A new working group devoted to cryptocurrency, purportedly supported by former US President Donald Trump, is demanding immediate regulatory clarity in order to spur innovation and establish the US as a world leader in blockchain technology. The announcement is just one more indication that cryptocurrency is emerging as a key topic in the US presidential election of 2024.
The group, which is composed of pro-crypto policy advocates, fintech entrepreneurs, and Republican lawmakers, seeks to draft laws that safeguard investors and promote blockchain development in the United States. The working group is getting ready to present a comprehensive policy roadmap in the upcoming weeks, according to those familiar with the initiative.
A Change in Political Power in Crypto?
Trump has recently taken a far more accommodating stance toward digital assets after previously dismissing Bitcoin as “based on thin air.” In addition to expressing support for financial freedom and opposing central bank digital currencies (CBDCs) and what he calls overreach by agencies such as the SEC, his campaign now takes cryptocurrency donations.
In line with these opinions, the working group calls on lawmakers to enact legislation that establishes distinct lines between securities and commodities, encourages crypto entrepreneurship, and stops blockchain talent from fleeing the country due to regulatory uncertainty.
The Biden administration’s more cautious approach, which has included calls for stablecoin restrictions and enforcement actions, contrasts with its position. Both parties are now being pressured to adopt more definite stances as cryptocurrency becomes a contentious issue among younger and independent voters.
The future of U.S. crypto policy may be altered by this most recent development, particularly if Trump wins reelection and utilizes his position to influence legislation or appointments at important agencies.
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