President Joe Biden’s former senior advisor Moe Vela shared his thoughts on the possible role of cryptocurrencies in tonight’s presidential debate.
The presidential debate between incumbent Joe Biden and former President Donald Trump is probably the most televised event of the year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets like Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington.
In addition to the approved spot BTC ETF, the anticipated approval of a spot ETH ETF, and crypto legislation like FIT 21, a report from Grayscale Investments and The Harris Poll found that “nearly half of U.S. voters believe that cryptocurrencies will be included in their future investment portfolios.”
Will cryptocurrencies enter the debate?
Moe Vela, Unicoin’s chief advisor, told crypto.news in an interview that the moderator may not ask questions related to cryptocurrencies. However, he expects at least one candidate to comment on cryptocurrencies in some form.
As previously reported, Trump said Bitcoin mining could be an antidote to proposed central bank digital currencies (CBDCs). Trump announced that all Bitcoin mining must take place in the United States, and he called himself a “cryptocurrency president.”
While Trump has seemingly rebranded his candidacy as pro-crypto, the former US president has shared skeptical comments in the past. In 2021, Trump called Bitcoin a fraud that was affecting the value of the US dollar.
Bellah suggested Trump’s cryptocurrency move could be a “political bluff.” But the former White House adviser stressed that “candidates and their campaigns will need to be clear about what type of regulatory environment they will develop and implement.”
Under the Biden administration, government agencies such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have strengthened regulations on cryptocurrencies to protect investors from risky investments.
Per Vela says, “Too often, regulators and government agencies are too eager to play an oversight role,” and “It is dangerous for regulators to deny and use regulation to stifle, discourage, dismantle or destroy the sector.”
After its litigation strategy for digital asset oversight received backlash from industry advocates, the Biden administration also issued an executive order (EO) mandating a government-wide approach to cryptocurrency policy.
Carol House, one of the authors of President Joe Biden’s executive orders (EOs), recently returned to the White House ahead of the election, and Bella believes this development signals that the current administration recognizes the essential role cryptocurrencies will play in America’s future.
Whatever the case, as cryptocurrencies become more established in American society, Vela emphasized that leaders must strike a balance between being pro-sector and pro-consumer to ensure innovation and freedom for investors.