Moe Vela, former senior advisor to President Joe Biden and senior advisor to Unicoin, recently spoke to crypto.news, stressing the importance of proactive and balanced cryptocurrency regulations.
Former President Donald Trump has boldly declared himself the “crypto president,” positioning cryptocurrency at the heart of his election campaign. Embracing Bitcoin with newfound fervor, Trump has pledged to make the U.S. a global hub for Bitcoin mining and has started accepting crypto donations for his campaign.
This focus on cryptocurrencies has become a recurring theme in the 2024 U.S. presidential race, where incumbent President Joe Biden finds himself recalibrating his stance on cryptocurrencies.
Biden’s team, possibly feeling the heat of the competition, has started to show a warmer side to cryptocurrencies. His campaign has explored engaging with crypto payments through platforms like Coinbase and softened their rhetoric around regulations
This political tug-of-war over crypto policies could have profound implications for the future of digital currencies in the U.S. and beyond. The direction taken by the next U.S. president will likely influence global standards.
Vela claims that for the crypto industry to thrive, it must be proactive in shaping fair and inclusive regulations rather than reacting after the fact.
How could Trump’s policy and promises, as well as Biden’s potential regulatory actions, influence investor behavior and impact the crypto industry?
The underlying challenge AND opportunity with cryptocurrency, from an investor perspective, is that there are many NEW investors in the sector. It could be argued that cryptocurrency started out as somewhat of a fad or movement of sorts and piqued the curiosity and spirit of adventure of many who never felt they had access to investing opportunities. It was and still remains a new frontier in many ways. Trump’s self-proclamation and the Biden Administration’s regulatory approach are both being watched very carefully by the sector as where these two candidates stand on the issue can very well change the outcome of this election in light of how tight the race appears to be. Millennial and younger crypto investors, of which there are millions, could be swayed politically based on their pocketbook and newfound ability to invest and not by some of the more traditional issues of past elections like climate change, abortion, immigration, and international affairs.
Trump recently declared himself as the “crypto president.” What are your thoughts?
Regrettably, as someone with decades of political experience and who was part of the launch of an asset-backed crypto that is growing exponentially, it’s somewhat embarrassing to see any reaction at all to Donald Trump claiming to be the “crypto president.” He has a clear and blatant track record of saying what his audience wants to hear and only that which is politically calculated. For anyone in our crypto industry to fall for it is astonishing. His comments on crypto are literally a complete reversal of just a year or two ago, it’s just political bluster.
How should the Biden campaign respond to the rapid increase in miners following Trump’s self-proclamation, considering the significant number of American crypto investors and the potential impact on the upcoming presidential election?
The rapid increase in miners post Trump’s self-proclamation is demonstrative of naivete, at best. That said, it should also be a wake-up call to the Biden campaign, the Biden Administration, and the Democratic Party. If I was still advising the President, I would remind him that there are over 60 million Americans who have invested in cryptocurrency, many of which are millennials and young professionals, a large swath of voters who could make or break a Presidential election. The Biden campaign would be foolish to continue to concede on the issue of crypto and the Biden Administration should take this opportunity to express their support of cryptocurrency and creation and implementation of regulations that are pro-crypto and protective of investors and consumers at the same time. This is their chance to step up to the plate on this issue.
Why are your thoughts on Biden accepting crypto donations?
The Biden campaign should absolutely accept crypto campaign donations, and whether it is only on CoinBase or others is irrelevant, in my opinion. The acceptance of crypto in today’s campaigns is demonstrative that a candidate understands that crypto is here to stay and a recognition of its impact and utilization.
How do the sentiments of crypto investors reflect broader trends regarding President Biden’s regulatory approach to cryptocurrency, and what should his administration do to address these concerns?
Regulation is inevitable. The sooner the crypto community accepts that reality, the sooner we can help create a regulatory environment that promotes growth in the sector and protects consumers, preventing nefarious behavior at the same time. For over two years, I have been encouraging crypto investors and crypto thought leaders around the globe to be at the table during the development of these inevitable regulations rather than wait until they are being implemented and then complain. Our government is for, by, and of the people, so our crypto industry should ensure at this stage that the regulations are fair, inclusive, preventative, and promote growth. The Biden Administration has a golden opportunity to set forth a set of regulations that do just that, and they should do so in short order. It’s time for regulators to enforce regulations that tell consumers and investors how THEY CAN safely invest and participate, rather than always scaring us into why WE CAN’T OR SHOULDN’T.
Based on their recent actions, how do you think Donald Trump’s and Joe Biden’s approaches to cryptocurrency regulation compare?
I think because cryptocurrency is still somewhat of a new frontier, my hope is that whether it is Donald Trump or Joe Biden, the regulatory environment as it will relate to cryptocurrency will be one – let me put it another way, I believe it must be one that regardless of who it is, regardless of which party is in control, and in power, I believe that cryptocurrency regulation must find a healthy balance between being supportive of the industry and the growth of the sector, at the same time doing what regulation’s original intent is, which is to prevent nefarious behavior and protect the unsophisticated investor and consumer. I don’t think it matters which of these two gentlemen is President, I really believe that that is what the cryptocurrency sector requires. The regulations that will be created, implemented, and enforced by either of them should, and I hope, contain that healthy balance.
Depending on who wins the election, what might the regulatory landscape for cryptocurrencies look like in the U.S. over the next four years?
Regardless of which administration is in place, cryptocurrency, as we all know, is still somewhat of a new frontier. So, I think the regulatory environment for the next four years, regardless of which administration, could be some trial and error. It could be some hit-and-miss, which is not uncommon when regulations for a new industry are put in place. Sometimes, they miss the mark a little bit because not everybody fully understands the sector, and I think that’s very much the case here with cryptocurrency. So I think what you’re going to see are some regulations, regardless of which administration, that will need to be tweaked, will need to be enhanced, will need to be amended, and may even need to be deleted in the future. So I think that’s what the next four years are going to be like. Trial and error hit and miss, and kind of the regulatory dance, as I call it, until you get settled in with the regulatory environment that fosters that balance that I referenced.
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