VanEck Executive: Cryptocurrency Industry Could Gain Further Support if Biden Loses

According to Decrypt, Matthew Sigel, Head of Digital Asset Research at VanEck, a US asset management company, stated that the current regulatory environment in the United States is setting obstacles for institutions attempting to enter the cryptocurrency field. However, this situation may change soon after the next presidential election.

Sigel, during an interview with Decrypt at the “VanEck Southern California Blockchain Conference,” said that the outcome of the upcoming presidential election, where President Biden will once again compete against former President Trump, could have a significant impact on the cryptocurrency industry and other areas of the US economy. Sigel believes that Biden’s defeat could be beneficial for digital assets and their broader adoption. He stated:

“In several asset management companies, VanEck was one of the early ones to recognize the disruptive potential of Bitcoin, which led the company to seek a Bitcoin ETF. However, these efforts were hindered by the US Securities and Exchange Commission (SEC). In June 2018, VanEck first applied for a Bitcoin ETF, and it was not until January of this year that the SEC finally approved the trading of 10 Bitcoin spot ETFs, including the VanEck Bitcoin Trust (HODL).”

The SEC and its chairman, Gary Gensler, have not provided a clear regulatory framework for cryptocurrencies but have regulated them through enforcement. The agency has also received support from several high-profile Democratic politicians who oppose cryptocurrencies, including Senator Elizabeth Warren and Congressman Brad Sherman. However, multiple individuals in the cryptocurrency industry have criticized the SEC’s regulatory approach. Sigel stated that these tactics, along with stricter rules for public companies, hinder corporate participation in cryptocurrency trading.

While some financial institutions have not considered adding Bitcoin to their conventional investment products such as stocks and bonds, Sigel predicts that as more companies reconsider Bitcoin, financial advisors’ views on digital assets may change. He stated:

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