The nomination process for the Democratic Party’s candidate for the 2020 US election is still at the way-too-early to predict stage. Joe Biden, former Vice-President to Barrack Obama, leads most polls, but not by a huge margin. Moreover, pollsters also claim that name recognition plays a big part in early polling. Put simply, the former Vice-President gets a bump because he is better known than the collection of senators, congress members and mayors who are vying for the candidacy with him.
There are around 20 challengers in the race. But, the serious candidates tend to be cited as Biden, Bernie Sanders, Kamala Harris, Pete Buttigieg and Elizabeth Warren. For investors in cryptocurrency, the latter is arguably the one to watch. Warren, alongside Sanders, is polling behind Biden, but bookmakers have put her only marginally behind Biden in the odds. She is a real contender, and one who seems to have momentum behind her, not unlike Barrack Obama in 2008.
For those who don’t know Warren, we are talking about very intelligent person. The one who specialized in the area of marrying economics and law. In short, with the former Harvard professor we are talking about someone who has the capability to understand cryptocurrency. With all due respect, quotes from the current President, who claimed crypto was based on “thin air”. One gets the feeling Elizabeth Warren has a much greater understanding of it.
Warren Sees “Productive Aspects” In Crypto
So, what would a Warren presidency mean for those who trade and buy Bitcoin? Warren has been famed for her detailed policy proposals on a range of economic areas. Also, she has been critical of cryptocurrency in the past. Warren warned about initial coin offerings and their potential to scam investors, especially smaller or casual investors. That got all of the headlines, yet Warren did not hit crypto as hard as some of the media reports would make you believe.
Indeed, the Massachusetts Senators claimed back in 2018: “The challenge is how to nurture productive aspects of crypto with protecting consumers.” As mentioned, Warren is intelligent and astute. She knows that cryptocurrency and blockchain technology have value beyond being investment assets. Using terms like “nurture productive aspects” should be read as a sign of encouragement by those who are wondering what a potential Warren Administration would feel about cryptocurrency a few years from now.
Expect a Measured Policy Should Warren Assume the Presidency
It would, however, be foolish to think that Warren will not do anything about cryptocurrency. Facebook’s Libra project announcement really but the idea of cryptocurrency to the fore in Washington DC over the summer of 2019. Warren has a stated ambition of reining in Big Tech, banks and billionaires, areas like cryptocurrency that still largely operate outside of the control of national governments will be in her sights – make no mistake about it.
We should not assume that Warren will not make mistakes around cryptocurrency, but there certainly should not be as much worry compared with, say, the Trump Administration, which could take a sledgehammer to cryptocurrency without giving much notice. With Warren, you should expect something to happen that is wide-ranging. Will that impact the freedom of cryptocurrency? Probably. Is it a bad thing for crypto investors? Probably not. A measured response from the next President could be the making of cryptocurrency, benefiting large investors and small ones alike.
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