With President Joe Biden’s poor performance in the highly anticipated presidential debate, some have been looking for someone to replace him to take on former President Donald Trump. And what do they think about cryptocurrencies?
Some people wanted cryptocurrencies to be part of the debate Thursday night, but that didn’t happen as Trump made numerous false claims and pundits and media outlets reported Biden’s poor performance. Now, Democrats are reportedly talking about replacing Biden with another presidential candidate, which could be a huge feat.
Biden should agree to a withdrawal, John Aughenbaugh said, and then it would be “a kind of free-for-all.” Assistant Professor of Political Science, Virginia Commonwealth University.
“At that point, there could be any number of challengers who could put themselves forward as potential candidates. And if the party decides to go down this path, it should be noted that time is of the essence, with the convention less than two months away.” Aughenbaugh said in an email to The Block:
Media outlets have reported on several potential Democratic challengers, including Vice President Kamala Harris, California Governor Gavin Newsom, Michigan Governor Gretchen Whitmer, Ohio Senator Sherrod Brown, former First Lady Michelle Obama and Minnesota Rep. Dean Phillips.
“All of the potential candidates are going to have a hard time filling the gaps within the Democratic Party while also getting people to vote for them, not vote for Trump, or not vote at all,” Ogenbaugh said.
Cody Carbone, vice president of policy at the Digital Chamber of Commerce, said he doesn’t think Biden will be replaced, adding that it’s too soon.
“If you look at all the candidates being considered for the top spot in the Democratic Party, most of them have no opinion on cryptocurrencies. That needs to change like it did yesterday.” Carbone said in an interview.
Find out how potential candidates have viewed cryptocurrencies over the past few years.
Gavin Newsom
“Newsom has had to be somewhat bearish on cryptocurrencies, but somewhat bullish on Web3 and innovation in general, which I think is great,” Carbone said. “I’m not necessarily anti-crypto or pro-crypto in this cycle, but I’m looking for a candidate who is going to be pro-innovation and pro-American leadership. I think if we can get there, they’re going to be pro-blockchain and pro-crypto.”
california governor Signed An executive order to begin implementing a cryptocurrency framework for their states, building on an executive order issued by the Biden administration in May 2022. Both men urged regulators to work together to mitigate risk and foster innovation.
But Newsom later exercise the right to veto A 2022 bill that creates a framework for companies in the digital assets sector to apply for operating licenses.
“It is premature to lock down the licensing structure,” Newsom wrote in a letter to the California Legislature on Sept. 23, 2022. “We need a more flexible approach that allows regulatory oversight to keep pace with rapidly evolving technologies and use cases, while ensuring we have the right tools to identify trends and mitigate consumer harm.”
Newsom said Los Angeles Times Last year, he did not regret his veto, which followed the collapse of the cryptocurrency industry after major companies like FTX collapsed. On the executive order, Newsom said California had taken a “cold-minded approach.”
“We tried to look at this through a prism, long-term, at how this is fundamentally going to change relationships, particularly in the financial sector,” he told the Los Angeles Times. “Blockchain in particular is something that is going to continue to evolve and become more and more dominant in our lives.”
Newsom later signed it. law It was pointed out that some areas need to be improved in October 2023.
Sherrod Brown
The Ohio lawmaker has been critical of cryptocurrencies for years. Brown, who leads the Senate Banking Committee, said: Too often, cryptocurrency platforms do not use “same common sense protections” such as knowing your customers’ rules. illegal finance Break away from traditional industries.
He also criticized the impact on the industry following the collapse of cryptocurrency exchange FTX in 2022.
“This crypto disaster has exposed what many of us already knew: digital assets — cryptocurrencies, stablecoins, investment tokens — are speculative products run by reckless companies that are putting Americans’ hard-earned money at risk,” Brown said at a congressional hearing in February 2023. “That’s not surprising in an industry that was built to circumvent rules.”
but, Brown took a more favorable stance on stablecoin regulation. he is said bloomberg In April, he said he intended to push for a stablecoin bill, along with other measures including a bill allowing banks to do business with marijuana businesses.
Carbone said Brown would be “a nightmare for the industry.”
“I don’t think he has any legitimacy for this industry. The biggest threat is that there are still members of Congress, primarily on the Democratic side, who want to eradicate this industry from the United States and cede leadership in this technology. I think Sherrod Brown is in that camp,” Carbone added.
Dean Phillips
Phillips, who was a presidential candidate before suspending his campaign in March, has not been vocal about cryptocurrencies, but did attend an event. Join Crypto December event. There he was asked the following question by CoinDesk: With the government set to announce new legislation, what should crypto companies do?
Phillips said he would consider a cryptocurrency market structure bill called FIT21.
“I think the FIT 21 bill is a bill that needs to be considered,” Phillips said in December.
Phillips also said he likes the privacy elements of cryptocurrencies, but they should not come at a cost or be used maliciously.
Carbone said it was positive that Phillips was willing to speak at the cryptocurrency event.
Kamala Harris, Gretchen Whitmer, Michelle Obama
The three haven’t actually taken a position on cryptocurrencies, but Carbone said it gives him hope.
“Candidates who haven’t said anything about cryptocurrencies give me hope and optimism that they might be a blank slate on crypto, and if so, they might be open to education,” Carbone said.
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