In a recent interview with CNBC in Abu Dhabi, Eric Trump, son of former President Donald Trump, emphasized the necessity of practical regulations for the United States to emerge as a frontrunner in the crypto domain. He pointed out the significance of explicit guidelines that could offer stability to the market.
Eric stated, “The crypto industry doesn’t resist regulation; rather, it desires regulations that are unambiguous and straightforward.” He was critical of the former regulatory strategy under ex-SEC Chairman Gary Gensler, deeming it a “calamity for crypto” due to its inconsistent policies. The lack of clarity in the rules, he said, had impeded progress and led to a slew of lawsuits and enforcement actions.
He further cautioned that without well-defined regulations, the US might lag behind other regions making significant investments in blockchain and digital assets. “America must take the lead; otherwise, we’ll be left behind,” he remarked.
Eric stressed that transparent regulations would not only steady the domestic crypto market but also establish a global benchmark for handling crypto. Coinciding with his push for clearer regulations was Bitcoin’s recent surge past the $100,000 mark, albeit briefly. Many in the crypto community anticipate that with a Trump presidency, appropriate regulations will be instituted, positioning the US as a crypto hub.
Eric also voiced support for decentralized finance (DeFi), which employs cryptocurrency to supplant traditional financial systems. “We have faith in DeFi. We consider it the future,” he said. Additionally, during the interview, he mentioned that his father, Donald Trump, aims to “transform America into the global crypto capital” if he reclaims the White House.
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