The 2024 US presidential election is heating up, and crypto is becoming a major talking point. Both Vice President Kamala Harris and former President Donald Trump have expressed support for the digital asset industry. But, according to legal experts, the President’s influence on the future of crypto in the US is limited. It’s Congress that will ultimately decide how crypto is regulated.
Congress: The Real Powerhouse
Professor Tonya Evans, a legal expert, points out that Congress has the power to shape the regulatory landscape for digital assets. The President, on the other hand, can only enforce laws passed by Congress and oversee regulatory agencies like the SEC and CFTC.
While the President can’t unilaterally create crypto laws, both Harris and Trump have made promises about their crypto policies. Harris has shifted away from President Biden’s more cautious approach, embracing a pro-innovation narrative. Trump has gone even further, vowing to make the US the “crypto capital of the planet.”
However, Evans emphasizes that real change in the crypto space requires congressional action.
Bipartisan Support for Crypto is Growing
Despite a perceived lack of action in recent years, there are signs of progress in Congress. The passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) is a significant step forward. This law aims to clarify the distinction between digital assets and securities, which could be crucial in future legal cases like the one involving Ripple.
Support for crypto is also gaining traction across the political spectrum. Even former critics like Rep. Maxine Waters are now recognizing the importance of engaging with emerging technologies. Pro-crypto lawmakers are urging Harris to adopt a more favorable stance, and Senate Majority Leader Chuck Schumer has expressed optimism about passing bipartisan legislation.
The Future of Crypto in the US
Evans believes that Congress must prioritize policies that encourage innovation, rather than simply tweaking existing regulations. Congress has the power to create laws specifically tailored to the needs of the crypto industry.
Ultimately, the future of crypto in the US rests with Congress. It’s time to shift our focus from the White House to Capitol Hill.
