Experts predict that Republicans will continue to prioritize pro-crypto initiatives
The potential return of former crypto skeptic Donald Trump to the White House has sparked hopes of a new crypto-friendly era in Washington. However, experts suggest that it is uncertain how the Republican party would handle crypto issues if it were to gain control of the government.
Cato Institute Director of Financial Regulation Studies Jennifer Schulp mentioned that predicting how campaign promises would be implemented is challenging. She noted that compared to the Biden administration’s hostility towards crypto, a Republican administration might not need to do much to appear more crypto-friendly.
Recently, Republicans have actively engaged with crypto voters. The Republican National Committee incorporated pro-crypto language into its party platform and Trump confirmed his attendance at the Bitcoin Conference in Nashville later this month.
Following the failed assassination attempt on Trump, the crypto market exhibited positive movement, indicating improved election prospects for him.
Ohio Senator J.D. Vance, Trump’s announced running mate, has expressed support for the crypto industry and disclosed owning Bitcoin in his 2022 Senate financial disclosure form.
Schulp highlighted the genuine interest Republicans have shown in creating a crypto-friendly regulatory environment, suggesting a potential shift towards more favorable crypto regulations under a GOP administration.
Legislative activities in the House have signaled Republicans’ commitment to crypto issues, with efforts such as the FIT21 Act receiving bipartisan support.
Moving forward, the decisions made by Republicans in committee chairmanships and other appointments will further indicate their stance on crypto issues.
As both parties respond to increased pressure from the crypto industry and users, the details of the next era of crypto regulation remain uncertain. Elected officials are recognizing the growing interest in crypto among constituents, particularly the younger demographic.
Edited by Andrew Hayward and Josh Quittner
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