The crypto industry is gearing up for a long-anticipated surge as Donald Trump’s second presidency looms.
His reelection marks a potential turning point for the sector, which has been navigating a maze of lawsuits from the SEC rather than enjoying a cohesive regulatory framework, says Paxos CEO Chad Cascarilla.
“This could really kick off a crypto Golden Age if the right rules are put in place,” Cascarilla said at the Fortune Global Forum on Monday, during a panel discussing decentralized finance's future.
A second Trump administration is expected to adopt a favorable stance toward the crypto world. However, implementing a new regulatory framework for digital assets will involve critical choices that could have significant impacts on both the U.S. and global economies.
The fundamental issue at hand is the role digital and cryptocurrencies will play in the U.S. financial system. Advocates argue that crypto’s decentralized technology can facilitate peer-to-peer transactions, empowering consumers and potentially reducing the power of big banks. But regulators must also weigh concerns around crypto's potential misuse in financial crimes, such as money laundering.
Charles Adkins, president of blockchain company Hedera, rejected the notion that crypto companies are averse to regulation. “The idea that the crypto industry doesn’t want rules is completely wrong,” Adkins emphasized. “What most of us are looking for is clear guardrails and regulations.”
* Fortune Magazine contributed to this article.
