Whoever wins the next US election and becomes president will need to work for regulatory clarity for the crypto industry, says Lucy Gazmararian, founder and CEO of Token Bay Capital.
Gazmararian shared this view during an interview with CNBC on September 2. She noted that the bull market spike seen earlier this year occurred amid the Bitcoin (BTC) exchange-traded fund mania.
However, much like ETFs, we are seeing the rise of cryptocurrencies as a political topic as elections approach.
Gazmararian on Cryptocurrency Clarity in the US
Although the cryptocurrency market’s upward trajectory has slowed slightly, the founder of Token Bay Capital is optimistic about the industry. According to her projections, the market could benefit from key bullish catalysts in the fourth quarter of the year and the BTC price will be higher than current levels, just above $58,000.
With just over two months to go until the US election, the discussion about what the outcome could mean for crypto is quickly gaining momentum.
According to Gazmararian, whoever wins, they will have to seek to clarify cryptocurrency regulation. The new president will have to provide the necessary impetus to promote a “reasonable crypto framework,” the founder of Token Bay Capital added.
She said the US needs this clarity to reverse the negative effects seen over the past four years, particularly with the implementation of the European Union’s MiCA regulation. She added that the US is “lagging behind” in regulatory clarity and that it is essential that the winner of the election “stands with the industry”.
Trump or Harris?
For many observers, the crackdown by the US Securities and Exchange Commission has left America lagging behind other countries and jurisdictions. The implementation of the regulation has had only negative effects on the industry.
This is why the debate over whether a Donald Trump victory could be beneficial for space is rife.
Despite recent roundtable discussions on cryptocurrency, calls from crypto advocates, and the messaging from Kamala Harris’ campaign, the lack of a voice from the vice president on the issue has many crypto advocates worried. Recent SEC actions against OpenSea and other developments haven’t helped either.
Meanwhile, former President Donald Trump has garnered a lot of positive feedback from cryptocurrency industry executives for his pro-crypto stance. Trump’s appearance at Bitcoin 2024 and his promise to end the current administration’s “war on crypto” also ranks him well within the industry. Trump’s chosen vice president, JD Vance, is also pro-crypto.
But Gazmararian believes all that matters is that the new government backs a framework that provides the clarity and support the sector so badly needs.
