TLDR
- Cameron Winklevoss warns of potential false promises from Kamala Harris to the crypto industry
- Winklevoss urges Harris to fire SEC Chair Gary Gensler before November as a show of support
- Donald Trump has vowed to fire Gensler on his first day in office if elected
- The crypto community demands tangible actions, not just rhetoric
- There are differing predictions about Bitcoin’s price based on who wins the election
As the U.S. presidential election approaches, the cryptocurrency industry is closely watching the stance of political figures on digital assets. Recent statements from industry leaders highlight the growing tension between the crypto community and current regulators.
Cameron Winklevoss, co-founder of the Gemini cryptocurrency exchange, recently addressed Vice President Kamala Harris on social media.
He warned that the crypto industry wouldn’t be swayed by empty promises or rhetoric. Winklevoss suggested that Harris and her advisors might be planning a “reset” with the crypto industry.
However, he stressed that words alone wouldn’t be enough to repair the damage done over the past four years.
The main point of contention appears to be the actions of the Securities and Exchange Commission (SEC) under the leadership of Chair Gary Gensler.
The SEC has taken numerous enforcement actions against crypto companies, arguing that many cryptocurrencies should be classified as securities. This approach has led to lawsuits against major players like Ripple, Binance, and Coinbase.
Winklevoss called for Harris to take “swift, bold, and concrete action” to show support for the crypto industry. Specifically, he suggested that Harris should fire SEC Chair Gary Gensler before November.
Beware of the Big Bluff. Harris and her advisors are in the process of working on a "reset" with the crypto industry. Being respectful of the Vice President's time, let’s be crystal clear here:@KamalaHarris, please don't bother unless you are prepared to take swift, bold, and…
— Cameron Winklevoss (@cameron) July 29, 2024
This echoes a promise made by former President Donald Trump, who stated at a recent Bitcoin conference that he would fire Gensler on his first day in office if elected.
The crypto community’s frustration isn’t limited to Gensler alone. Caitlin Long, founder of Custodia Bank, pointed out that there are other “instigators” involved in what she calls “Operation Choke Point 2.0,” referring to alleged efforts to de-bank law-abiding crypto firms.
The political landscape’s impact on the crypto market is a topic of speculation. Some analysts predict that a Trump victory could push Bitcoin’s price to $100,000 by year-end, while a Harris win might cause it to fall below $50,000. However, these predictions are speculative and not guaranteed.
Kamala is ripping.
If she wins, BTC is finishing the year sub-$50k.
Her rising star is why your bags are not rallying right now, despite what is otherwise an extraordinarily bullish setup. pic.twitter.com/79Mf2bJhcx
— Jonah (@jvb_xyz) July 28, 2024
The crypto industry’s relationship with the current administration has been strained. Critics argue that President Biden’s Executive Order on cryptocurrency development, signed in April, has left the U.S. behind other countries in terms of crypto regulation.
Despite the tension, there seems to be some effort from Harris’ camp to engage with the crypto community.
David Bailey, CEO of BTC Inc., mentioned that Harris’ campaign was contacted about attending the Bitcoin2024 conference, although she ultimately did not attend.
The coming months will be crucial as political figures attempt to define their stance on cryptocurrency.
The industry will be watching closely to see which leaders are willing to take meaningful action to support the growth and development of digital assets in the United States.
