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Former Biden advisor: Presidential debate could clarify crypto regulatory approach

presidential-debate-may-clarify-crypto-regulatory-approach
Edited by
News
Former Biden advisor: Presidential debate could clarify crypto regulatory approach

Moe Vela, a former senior advisor to President Joe Biden, shared his thoughts on crypto’s possible role in tonight’s presidential debate. 

The presidential debate between incumbent Joe Biden and former President Donald Trump may very well be the most televised event this year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets like Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington. 

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?

Moe Vela, a senior advisor at Unicoin, told crypto.news in an interview that moderators may not field crypto-related questions. But he expects at least one candidate to comment on crypto in some form. 

As previously reported, Trump said Bitcoin mining might be an antidote to proposed central bank digital currencies (CBDCs). Trump announced that all Bitcoin mining should happen in America and has styled himself the “crypto president.”

Although Trump has seemingly rebranded his candidacy as pro-crypto, the former U.S. President shared skeptical remarks in the past. In 2021, Trump called Bitcoin a scam that affected the U.S. dollar’s value. 

Vela suggested that Trump‘s crypto u-turn might be “political bluster.” However, the former White House advisor stressed that “both candidates and their campaigns MUST soon be clear about what type of regulatory environment they will develop and enforce.”

Under Biden’s administration, government agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have tightened the noose around crypto in an attempt to protect investors from risky investments.

Per Vela’s comments, “regulators and governmental agencies too often can be overzealous in their oversight roles,” and “regulators who are in denial and using regulations to obstruct, discourage, dismantle or destroy a sector are dangerous. “

As the litigation strategy for digital asset oversight received backlash from industry proponents, Biden’s administration has also issued an Executive Order (EO) mandating a whole-of-government approach to crypto policies. 

Carole House, one of the authors behind President Joe Biden’s EO, recently returned to the White House ahead of the elections. Vela believes the development signals the current regime’s recognition of crypto’s integral role in America’s future.

Whatever the case, as cryptocurrencies become more embedded in U.S. society, Vela emphasized that leaders should balance being pro-sector and pro-consumer to benefit innovation and investor freedom.