Trump vs. Harris Doesn't Affect Bitcoin: BlackRock CEO
The Trump vs. Harris presidential election has captivated the cryptocurrency sector, but BlackRock CEO Larry Fink believes it won't affect Bitcoin's development.
Fink said on October 15 during a BlackRock Q3 results call that the 2024 U.S. election may not affect Bitcoin. He doubted “either President or other candidate would make a difference.”
Instead, he called Bitcoin a “asset class in itself” that could transcend global politics. He said liquidity and transparency drive crypto adoption, not regulation.
This viewpoint supports his conviction that “the utilization of digital assets is going to become more and more of a reality worldwide,” regardless of location.
Trump has revealed intentions to issue a currency with DeFi's World Liberty Financial.
In contrast, Vice President Kamala Harris has lately made her first crypto policy pronouncements, trying to regulate digital assets.
This endorsement and Trump's outspoken support show bipartisan support for cryptocurrency. Fink's statements raise questions about the outreach's effectiveness.
Regulation is still important in crypto
Regulation is essential for the cryptocurrency business, particularly in the U.S., notwithstanding Larry Fink's view.
SEC Commissioner Mark Uyeda called the agency's crypto regulation a “disaster” owing to unclear guidelines.
The bitcoin community shares this opinion as the SEC is criticized for its “regulation-by-enforcement” agenda.
The SEC has failed to regulate cryptocurrencies, instead suing major industry participants, according to critics.
A group of seven U.S. states challenged the SEC's bitcoin regulation.
Lead by Iowa Attorney General Brenna Bird, the states submitted an amicus brief stating that the SEC's effort to regulate cryptocurrencies is a “power grab” that will hinder innovation, hurt the crypto business, and overreach its jurisdiction.
This group believes the regulatory environment is excessively unclear and punishing, hindering bitcoin growth.
