- Crypto industry leaders push for clear regulations ahead of the 2024 U.S. election.
- Kamala Harris gains strong financial backing from Silicon Valley’s tech and crypto donors.
- SEC leadership changes expected, with both candidates likely to appoint pro-crypto figures.
As the 2024 U.S. election approaches, the crypto industry is amplifying its influence, with prominent leaders advocating for regulatory changes that could shape America’s financial future. Key figures like Ripple’s Brad Garlinghouse and Coinbase’s Paul Grewal are pushing for a clear crypto regulatory framework. They stress that millions of Americans view crypto as a part of their financial strategy.
Kamala Harris has received substantial backing from tech and crypto-aligned donors. Dustin Moskovitz has contributed $30 million to her campaign, while Netflix’s Reed Hastings donated nearly $7 million. Ben Horowitz, who previously supported Trump, recently donated $2.5 million to a super PAC supporting Harris. Federal Election Commission data shows that Harris’ outreach to Silicon Valley is proving effective, enabling her campaign to raise and spend more than twice as much as Trump’s.
Ripple and Coinbase Leaders Call for Clearer Crypto Rules
Garlinghouse and Grewal are urging the next administration to establish a crypto-friendly regulatory approach. Garlinghouse highlighted that millions of Americans see crypto as integral to their financial plans. Both Harris and Trump are expected to consider pro-crypto leaders for the SEC if elected. This potential leadership shift is generating optimism within the industry, with many hoping for a more supportive regulatory environment.
Read also: Crypto Giants Fund U.S. Election: $200M in Donations Fuel Trump and Harris Campaigns
Coinbase’s Grewal underscored the urgency of regulatory clarity, warning that the U.S. risks falling behind if it delays action. He pointed out that other countries are actively embracing opportunities that the U.S. might miss. Grewal noted that over 52 million Americans view crypto as a part of their financial lives, adding pressure on the next administration to address these demands.
Industry leaders believe that clearer crypto regulations could drive innovation and stability in the U.S. crypto market. A shift at the SEC is also anticipated, with the next administration likely to consider replacing Gary Gensler. Gensler’s strict stance on crypto has created tension with the industry, and a leadership change could open the door to more supportive policies.
With the crypto industry and tech sector actively aligning their resources with the upcoming election, the stakes are high. Both major candidates are open to pro-crypto appointments, and the regulatory landscape may soon shift to better support the industry’s growth and innovation.
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