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.
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