Whoever wins the upcoming US election and becomes president should work to bring regulatory clarity to the cryptocurrency sector, says Lucy Gazmarian, founder and director of Token Bay Capital.
Gazmararian shared this perspective during interview She noted that the bull market rally we saw earlier in the year occurred amid an ETF mania for spot Bitcoin (BTC).
However, in addition to ETFs, there has been a rise in the importance of cryptocurrencies as a political topic amid the upcoming elections.
Gazmararyan on Crypto Clarity in the US
While the cryptocurrency market’s bullish trajectory has slowed slightly, Token Bay Capital is bullish on the industry. It forecasts that the market could benefit from major bullish catalysts in Q4 and that Bitcoin’s price will rise above current levels above $58,000.
With the US election just two months away, the discussion about what the outcome could mean for cryptocurrencies is rapidly gaining momentum.
According to Gazmararyan, the winner should aim to bring regulatory clarity to cryptocurrencies. The TokenBay Capital founder added that the new president will need to set the tone in terms of pushing for a “sensible framework for cryptocurrencies.”
She says the US needs this clarity to reverse the negatives seen over the past four years, especially with the EU’s MiCA regulation. She added that the US is “lagging behind” in regulatory clarity and that it is crucial that the winner of the election is “pro-industry.”
Trump or Harris?
Many observers believe that the SEC’s aggressive actions have left America behind other countries. Imposing regulations has only backfired.
This is why there is debate about whether Donald Trump’s victory could be good for space.
Despite recent roundtables on crypto, calls from crypto advocates, and a message from the Kamala Harris campaign, the lack of a voice from the vice president on the issue has many crypto advocates concerned. The recent SEC action against OpenSea and other developments haven’t helped either.
Meanwhile, former President Donald Trump has drawn a lot of positive feedback from crypto industry leaders for his pro-crypto stance. Trump’s appearance at the Bitcoin 2024 conference and his pledge to end the current administration’s “war on crypto” also put him in good standing within the industry. Trump’s running mate, J.D. Vance, is also a pro-crypto.
But Ghazmarian believes all that matters is that the new government supports a framework that brings the clarity and support needed for the sector.