The cryptocurrency industry has spent years clashing with Democratic President Joe Biden’s administration over regulatory issues, but executives expect an easier ride from Washington, regardless of who wins the White House next week.
Harris has not yet detailed her crypto plans, but executives have been encouraged by her promise to promote digital asset innovation and protect crypto investors. Gensler’s SEC has brought dozens of enforcement actions against Coinbase, Kraken and others, accusing them of flouting U.S. securities laws meant to inform investors about potential risks.
Ripple, Coinbase and others have spent more than $119 million backing pro-crypto congressional candidates, according to data from Public Citizen. Among those firms’ goals is advancing legislation that would propel stablecoins, crypto tokens pegged to the U.S. dollar, into the mainstream. In August, State Street announced plans to offer crypto custody, expecting the SEC to eventually revise that guidance, Reuters reported. Some executives already see a thaw.