Trump May Not Deliver on Cryptocurrency Promises

The Republican nominee has vowed to fire SEC Chairman Gary Gensler on his first day in the White House, though the formal process could take months or even years.

Evans recently chaired a panel at the Crypto4Harris virtual town hall, where cryptocurrency entrepreneurs voiced their support for Democrats.

During the event, Senate Majority Leader Chuck Schumer said Congress could pass cryptocurrency legislation before the end of the year.

While Harris is facing calls to clarify her stance on digital assets, the 92-page agenda released ahead of the Democratic National Convention did not mention cryptocurrency.

When asked about her reaction to this, Evans said, “I did not expect the Democratic platform to include a specific position on cryptocurrency in such a short period of time. So I’m not disappointed. Harris has yet to deliver her acceptance speech. Instead, I’m encouraged by reports of high-level discussions between Harris, her advisers, and industry stakeholders.”

Joe Biden abruptly dropped out of the race a month ago, and the author believes crypto enthusiasts should be patient as Harris makes a dramatic pivot to becoming the Democratic nominee, as an “instant 180-degree turn” on policy is unrealistic.

Donald Trump’s recent pro-crypto stance has evolved over more than three and a half years, after years of open criticism (and heavy taxation). It’s ironic that some crypto-friendly voters are now demanding immediate change from Vice President Harris, who is just beginning her journey as a presidential candidate. “Policy shifts, especially on complex issues like cryptocurrency, take time and thoughtful decisions — something Trump had and something Harris deserves,” Evans said.

Many U.S. Bitcoin investors will face a dilemma when they vote in three months. They want the U.S. to be a leader in crypto policy, but some are hesitant to back Republicans after Trump’s chaotic term. Evans warns:

“For crypto enthusiasts who are hungry for change but are unsure about Trump’s support, I advise prioritizing the long-term health and stability of the crypto ecosystem over short-term policy promises, some of which will never be fulfilled. In particular, promising to fire Gary Gensler on Day 1 is literally an impossibility as a matter of administrative law and procedure.”

The University of Pennsylvania Dickinson School of Law professor added that “it’s important to support leaders who understand the complexity of digital assets and are committed to creating an environment for innovation while maintaining appropriate regulation.”

Will Harris be like Biden? The Biden administration has faced criticism for its hard-line approach to the crypto industry, raising concerns that this will not change if Harris wins.

However, Evans said the vice president now has an opportunity to push for “clearer and more inclusive crypto regulations” and show that she is different from her predecessor.

“While the current administration has been heavily criticized for its aggressive regulation and restrictions on crypto assets, Harris can set herself apart by focusing on innovation, financial inclusion, and balanced regulatory policies,” she said.

“Her credibility as a leader on cryptocurrency issues will depend in large part on her ability to engage with the crypto community, address their concerns, and advocate for policies that promote the growth and stability of the digital asset ecosystem.”

Evans also noted Harris’s expertise in technology policy and her close ties to Silicon Valley, which she has had since her time as a California senator.

“Vice President Harris’s experience, coupled with her recent appointment of high-level advisors like Gene Sperling and David Plouffe, make her a strong leader in addressing future challenges, particularly in the areas of technology, innovation, and public policy. Her experience as California’s attorney general, where she focused on cybercrime and privacy protection, and her strong support for digital inclusion and consumer protection as a U.S. senator reflect her deep understanding of the intersection of technology and governance,” she said.