As the U.S. presidential election approaches, the cryptocurrency industry is hopeful for a more supportive regulatory environment from Washington, regardless of who wins the White House. Industry leaders are preparing for potential shifts in policy that could benefit the sector.
What Happened: The U.S. cryptocurrency sector is optimistic about a more supportive stance from Washington, regardless of the upcoming presidential election outcome, Reuters reported on Thursday. Industry leaders foresee a shift in regulatory approaches.
Executives from firms like Bitwise and Canary Capital are preparing new offerings, anticipating a crypto-friendly administration.
“We do think that, whoever wins on Tuesday, crypto markets will be looking at a more favorable regulatory environment in a new administration in the new year,” a spokesperson for Bitwise said.
Meanwhile, Ripple (CRYPTO: XRP) plans to advocate for new crypto legislation in Congress. Rebecca Rettig of Polygon Labs (CRYPTO: MATIC) emphasized a fresh approach regardless of the election’s winner.
Republican candidate Donald Trump has promised to be a “crypto president,” while Democratic candidate Kamala Harris is expected to adopt a more lenient stance than President Joe Biden. Harris has not detailed her crypto plans, but her commitment to digital asset innovation has encouraged industry leaders, Reuters noted.
“For the crypto industry, this election isn’t about choosing one party over another – this is about supporting candidates who recognize that the U.S. needs to support innovation,” said Lauren Belive, Ripple’s head of U.S. policy.
Criticism of the current SEC Chair Gary Gensler has been voiced by Harris supporter Mark Cuban. The crypto sector has faced numerous SEC actions under Gensler, who cites investor risks. Trump plans to remove Gensler, but Harris has not indicated a similar intention.
Crypto firms have invested over $119 million in pro-crypto candidates, aiming to advance legislation supporting stablecoins.
Price Action: At the time of writing, BTC was trading at $72,250.90, Ethereum (CRYPTO: ETH) was trading at $2,636.04 while Dogecoin (CRYPTO: DOGE) was trading at $0.1712, as per Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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