At a recent crypto event, Republican Congressman Byron Donalds made strong claims about how Donald Trump could change cryptocurrency regulation if he wins the upcoming U.S. presidential election. Trump, set to compete against Vice President Kamala Harris, is expected to bring major reforms to the regulatory environment, according to Donalds, a key member of the House Financial Services Committee.
Donalds didn’t hold back in criticizing SEC Chairman Gary Gensler, blaming him for the challenges the crypto industry has faced under the Biden administration. He called Gensler “arrogant” and “anti-innovation” and suggested that if Trump becomes president, Gensler would likely be replaced.
Donalds also criticized the Democrats’ approach to regulation, claiming it hinders growth and innovation in the crypto sector.
Under the current administration, with Kamala Harris as Vice President, the SEC has taken a strict approach to regulating the crypto industry. This includes actions like the ongoing appeal against a federal court ruling in favor of Ripple. Donalds believes Harris shares responsibility for this tough stance. He revealed that in a recent conversation, Trump discussed plans to reform crypto regulations, aiming to create a more supportive environment for innovation.
Donalds also proposed the idea of a “regulatory sandbox,” which would allow crypto startups to operate with fewer restrictions and more freedom to innovate. He argued that this approach would help new companies grow without being weighed down by heavy regulation, a view in line with the broader Republican belief that lighter regulations can encourage economic and technological progress.
According to data from Polymarket, 58.5% of bettors in the 2024 Election Forecast are backing Trump, with Harris receiving 41.3% support. Harris is struggling in key swing states, with Nevada being the only one where she holds a close position, getting 49% support compared to Trump’s 51%. The gap between their support has widened significantly since early October, with Trump’s lead steadily growing.
If Polymarket’s forecast is accurate and Trump wins, the crypto industry could see a big boost. A shift in regulation, coupled with Gensler’s removal, could pave the way for more innovation and investment, creating a more favorable landscape for digital assets.
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