US crypto industry expects friendlier Washington, whoever wins White House
- 5opn1
- October 31, 2024
- Information technology
- US crypto industry, Washington, White House
- 0 Comments
- Bitwise and Canary Capital have filed for new products
- Trump promises to be a ‘crypto president’
- Mark Cuban touts Harris pledge to protect crypto users
- Industry has spent $119 million on congressional races
Oct 31 (Reuters) – The cryptocurrency industry has spent years clashing with Democratic President Joe Biden’s administration over regulatory issues, but executives expect an easier ride from Washington, regardless of who wins the White House next week.
Crypto asset managers including Bitwise and Canary Capital are planning new products ahead of what many executives expect to be a more crypto-friendly administration, while others including Ripple are planning a fresh push for crypto legislation in the new Congress, said executives and lawyers.
Bitwise and Canary Capital have filed for new products
Trump promises to be a ‘crypto president’
Mark Cuban touts Harris pledge to protect crypto users
Industry has spent $119 million on congressional races
Oct 31 (Reuters) – The cryptocurrency industry has spent years clashing with Democratic President Joe Biden’s administration over regulatory issues, but executives expect an easier ride from Washington, regardless of who wins the White House next week.
Crypto asset managers including Bitwise and Canary Capital are planning new products ahead of what many executives expect to be a more crypto-friendly administration, while others including Ripple are planning a fresh push for crypto legislation in the new Congress, said executives and lawyers.
Harris surrogate and billionaire entrepreneur Mark Cuban, a crypto enthusiast, has also criticized a crypto crackdown under Securities and Exchange Commission Chair Gary Gensler, a Biden appointee.
“Absolutely it will be friendlier under a Harris admin,” Cuban wrote in an email to Reuters, adding her promise to protect crypto users was “important.”
Gensler has insisted that the crypto industry is a risk to investors, pointing to the collapse of FTX and multiple other bankruptcies and scams that triggered calls for tighter regulation. Since bitcoin debuted in 2009, the crypto market has been extremely volatile.
Gensler’s SEC has brought dozens of enforcement actions against Coinbase, Kraken and others, accusing them of flouting U.S. securities laws meant to inform investors about potential risks.
The crypto players have denied the SEC’s allegations. They say cryptocurrencies, which have a global market value of around $2.5 trillion, should be regulated like commodities.
Gensler, whose term ends in 2026, has not said his crypto views have changed. While Trump has said he will fire Gensler, Harris has not suggested she would seek to replace him. An SEC spokesperson declined to comment.
