Crypto's Political Shift: A New Dawn for Digital Assets in Washington

The cryptocurrency industry anticipates a more favorable regulatory environment from the next U.S. administration, regardless of election outcomes. Executives foresee softer stances on crypto from candidates like Kamala Harris and a potential rollback of strict regulations like SAB 121, hinting at increased digital asset adoption.

The cryptocurrency industry has long been at loggerheads with the Biden administration over regulatory matters. However, insiders predict a more favorable regulatory climate from Washington, irrespective of the upcoming election results.

Crypto firms like Bitwise and Ripple anticipate a shift towards a more crypto-friendly administration. While Republican candidate Donald Trump has pledged to be a 'crypto president,' and Kamala Harris, the Democratic candidate, promises to protect crypto investors, there is cautious optimism about digital asset innovation under future leadership.

Key industry figures are hopeful for the repeal of regulations like SAB 121, which has been a major hurdle for crypto adoption among banks. With bipartisan support and positive regulatory signals, the crypto sector sees potential growth in a new political landscape.

(With inputs from agencies.)