commodities. They believe that a new administration, especially under Harris, could lead to a reassessment of existing regulations, including liability guidelines for crypto assets. The general sentiment is that a regulatory thaw could enhance overall interest and investment in cryptocurrencies.
