Crypto:
30188
Bitcoin:
$69.083
% 2.88
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.083
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Trump Election Win Could Impact SEC Crypto Lawsuits, Experts Weigh In

Trump Bitcoin Crypto

The growing use of blockchain technology around the world has made it possible for many investors to buy bitcoins and other cryptocurrencies instead of fiat currencies owned by Donald Trump. Crypto legal professional and head behind the MetaLawMan moniker, James Murphy, shared his opinion on this in a X post back in May 26 stating that no crypto case should be settled with the current SEC before the election. He expressed his opinion in the message: “I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out.”

Lockdown said that recent pledges Trump made to the crypto sector could make “a very different SEC. ” Within the last month, Trump has positioned himself as crypto friendly, saying he is “okay with it” and that the United States “has to be leaders in the field.” Trump also pledged to reduce Silk Road founder Ross Ulbricht’s life sentence if elected. Murphy reduced his argument suggesting that: “I could imagine voluntary dismissals of crypto cases the [SEC Chair] Gary Gensler regime has initiated where there was no fraud and no victims.”

Skepticism from Industry Observers

However, as Murphy cited, not every one has this same outlook on contemporary art. In response to this view, Cinneamhain Ventures’ partner, Adam Cochran, agreed but offered an opposite opinion, which pointed to Trump’s proclivity for not achieving his pledges. “Trump has been captured on video for the past forty years back peddling and throwing over other people for his selfish gains,” Cochran alleged. He also further explained that Trump like Biden initially opposed the use of crypto currencies and is embracing it for votes.

READ:  McHenry Urges Senate to Pass Crypto Regulation Before Election

Likewise, Two Prime hedge fund partner Alexander Blume described Trump as a man who gave hope to desperate groups but have in the past failed to deliver on the dream. Blume’s comments also coincide with findings from the fact-checking site PolitiFact, which revealed Trump had violated more than fifty per cent of the one hundred and two promises he made during his 2016 presidential campaign, had moderated 23 and upheld 24.

There is more, however: Trump’s statements about cryptocurrencies in the past complicate the question even further. Although Trump seems to have a positive view of blockchain, he, as a president, tweeted that he is not a fan of Bitcoin and other cryptocurrencies, stating that they ‘operate on thin air’. In early 2021, Trump suggested that cryptoasset may be fake and that they are ‘a disaster waiting to happen’.

Divisive Opinions in the Crypto Communityx

However, some industry figures think that Trump’s possible softened positions on cryptos that emerged recently might still be helpful. Crypto lawyer Gabriel Shapiro gave this depature from the criticisms noting that Trump had previously take shots at Facebook and what he described as the four-year witch hunt the Biden admin has waged on crypto.

Michael Dudas, the founder of the Block, an outlet dedicated to crypto and now a venture capitalist responded with a pragmatic personal outlook despite his personal loath for Donald Trump. He agreed that Trump goals may enabled him to to “livelihood and support my family and investors, founders, and their staff. ”

The Road Ahead

Currently, as the United States is heading for November 5 elections, Trump leads with a one-point margin ahead of the incumbent president Joe Biden, as per the polls conducted by Morning Consult. Some of the members of the crypto industry have suggested that, a Trump victory will herald comprehensive change in the assessment of options by the SEC while others feel it will be more of the same – lip service.

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