The cryptocurrency industry has spent years at odds with Democratic President Joe Biden’s administration over regulatory issues, but executives are hoping for an easier time from Washington regardless of who wins the White House next week.
Cryptocurrency asset managers including Bitwise and Canary Capital are planning new products ahead of what many executives hope will be a more crypto-friendly administration, while others including Ripple plan a new push for cryptocurrency legislation in the new Congress , according to executives and lawyers.
“Regardless of who wins, there will be a new approach to how we move forward with cryptocurrencies,” said Rebecca Rettig, chief legal and policy officer at cryptocurrency firm Polygon Labs.
Republican candidate Donald Trump has promised to be a “crypto president,” and executives also hope that Vice President Kamala Harris, the Democratic nominee, will take a softer stance than Biden.
Kamala has not yet detailed her plans for cryptocurrencies, but executives were encouraged by her pledge to promote digital asset innovation and protect cryptocurrency investors.
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Mark Cuban, Kamala’s representative and cryptocurrency-enthusiastic billionaire businessman, also criticized a crackdown on cryptocurrencies under SEC Chairman Gary Gensler, appointed by Biden.
“It will definitely be friendlier under Kamala,” Cuban wrote in an email to Reuters, adding that his pledge to protect cryptocurrency users is “important.”
Gensler insisted that the crypto sector is a risk to investors, pointing to the collapse of FTX and several other bankruptcies and frauds that have triggered calls for stricter regulation. Since the launch of bitcoin in 2009, the cryptocurrency market has been extremely volatile.
Gensler’s SEC has filed dozens of lawsuits against Coinbase, Kraken and other companies, accusing them of flouting U.S. securities laws designed to inform investors about potential risks.
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Characters from the world of cryptocurrencies denied the SEC’s allegations. They say cryptocurrencies, which have a global market value of around $2.5 trillion, should be regulated like commodities.
Gensler, whose term ends in 2026, did not say his views on cryptocurrencies have changed. While Trump has said he will fire Gensler, Kamala has not suggested she will seek to replace him. An SEC spokesperson declined to comment.
Trump’s plan to promote bitcoin has earned him several major cryptocurrency donors, including Gemini founders Cameron and Tyler Winklevoss. At least one industry boss, Ripple President Chris Larsen, gave a big check to Kamala’s campaign committee, and new Democratic-aligned cryptocurrency groups raised funds for her.
