Crypto’s Role in Biden vs. Trump Debate: Insights from Moe Vela

Moe Vela, a former senior advisor to President Joe Biden, shared insights on crypto’s potential role in the upcoming presidential debate.

The debate between Joe Biden and Donald Trump is expected to be a major televised event. For cryptocurrency enthusiasts, this timing is significant as digital assets like Bitcoin (BTC) and Ethereum (ETH) are increasingly discussed in Washington.

With approved spot BTC ETFs, anticipated spot ETH ETF approvals, and crypto bills such as FIT 21, reports from Grayscale Investments and The Harris Poll indicate that “nearly half of likely American voters think some of their future investment portfolios will include crypto.”

Will Crypto Be Discussed in the Debate?

Moe Vela, a senior advisor at Unicoin, mentioned in an interview that while moderators may not ask crypto-related questions, he expects at least one candidate to address the topic in some capacity.

Donald Trump has previously stated that Bitcoin mining could counter proposed central bank digital currencies (CBDCs). He has advocated for all Bitcoin mining to occur within America, labeling himself the “crypto president.”

Despite this pro-crypto stance, Trump has shared skeptical views in the past. In 2021, he referred to Bitcoin as a scam that impacted the U.S. dollar’s value.

Vela suggested that Trump’s crypto u-turn might be “political bluster.”

He emphasized the importance of both candidates and their campaigns clearly defining the regulatory environment they plan to establish and enforce.

Under Biden’s administration, agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have increased their regulatory efforts to protect investors from risky investments.

According to Vela, “regulators and governmental agencies too often can be overzealous in their oversight roles,” and “regulators who are in denial and using regulations to obstruct, discourage, dismantle or destroy a sector are dangerous.”

The litigation strategy for digital asset oversight has faced criticism from industry proponents. The Biden administration has also issued an Executive Order (EO) promoting a comprehensive government approach to crypto policies.

Carole House, one of the authors behind Biden’s EO, recently returned to the White House ahead of the elections. Vela believes this signals the current administration’s acknowledgment of crypto’s crucial role in America’s future.

As cryptocurrencies become more integrated into U.S. society, Vela stressed the need for leaders to balance supporting the sector and protecting consumers to foster both innovation and investor freedom.

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