Donald Trump’s pro-crypto campaign promises may be difficult, if not impossible, to keep if he wins the November election, warns Professor Tonya Evans, a digital assets specialist. In an interview with Cryptonews, Evans highlighted that some of Trump’s pledges, such as his vow to immediately dismiss SEC Chair Gary Gensler, face significant legal and procedural hurdles.
Trump’s proposal to remove Gensler on his first day in office conflicts with the reality that such a move would require a lengthy and complex process, spanning months or even years, to finalize.
Evans, who recently chaired a panel at the Crypto4Harris virtual town hall, where industry leaders supported the Democrats, observed that Senate Majority Leader Chuck Schumer has suggested the possibility of crypto legislation being passed by Congress by the end of the year. However, the Democratic National Convention’s 92-page agenda did not address crypto policies, leading to questions about Vice President Kamala Harris’s stance on digital assets.
“I wasn’t surprised that the Democratic Platform didn’t include specific crypto policy positions at this early stage,” Evans commented. “We should be patient as Harris adjusts to her new role as the Democratic nominee. Political shifts on complex issues like cryptocurrency take time and deliberation.”
Evans contrasted this with Trump’s pro-crypto stance, which evolved over more than three years of criticism and harsh taxation. She cautioned that it’s unrealistic to expect an immediate shift from Harris on crypto policy and urged crypto enthusiasts to consider the long-term health of the digital asset ecosystem over short-term political promises. “The promise to fire Gary Gensler on day one is particularly unfeasible given administrative procedures,” she noted.
Evans advised voters to support leaders who understand the complexities of digital assets and are committed to fostering innovation alongside appropriate regulation.
Will Harris Diverge from Biden’s Crypto Approach?
The Biden administration has faced criticism for its stringent approach to crypto regulation, leading to concerns that Harris might continue the same policies if elected. However, Evans believes Harris has an opportunity to differentiate herself by pushing for clearer and more inclusive crypto regulations.
“Harris could set herself apart by focusing on innovation, financial inclusion, and a balanced regulatory framework,” Evans said. “Her ability to engage with the crypto community and address its concerns will be crucial in determining her leadership in crypto matters.”
Evans highlighted Harris’s background in tech policy and her connections to Silicon Valley from her time as a California senator. Her previous work as California’s Attorney General, addressing cybercrime and privacy issues, and her advocacy for digital inclusion suggest a strong grasp of technology and governance.
“VP Harris’s experience and recent appointments, like Gene Sperling and David Plouffe, position her well to tackle future challenges in technology and public policy,” Evans added. “I’m optimistic that she can foster a supportive environment for digital assets.”
With Trump gaining support from the crypto community and making notable appearances, including at Bitcoin 2024 in Nashville, the crypto landscape is actively engaging with both major parties. As discussions continue and pro-crypto groups rally behind Harris, it remains to be seen how her policies will evolve and whether she can address the industry’s needs effectively.
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