Mo Vela, former senior advisor to President Joe Biden, shared his thoughts on the potential role of cryptocurrencies in tonight’s presidential debate.
The presidential debate between current President Joe Biden and former President Donald Trump may be the most televised event of the year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets such as Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington.
In addition to approved spot ETFs for Bitcoin, expected approvals for spot ETFs for Ethereum, and crypto bills like FIT 21, Grayscale Investments and The Harris Poll report advertiser “Nearly half of likely US voters believe some of their future investment portfolios will include cryptocurrencies.”
Will cryptocurrencies come into the discussion?
Unicoin senior advisor Mo Villa told crypto.news in an interview that moderators are not allowed to ask questions about cryptocurrencies, but he expects at least one candidate to comment on cryptocurrencies in some capacity.
As previously reported, Trump has said that Bitcoin mining could be an antidote to proposed central bank digital currencies (CBDCs). Trump has declared that all Bitcoin mining should be done in the United States and has declared himself the “Cryptocurrency President.”
Although Trump has seemingly rebranded his candidacy as pro-crypto, the former US president has made skeptical statements in the past. In 2021, Trump announced Named Bitcoin is a scam that has affected the value of the US dollar.
Vela noted that Trump’s shift into crypto could be a “political threat.” However, the former White House adviser stressed that “candidates and their campaigns need to be clear soon about what kind 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 tightened the noose around cryptocurrencies in an attempt to protect investors from risky investments.
“Regulators and government agencies can often be overzealous in their oversight roles,” Villa comments, and “regulators that deny the facts and use regulations to obstruct, discourage, dismantle or destroy an industry pose a significant risk.”
As the digital asset watchdog litigation strategy received backlash from industry supporters, the Biden administration also issued an executive order (EO) mandating a whole-of-government approach to cryptocurrency policies.
Carol House, one of the authors of President Joe Biden’s executive order, recently returned to the White House ahead of the election. Villa believes that this development indicates the current regime’s recognition of the fundamental role of cryptocurrencies in America’s future.
Whatever the case, as cryptocurrencies become more entrenched in American society, Vela stressed that leaders must balance their support for the sector with their support for consumers in favor of innovation and investor freedom.