Trump: A Shift in Rhetoric

During his previous term as President, Donald Trump was not a proponent of digital assets, going so far as to state that he felt Bitcoin competed against the US dollar. Now, as he seeks re-election, Trump claims to support digital assets. Trump has also pledged to commute the sentence of Ross Ulbricht, the founder of Silk Road, on his first day in office if re-elected. However, it is worth noting that he could have taken this action during his previous term but chose not to.

Biden: A Mixed Bag

During the Biden administration, the digital asset industry faced significant regulatory hurdles. The SEC's "regulation by enforcement" approach and the FDIC's "choke point 2.0" have been detrimental to the industry. Both the SEC Chairman, Gensler, and the FDIC Chairman, Gruenberg, have faced criticism from political opponents who recognize the potential of digital assets.

Recently, Biden sought input from digital asset leaders but subsequently vetoed the repeal of SAB 121 despite the American Bankers Association's support for repeal. This move has likely alienated many voters in the digital asset space unless he can make a dramatic reversal.

The Path Forward

As the tech sector continues to drive stock market growth, it is clear that the digital asset industry presents a significant opportunity for the next administration. Rather than driving digital asset companies offshore, the next U.S. President must recognize the potential of this industry and create a supportive environment for its growth. The decision to do so will have far-reaching implications for the US economy and its position in the global digital landscape.

‍