As the US presidential election approaches, investors are wondering whether a Trump or Harris administration would be more favorable to cryptocurrency investors. This comes as Bitcoin (BTC-USD) surpassed $67,000 for the first time since July.
Duke Financial Economics Center speaker Lee Reiners joins Catalysts to discuss this topic with the election just three weeks away.
Reiners suggests that while investors are primarily concerned about cryptocurrency prices, a Trump administration could “have a more positive impact.” However, he points out that for crypto to have long-term success beyond the presidency, “you’re going to have to have a lot more people you trust.” He notes that crypto platform failures like the Sam Bankman-Fried and FTX (FTT-USD) cases have left investors wary of the space.
“I think one way to create trust is to put in place meaningful regulations that provide the basic protections that consumers and investors enjoy in securities, banking and other traditional financial assets,” Reiners explains. “So I think in the long term, actually, a sensible regulatory framework would be better for crypto, but I don’t think that’s what the Trump administration has in mind.”
Regarding Vice President Kamala Harris’ campaign, Reiners points out that there is limited information available on her stance on crypto regulation. The closest thing to a political statement was a proposal to give black men the opportunity to invest in this asset class.
“I think, however, that she and her team recognize that the current status quo is untenable,” he told Yahoo Finance.
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This message was written by Angel Smith
