Moe Vela, a former senior advisor to President Joe Biden, recently shared his perspective on the potential impact of cryptocurrencies during the upcoming presidential debate.
The highly anticipated debate between President Joe Biden and former President Donald Trump is expected to be one of the most widely watched events of the year. For those involved in the world of cryptocurrencies, this debate holds particular significance as digital assets like Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington.
With the approval of BTC exchange-traded funds (ETFs), the anticipated approval of ETH ETFs, and the introduction of crypto-related bills like the Financial Innovation and Transformation (FIT) Act of 2021, it’s no surprise that Grayscale Investments and The Harris Poll have reported that nearly half of likely American voters believe that crypto will be part of their future investment portfolios.
The question on everyone’s mind is whether crypto will be mentioned during the debate. Moe Vela, a senior advisor at Unicoin, stated in an interview with crypto.news that while moderators may not directly ask about cryptocurrencies, he expects that at least one candidate will touch upon the topic in some capacity.
As previously reported, Trump has expressed his belief that Bitcoin mining could serve as a countermeasure to proposed central bank digital currencies (CBDCs). He even went so far as to declare that all Bitcoin mining operations should be conducted in America and has positioned himself as the “crypto president.”
However, despite Trump’s recent rebranding as pro-crypto, he has made skeptical comments about Bitcoin in the past, referring to it as a scam that negatively affects the value of the US dollar.
Vela suggested that Trump’s change in stance on cryptocurrencies may simply be a political tactic. Nevertheless, he emphasized the importance for both candidates and their campaigns to clarify their regulatory plans for the crypto industry.
Under Biden’s administration, government agencies such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have taken a stricter stance on cryptocurrencies in an effort to protect investors from risky investments.
Vela expressed concern that regulators and government agencies often go too far in their oversight roles and cautioned against using regulations to impede or destroy the crypto sector.
In response to criticism of the litigation strategy employed by the Biden administration for overseeing digital assets, an Executive Order (EO) has been issued mandating a comprehensive approach to crypto policies across all government agencies. Carole House, one of the authors of President Biden’s EO, has recently returned to the White House ahead of the elections, signaling the administration’s recognition of the crucial role that cryptocurrencies will play in America’s future.
Regardless of the outcome, Vela stressed the need for leaders to strike a balance between supporting the crypto sector and protecting consumers, in order to foster innovation and preserve investor freedom.
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