Cryptocurrency markets are affected by the shadow of the US elections, with polls triggering fluctuations in the charts. As we approach November, it won’t be surprising if election-related volatility continues to increase. However, a famous Canadian investor believes that significant changes in the US cryptocurrency landscape will occur regardless of who wins the elections.
US Crypto Regulations
Last year around this time, we were discussing Representatives working on some crypto regulation, Senators expressing opinions on certain bills, and the White House holding crypto sessions. What do we have now? A big zero, as the elections intervened, and the House and Senate moved away from the crypto agenda, leaving this matter to the new US administration.
According to Kevin O’Leary, regardless of who wins the fierce battle between Republicans and Democrats, forming a regulatory framework for cryptocurrencies will be one of the priority issues. In his latest interview, he mentioned that politicians have started to make bipartisan progress on crypto bills and added;
“We will have a crypto policy regardless of who enters the White House.”
Trump is pro-crypto, and Kevin says he has discussed this with him. However, he has not been successful in learning Harris’s stance on crypto. He said the following about Harris;
“She has no background, which is probably an advantage in some ways. She has a blank page. She can start creating policies as she wishes.”
Cryptocurrency Bills
Senate Majority Leader Chuck Schumer promised earlier this week to take more steps on crypto regulations. Chuck Schumer also used the phrase “we can’t keep burying our heads in the sand,” clearly stating that crypto regulations will not be overshadowed due to the election agenda.
The Financial Innovation and Technology Act for the 21st Century was passed by the House of Representatives earlier this year. All but three Republicans supported the bill, while 71 Democrats voted in favor.
Although late, cryptocurrencies are emerging from underground. They are starting to be traded on exchanges and entering regulations. Once the legal framework is fully established, crypto will become the center of global digital finance. If someone had described these days 10 years ago, we would probably have laughed. Nakamoto would most likely cry if he saw where Bitcoin and blockchain have evolved.
