New U.S. president must bring clarity to crypto regulation, analyst says

Lucy Gazmararian, founder and managing director of Token Bay Capital, says whoever wins the upcoming US election and becomes president should work to provide regulatory clarity for the crypto industry.

Gazmararian shared this perspective in an interview with CNBC on Sept. 2. He noted that the bull market surge seen earlier in the year occurred amid a spot Bitcoin (BTC) exchange-traded fund craze.

But along with ETFs, cryptocurrencies are also likely to become a topic in politics during the upcoming elections.

Gazmararian on crypto clarity in the US

Although the crypto market’s upward trajectory has slightly abated, the Token Bay Capital founder remains optimistic about the sector. He predicts that the market could benefit from significant bullish catalysts in the fourth quarter of the year, pushing the BTC price higher from current levels just above $58,000.

With just over two months until the US elections, discussions about what the results could mean for cryptocurrencies are quickly gaining momentum.

According to Gazmararian, whoever wins will need to aim for regulatory clarity for crypto. The Token Bay Capital founder added that the new chairman will need to get the ball rolling in terms of pushing for a “sensible crypto framework.”

He says the US needs this clarity to reverse the negative impacts of the last four years, especially with the European Union’s MiCA regulation in place. He added that the US was “lagging behind” on regulatory clarity and that it was vital that whoever won the election “supported the industry”.

Trump or Harris?

According to many observers, the U.S. Securities and Exchange Commission’s crackdown is causing America to lag behind other countries and jurisdictions, and regulatory sanctions have only worked against the industry.

That’s why there’s talk about whether a Donald Trump win would be good for space.

Despite recent crypto roundtables, calls from crypto advocates, and the Kamala Harris campaign’s message, the VP’s lack of a voice on the issue has many crypto advocates concerned. The SEC’s recent actions against OpenSea and other developments haven’t helped either.

Meanwhile, former President Donald Trump has received a lot of positive reviews from crypto industry leaders for his crypto-friendly stance. Trump’s Bitcoin 2024 outlook and promise to end the current administration’s “war on crypto” also rank him well within the industry. Trump’s vice presidential pick, JD Vance, is also pro-crypto.

But Gazmararian thinks what’s important is that the new government supports a framework that will provide much-needed clarity and support to the sector.