Eric Trump Calls for Sensible Regulation to Position U.S. as Crypto Leader
Eric Trump, the son of President-elect Donald Trump, recently spoke out in favor of implementing “sensible regulation” to establish the United States as a global powerhouse in the cryptocurrency industry.
In a conversation with CNBC in Abu Dhabi, Trump stressed the importance of clear guidelines to foster innovation and create a stable environment for the rapidly expanding crypto sector.
He made it clear that the crypto industry is not averse to regulation but rather seeks rules that are straightforward and unambiguous, allowing businesses to operate within a well-defined framework.
Trump took aim at the previous regulatory approach, particularly criticizing the tenure of former SEC Chair Gary Gensler, whom he deemed responsible for impeding innovation through inconsistent policies that hindered progress within the industry.
The Urgency of Regulatory Clarity
Eric Trump underscored the urgency for the U.S. to establish clear regulations in order to stay competitive in the global digital economy. He pointed out that countries in the Middle East and elsewhere are making substantial investments in blockchain and digital assets, highlighting the risk of the U.S. falling behind without cohesive regulations.
“America must lead the way, or else we risk being left behind,” Trump cautioned.
The absence of a comprehensive regulatory framework has led to frustration within the crypto space, with numerous legal battles and enforcement actions creating uncertainty for businesses. Trump suggested that transparent regulations could help stabilize the domestic crypto market and set a global standard for the industry.
In his interview with CNBC, Eric Trump expressed his family’s support for cryptocurrency technology and acknowledged the potential positive impact it could have on the country.