As the 2024 U.S. election approaches, the cryptocurrency industry is amplifying its influence, with prominent leaders supporting regulatory changes that could shape the financial future of the U.S.
Key figures like Ripple's Brad Garlinghouse and Coinbase's Paul Grewal are pushing for a clear regulatory framework for cryptocurrency. They emphasize that millions of Americans consider cryptocurrency part of their financial strategy.
Kamala Harris has received significant support from donors linked to technology and cryptocurrency. Dustin Moskovitz contributed $30 million to her campaign, while Netflix's Reed Hastings donated nearly $7 million.
Ben Horowitz, who previously supported Trump, recently donated $2.5 million to a super PAC supporting Harris. Data from the Federal Election Commission shows that Harris's outreach to Silicon Valley is proving effective, helping her campaign raise and spend more than double that of Trump.
Ripple and Coinbase Leaders Call for Clearer Cryptocurrency Rules
Garlinghouse and Grewal are urging the next administration to establish a crypto-friendly regulatory approach. Garlinghouse highlighted that millions of Americans view cryptocurrency as an integral part of their financial plans. Both Harris and Trump are expected to consider pro-crypto leaders for the SEC if elected. This potential leadership change is creating optimism in the industry, with many hoping for a more supportive regulatory environment.
Coinbase's Grewal emphasized the urgency of clarifying regulations, warning that the U.S. risks falling behind if action is delayed. He pointed out that other countries are actively seizing opportunities that the U.S. may miss. Grewal noted that over 52 million Americans consider cryptocurrency a part of their financial lives, increasing pressure on the next administration to address these demands.
Industry leaders believe that clearer regulations on cryptocurrency could drive innovation and stability in the U.S. cryptocurrency market. A change at the SEC is also anticipated, with the next administration potentially considering replacing Gary Gensler. Gensler's strict stance on cryptocurrency has created tension with the industry, and a leadership change could open the door for more supportive policies.
With the cryptocurrency industry and the technology sector actively reallocating their resources for the upcoming election, the risks are very high. Both main candidates are open to appointments that support cryptocurrency, and the regulatory landscape may soon change to better support the development and innovation of the industry.
