With the approaching US presidential election, Matthew Sigel, the Director of Digital Asset Research at VanEck, stated that the current regulatory environment for cryptocurrencies in the United States is unfavorable for institutional investors. However, this situation may change after the presidential election, especially if Trump is re-elected, which could be more favorable for digital assets and their widespread adoption.
VanEck, a major US asset management giant that supports the Bitcoin and cryptocurrency industry, first applied for a Bitcoin spot ETF in June 2018 and later named the stock symbol HODL (a term in the cryptocurrency community that refers to holding cryptocurrencies for the long term without selling). The fund has attracted over $529 million to date.
Impact of the US Presidential Election
Recently, Matthew Sigel, the Director of Digital Asset Research at VanEck, stated during an interview at the VanEck Southern California Blockchain Conference that the current regulatory environment in the United States is setting barriers for institutions trying to enter the cryptocurrency field. However, with this year’s presidential election, this situation may change quickly. He stated:
“The US presidential election in November this year will be a rematch between the Democratic candidate Biden and the Republican candidate Trump. Sigel’s words indicate that he believes Trump’s victory will be beneficial to digital assets and their wider adoption.”
On the 11th, Trump revealed a more open stance towards cryptocurrencies during an interview with CNBC. He stated that if he is re-elected as president, his government will not use regulatory agencies to suppress the use of Bitcoin and other cryptocurrencies. This seems to imply that if he is elected, SEC Chairman Gary Gensler’s position may be at risk. Additionally, he also mentioned that he sees the widespread use of cryptocurrencies and is open to accepting Bitcoin as a form of payment.
Optimistic expectations for increased institutional adoption
During the interview, Sigel also criticized the US regulatory agencies’ strategy of using “enforcement” for regulation and the stricter rules imposed on publicly traded companies, which have prevented companies from engaging in cryptocurrency transactions. This approach by the SEC and Chairman Gary Gensler has gained widespread support from anti-cryptocurrency Democrats, such as Senator Elizabeth Warren from Massachusetts and Congressman Brad Sherman from California.
However, Sigel remains optimistic about the future and points out that although some financial institutions have not yet planned to include Bitcoin in their investment products, similar to stocks and bonds, he expects that as more companies begin to reevaluate the value of Bitcoin, financial advisors’ views on digital assets may change. He stated:
“In December last year, VanEck analysts estimated that the approval of a Bitcoin spot ETF, combined with the halving event, would incentivize Bitcoin to reach a peak value of $160,000 in this bull market cycle.”
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