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Whoever wins the upcoming U.S. election and becomes president must work towards regulatory clarity for the crypto sector, Lucy Gazmararian, founder and managing director at Token Bay Capital, says.
Gazmararian shared this perspective during an interview with CNBC on Sept. 2. She noted that the bull market spike seen earlier in the year happened amid the spot Bitcoin (BTC) exchange traded fund mania.
However, as well as ETFs, there’s been this rise of crypto into a topic in politics amid the upcoming election.
Gazmararian on crypto clarity in the U.S.
While the crypto market’s upward trajectory has tapered off slightly, the Token Bay Capital founder is bullish on the industry. Her projection is that the market could benefit from key upside catalysts in the fourth quarter of the year and that the BTC price will be higher than the current levels just above $58,000.
With the U.S. election just over two months away, the discussion on what the result could mean for crypto is gaining momentum fast.
According to Gazmararian, whoever wins has to aim at regulatory clarity for crypto. The new president will need to set the ball rolling in terms of pushing for a “sensible crypto framework,” the Token Bay Capital founder added.
She says the U.S. needs that clarity to reverse the negatives seen in the past four years, particularly with the European Union’s MiCA regulation in place. She added the U.S. is “lagging behind” in regulatory clarity and it is vital for whoever wins the election to be “supportive of the industry.”
Trump or Harris?
To many observers, the crackdown by the U.S. Securities and Exchange Commission is seeing America lag behind other countries and jurisdictions. The enforcement by regulation has only worked against the industry.
It’s why the discourse on whether a Donald Trump win could be good for the space.
Despite the recent crypto roundtable meetings, calls by crypto supporters and the Kamala Harris campaign’s message, the lack of the VP’s voice in this has many crypto proponents concerned. Recent SEC actions against OpenSea and other developments also haven’t helped either.
Meanwhile, former President Donald Trump has attracted a lot of positive commentary from crypto industry leaders for his crypto-friendly stance. Trump’s appearance at Bitcoin 2024 and the pledge to end the current administration’s “war on crypto” also stands him well within the industry. Trump’s vice president pick, JD Vance is also pro-crypto.
But Gazmararian thinks all that matters is for the new government to support a framework that brings much-needed clarity and support for the sector.