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Byron Donalds calls for clear crypto regulations and reforms

Byron Donalds calls for clear crypto regulations and reforms

GrafaGrafa2024/10/17 02:25
By:Isaac Francis

Byron Donalds, a U.S. Congressman, has emphasised the need for a clear regulatory framework for the cryptocurrency industry, citing its rapid evolution and the necessity for rules that can adapt to this growth. 

According to Donalds, existing regulatory bodies, such as the SEC and CFTC, have not been sufficiently innovative to address the dynamic nature of digital assets. 

"What the crypto industry truly needs is a regulatory framework. The sector will change rapidly in the next five years, and you must set the rules," he stated.

Donalds also highlighted the role of cryptocurrencies in Donald Trump's 2024 presidential campaign. 

Between July and September 2024, Trump’s campaign raised $7.5 million in crypto donations, including BTC, ETH, XRP, and USD stablecoins. 

Donalds suggested this move solidified Trump’s support for digital assets, noting, "PAC raised funds in BTC, ETH, XRP, and USD stablecoins. This strengthens Trump’s stance on cryptocurrencies."

The Congressman pointed out that if Trump were re-elected, his administration would likely push for restructuring key regulatory bodies, such as the SEC and CFTC. 

He speculated that Dan Gallagher, currently the Chief Legal Officer of Robinhood, might be considered for the role of SEC Chair under Trump's leadership.

"I believe regulators should focus solely on fulfilling their appointed duties," Donalds remarked, emphasising the need for agencies to better align with the needs of the crypto economy.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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