Will Trump’s Election Transform the Crypto Regulatory Landscape?

The post Will Trump’s Election Transform the Crypto Regulatory Landscape? appeared first on Coinpedia Fintech News

While speaking at a crypto event, Republican congressman Byron Donalds, who is an important member of the House Financial Services Committee, asserted that Donald Trump would transform the cryptocurrency regulatory environment if he gets elected as the president of the United States in the November presidential election – in which he will compete against Democratic candidate Kamala Harris, the Vice-President in the current Biden administration.

He lashed out at Gary Gensler, the chairman of the US Securities and Exchanges Commission, and also challenged the political stance of the Democrats on regulation. Let’s dive in to learn more about Trump’s Crypto Plan! 

Trump’s Crypto Plan: Will He Reshape the Regulatory Landscape?

Under the current US administration led by Democrat leader Joe Biden, the US SEC has launched several regulatory battles against the crypto industry, including the regulator’s latest decision to appeal against a pro-Ripple federal court ruling. As a Vice-President in the administration, many believe, Kamala is also responsible for the stricter regulatory approach of the Biden administration. Donald claimed that he had engaged in a detailed conversation with Trump over the crypto regulatory issue recently, adding that during the conversation, Trump had shared his intention to reform how the crypto industry is regulated.    

Republican’s Criticism Against SEC Chair

Donalds accused SEC Chairman Gary Gensler of being responsible for the struggles the crypto industry has faced under the Biden regime. He even portrayed  Gensler as an arrogant and anti-innovative administrator. If Donalds’ statement is to be believed, Gensler would be the first one to lose his chair if Trump wins the top chair of the White House.

Republican’s Call for a ‘Regulatory Sandbox’

As per Donalds’ view, what the crypto industry needs urgently is a ‘regulatory sandbox,’ a space where new businesses can innovate without heavy regulation. It seems that he believes the sandbox would allow crypto startups to experiment with their ideas in a controlled environment. 

Republicans Vs Democrats: Political Divide Over Crypto Regulations 

Donalds used the opportunity, offered by the event, to make a strong political statement regarding the Republicans’ political view on regulation. Projecting the political element of the appointment process to the SEC chair post, Donalds alleged that Gensler’s actions reflect the political stand of Democrats on regulation. He opined that the Democrats strongly oppose a lighter regulatory environment. 

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Polymarket Bettors Predict Trump’s Victory 

At the time of writing, nearly 58.5% of the total Polymarket bettors, who have responded to the 2024 Election Forecast bet, favor Donald Trump, as against 41.3% support received by Kamala Harrris. Notably, the Polymarket data shows that the majority of bettors believe Kamala stands no chance in any of the swing states, except Nevada – where the Democrat candidate has gained 49% support, giving a tough fight to the Republican candidate’s 51%. Interestingly, till early October, things were not so unfavorable for Harris.

It was after October 8 that the gap between the blue line indicating Harris’s support base among bettors and red line representing Trump’s support base among bettors began to widen. Since then, the gap has been increasing consistently, pushing the red line higher and higher. Now, there is at least 18% difference between these two lines. 

In conclusion, if the Polymarket forecast comes true, the crypto market is likely to experience a significant boost shortly. 

Stay tuned to Coinpedia for more US political stories connected to the crypto market!