Professor Tonya Evans, who specializes in digital assets, has told Cryptonews that some of the promises made by Trump on the campaign trail are a “literal impossibility.”
The Republican nominee has vowed to sack SEC chair Gary Gensler on his first day in the Oval Office, even though the official process would take months or years to finalize.
Evans recently chaired a panel during a Crypto4Harris virtual town hall, where entrepreneurs from the industry came together to back the Democrats.
During that event, Senate Majority Leader Chuck Schumer declared that Congress has the potential to pass crypto legislation by the end of this year.
While Harris has been facing calls to explain her stance toward digital assets, crypto wasn’t mentioned at all in a 92-page agenda released ahead of the Democratic National Convention.
When asked for her reaction, Evans said:
“I did not expect the Democratic Platform to include a specific policy position after such a short period of time. So, no, I was not disappointed. And Harris has yet to deliver her nomination acceptance speech. Instead, I’m encouraged by reports of high-level discussions happening between Harris, her advisors, and industry stakeholders.”Joe Biden dramatically dropped out of the race a month ago, and the author believes crypto enthusiasts should be patient as Harris makes the sudden shift to Democratic nominee, as an “immediate 180-degree turn” on policy is unrealistic.
Donald Trump’s recent pro-crypto stance took over three-and-a-half years to develop, following years of open criticism (and harsh taxation). It’s curious that some single-issue crypto voters now demand an instant pivot from Vice President Harris as she transitions to a presidential candidate. Political shifts, especially on complex issues like cryptocurrency, require careful deliberation and time — something Trump had, and Harris deserves as well,” Evans said.Many American Bitcoin investors face something of a dilemma when they head to the ballot box in under three months’ time. While they want the U.S. to become a leader in crypto policy, some are reluctant to back the Republicans following Trump’s chaotic term in office. Evans warned:
“For crypto enthusiasts who are eager for change but hesitant to vote for Trump, I encourage you to prioritize the long-term health and stability of the crypto ecosystem over short-term political promises, some of which could never be kept. Most notably, the promise to fire Gary Gensler on day one, as a matter of administrative law and procedure, is a literal impossibility.”The Penn State Dickinson Law School professor added that “it’s vital to support leaders who understand the complexities of digital assets and are committed to fostering an environment of innovation balanced with appropriate regulation.”
Will Harris Be Like Biden?
The Biden administration has faced a backlash for its heavy-handed approach to the crypto industry, leading to claims that there may be more of the same if Harris wins the race.
But according to Evans, the vice president now has an opportunity to push for “clearer and more inclusive crypto regulations” — and demonstrate she’s unlike her predecessor.
“While the current administration has earned deep criticism for its aggressive regulation-by-enforcement and debanking approach to crypto assets, Harris has the chance to differentiate herself by focusing on innovation, financial inclusion, and a balanced regulatory framework,” she said. “Trust in her leadership on crypto matters will largely depend on her ability to engage with the crypto community, address their concerns, and champion policies that support the growth and stability of the digital asset ecosystem.”Evans pointed to Harris’s track record on tech policy and close ties to Silicon Valley, which date back to her time as a senator in California.
“VP Harris’s background, combined with her recent appointments of senior advisors Gene Sperling and David Plouffe, positions her as a strong leader for addressing future challenges, particularly in technology, innovation, and public policy. Her experience as California’s Attorney General, where she tackled cybercrime and privacy protections, along with her advocacy for digital inclusion and consumer privacy as a U.S. Senator, reflects her deep understanding of the intersection between technology and governance,” she said.And striking an optimistic tone, Evans added: “All in all, I am encouraged, and (as I like to say) I’m HODLing democracy to ensure that all freedoms — not just financial freedom — survive and thrive.”
With endorsements and donations from a number of industry heavyweights, and an appearance at Bitcoin 2024 in Nashville under his belt, Trump has attracted a groundswell of support from the crypto community in recent months.
But as key executives hold talks with senior Democratic officials, there are signs that the party is more receptive to digital assets than it has been in the past — and maybe even willing to right some of the wrongs made over the past four years.
With pro-crypto campaign groups popping up to support her candidacy, it may be a little too early to write off Kamala Harris yet.
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