Presidential debate may clarify regulatory approach to cryptocurrencies

Moe Vela, former senior advisor to President Joe Biden, shared his thoughts on the possible role of cryptocurrencies during tonight’s presidential debate.

The presidential debate between incumbent Joe Biden and former President Donald Trump could be the most televised event of the year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets like Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington.

In addition to approved spot BTC ETFs, expected green lights for spot ETH ETFs, and crypto bills like FIT 21, reports from Grayscale Investments and The Harris Poll found that “nearly half of likely U.S. voters believe that a portion of their future investment portfolios will include cryptocurrencies.”

Will cryptocurrencies enter the debate?

Moe Vela, senior advisor at Unicoin, told crypto.news in an interview that moderators may not answer cryptocurrency-related questions. However, he expects at least one candidate to comment on cryptocurrencies in some form.

As previously reported, Trump said that bitcoin mining could be the antidote to proposed central bank digital currencies (CBDCs). Trump announced that all Bitcoin mining should take place in America and called himself the “crypto president.”

While Trump has apparently rebranded his candidacy as pro-crypto, the former US president has shared skeptical remarks in the past. In 2021, Trump called Bitcoin a scam that impacted the value of the US dollar.

Vela suggested Trump’s crypto-revolution could be “political bling.” However, the former White House adviser stressed that “both candidates and their campaigns MUST get clear soon on what kind of regulatory environment they will design and enforce.”

Under the Biden administration, government agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have tightened the noose around cryptocurrencies in an attempt to protect investors from risky investments.

Per Vela comments, “regulators and government agencies can too often be overzealous in their oversight roles,” and “regulators who deny and use regulation to hinder, discourage, dismantle or destroy an industry are dangerous.”

As the digital asset oversight litigation strategy has been met with fierce opposition from industry advocates, the Biden administration has also issued an executive order (EO) mandating a government-wide approach to crypto policy.

Carole House, one of the authors of President Joe Biden’s EO, recently returned to the White House ahead of the election. Vela believes this development signals the current regime’s recognition of the integral role of cryptocurrencies in America’s future.

Whatever the case, as cryptocurrencies become more entrenched in American society, Vela emphasized that leaders should balance being pro-industry and pro-consumer to benefit innovation and investor freedom.