Facing SEC heat, execs eye Trump as crypto’s ‘savior’

  • Market watchers forecast SEC’s escalated actions will drive founders offshore. 
  • Messari’s founder claims that Trump is pro-crypto and could help the industry. 

Following the US SEC’s recent warning to Uniswap (UNI), a decentralized exchange, about potential securities law violations, there’s growing unease among American cryptocurrency developers.

Brian Armstrong, CEO of Coinbase, has publicly advocated for the election of politicians who support cryptocurrencies. Yet, concerns have arisen among industry players due to a US Senate Banking Committee hearing on illegal activities in digital assets and Uniswap’s enforcement notice.

According to Messari founder Ryan Selkis, if we’re considering which presidential candidate is most likely to support cryptocurrency in the Western world, he suggests voting for Donald Trump.

If President Warren is elected for a second term, she will oversee U.S. financial services once again. Should Chairman Boden secure re-election, Warren intends to put an end to cryptocurrencies completely. Unwaveringly, if you wish to preserve crypto in the Western world, Trump is your best bet.

Can Trump cool off the regulatory heat on crypto?

Previously, Mike Novogratz, the CEO of Galaxy Digital, expressed a comparable viewpoint during an interview about Trump being favorable towards cryptocurrencies. He stated:

“I think Trump can make that claim (being pro-crypto) because he’s not in power now.” 

Novogratz expressed that Trump’s position on cryptocurrency was undecided, with an equal chance of being supportive or against it. However, should Trump gain power, there is a possibility that his stance could shift.

Despite the rise in enforcement actions, it is anticipated by some that many US cryptocurrency developers will consider moving their operations to countries with more lenient regulations, such as Dubai or Singapore.

Due to recent regulatory moves against Decentralized Finance (DeFi) project Uniswap in the United States, Jason Yanowitz of Blockworks commented:

“The SEC is pushing the best founders offshore. Hayden built Uniswap from Brooklyn. The US government is now telling future Haydens to go build in Dubai or Singapore. This has to change soon, or we’ll crush innovation for years.”

Instead of “However, to counter SEC chairman Gensler’s actions, Messari’s founder urged crypto figures to back Trump as the final move,” you could also say:

Instead of asking for thank-you notes or discreet cocktail hour acknowledgements about the perceived corruption of the SEC under Gensler, I’d prefer if people made donations to help flip the Senate and for a few key figures to make substantial contributions for Trump.

So, the November elections will be crucial for the US and crypto industry. 

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2024-04-11 15:35