Here’s How Donald Trump Plans to End ‘Crypto Regulatory Headlock’, Congressman Explains
Highlights
- Florida Rep. Byron Donalds criticized Gensler's approach to crypto, describing it as overly aggressive and arrogant.
- Rep. Donalds, a former banker, advocated for a "crypto regulatory sandbox" for crypto startups and businesses.
- Donalds argued that Democrats' approach to crypto is driven by a desire for control, casting doubt on their commitment to fostering the industry's growth.
As the odds of a Donald Trump victory in the upcoming US Presidential elections increase, the former US President is preparing for a major overhaul in the crypto regulatory infrastructure. Rep. Byron Donalds, the Republican congressman from Florida said on Wednesday that he and Trump discussed how to dismantle the regulatory “headlock” affecting the $2 trillion crypto market amid the hostile behavior from President Biden and VP Kamala Harris.
Donald Trump Plans to Fire Gary Gensler and Clean the House
Florida Rep. Byron Donalds, who’s also a prominent member of the House Financial Services Committee blasted US SEC chair Gary Gensler who has been instrumental in the massive crackdown on crypto assets. Back in July, Donald Trump said that he would fire Gary Gensler on “Day One” if elected to power. Rep. Donalds said:
“In short, President Trump is ready to clean house. And it’s not just a house cleaning, and then you don’t know what you’re going to do — there’s actually a systematic process for having people who are qualified, who have done work in our industries over time in the United States.”
Speaking on Gensler, Rep. Donalds added: “The man thinks that he is smarter than everybody in the room collectively. That is a height of arrogance, in my view, that you cannot have in a chief regulator.”
Donald Trump has been gaining massive ground recently while taking his odds of winning to more than 60% on Wednesday, October 16, on Polymarket. At the same time, Kamala Harris’s odds of winning have dropped to under 40%.
Working on Crypto Regulatory Sandbox
Rep. Byron Donalds, who’s himself a former banker said that he would Trump on having a “crypto regulatory sandbox” which provides a clear framework to startups and businesses in emerging, unregulated sectors to test their products and services in a controlled environment with minimal regulatory interference. Speaking to Fox Business, he added:
“This industry is going to change so fast over the next five years, and what we already know is that the regulatory agencies of Washington are not nimble enough… they do not have the experience and the knowledge of what is happening in this industry right now on a week-to-week basis, month to month basis, year to year basis. You need the players in the industry to kind of make sure that the rules are clear.”
This could be a good move considering that Donald Trump DeFi project World Liberty Financial is live in the crypto space. However, the demand for WLFI tokens remained mediocre on the first day.
On the other hand, Kamala Harris is also making a few statements to woo crypto voters through her Crypto Reset approach, while taking a different stand from the Biden administration. Countering this, Rep. Byron Donalds said that the Democrats can’t be trusted with their embrace of crypto.
“They do not want any financial environment to exist in the United States where they do not have direct control and direct oversight,” he said.
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Fed Jerome Powell Speech Today: Bitcoin, Ether ETF Data Signals Selloff Sentiment
- Trump’s WLFI Confirms Debit Card & Retail App Launch Amid Partnership With Bithumb
- Vitalik Buterin Addresses Key Myths Over Coinbase L2 Base Custody Concerns
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
