US Congressman Byron Donalds touched upon the importance of developing a regulatory environment for the crypto industry. Donalds described the sector as a young field with growth potential.
Crypto Regulation Proposal
Byron Donalds emphasized the need for a more flexible approach in regulating the rapidly developing crypto industry. He noted that current regulatory models are rigid and agencies such as the SEC and CFTC are not innovative enough in this area.
“What the crypto industry really needs is a regulatory framework. “The industry will change rapidly in the next five years, you must create the rules.” –Byron Donalds
Donalds announced that Donald Trump’s 2024 presidential campaign has embraced cryptocurrencies, and the campaign raised $7.5 million in crypto donations from July to September 2024. These donations consist of BTC, ETH, XRP and USD stablecoins.
“The PAC raised donations in BTC, ETH, XRP, and USD stablecoins from July to September 2024. This situation strengthened Trump’s view on cryptocurrencies.” –Byron Donalds
Trump Will Restructure Institutions
Byron Donalds stated that a potential Trump administration aims to restructure major regulatory agencies such as the SEC and CFTC. He also speculated that Robinhood CLO Dan Gallagher could be the new SEC Chairman in the Trump administration.
“I believe regulators should focus solely on carrying out their assigned duties.” –Byron Donalds
Donalds also emphasizes that current regulatory authorities are having difficulty keeping up with the rapid developments of the crypto industry. He stated that if Trump becomes president, he will aim to better adapt these institutions to the needs of the crypto economy.
This change in Donald Trump’s approach to crypto increases the importance of the November 5 date for cryptocurrency investors. These developments could play a critical role in the regulation and adoption of cryptocurrencies in the United States.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
