Crypto world hopes to vote for Trump win
Amid Donald Trump courting the votes of crypto enthusiasts and Kamala Harris’ more neutral approach, one of the United States’ top financial regulators has reportedly called the industry “rife with fraud and hucksters and grifters.”
US Securities and Exchange Commission (SEC) Chair Gary Gensler said, “Investing public around the globe has lost too much money” because of crypto companies not following the laws his agency aims to enforce.
This comes as the crypto industry is trying to influence the outcome of November’s US elections by spending millions of dollars on political donations, hoping for more favourable future laws for the sector.
As the elections near, the crypto industry is trying to help elect lawmakers who will be more supportive of the industry. A report finds that by last month, the sector had spent $119 million on donations.
Trump’s proactive stance
Donald Trump has taken a more proactive approach towards cryptocurrency as he launched a business called World Liberty Financial, saying, “I think crypto is one of those things we have to do.”
This marks a turnaround from three years ago, when he said Bitcoin seemed like a “scam” and a threat to the US dollar. It is also in stark contrast to the Biden administration, where the White House has been leading a crackdown on crypto firms in recent years.
Recent clampdowns include Sam Bankman-Fried, the founder and CEO of FTX, receiving 25 years in jail for fraud and Binance’s Changpeng Zhao getting four months in prison and the company paying a hefty fine.
Harris’ neutrality
Harris has not been very vocal about crypto, but one of her advisors said she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow.”
A hope of brighter future for the industry is what the recent meetings between her team and the crypto business executives are trying to establish.
Paul Grewal, chief legal officer at crypto firm Coinbase, who has been at these meetings, said, “I can’t underscore enough how important this is, not just for the US, but for the world.
“Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it’s also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”
He adds that given how tight the presidential election’s race, “every vote is going to count, and crypto votes are no exception.”
