With the U.S. election between Republican Donald Trump and Democrat Kamala Harris approaching, crypto leaders urge the next administration to establish clear, supportive regulations. Without decisive action, they warn, the U.S. risks falling behind as other nations create favorable crypto frameworks.
Urgent Call for Regulatory Reform
Ripple CEO, expressed hope that the next administration would support the crypto industry by implementing clearer regulatory guidelines. He advocates for replacing the current SEC Chair, Gary Gensler, known for his critical stance on crypto.
According to Garlinghouse, a pro-crypto regulatory approach could strengthen the industry’s position in the U.S., making it more competitive on the global stage. Both Trump and Harris appear likely to replace Gensler with pro-crypto leadership if they win the election.
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Reports suggest Harris may appoint a pro-crypto SEC chair, while Trump could replace current SEC leadership entirely. Thus, a regulatory shift may encourage blockchain and digital asset innovation.
Warning from Coinbase’s Legal Chief
Additionally, Coinbase’s Chief Legal Officer, Paul Grewal, stressed the economic need for regulatory clarity. Nearly 52 million Americans view crypto as essential to their future, and without regulation, he noted, the industry may thrive abroad.
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According to Grewal, delaying a supportive regulatory framework could cause the U.S. to miss out on the economic benefits of a thriving crypto sector. As the U.S. faces a pivotal moment in crypto policy, industry leaders emphasize that the time for regulatory reform is now.
Clear, consistent regulations, they argue, will encourage innovation, protect American interests, and ensure the U.S. remains crucial in crypto economy.
