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Scaramucci advocates traditional hierarchy for crypto success amidst Biden’s regulatory push

TL;DR

  • Scaramucci backs traditional hierarchy for crypto success, while Biden pushes for regulations.
  • Trump leads in polls, but Scaramucci criticizes his stance on press freedom.
  • The industry is divided on Biden’s crypto proposals; some fear stifled innovation, while others welcome regulatory clarity.

Amidst political maneuvering and regulatory proposals, Anthony Scaramucci, former White House Communications Director, has voiced his support for a traditional hierarchical structure as the optimal framework for crypto success. In a recent report, Scaramucci emphasized the importance of upholding democratic institutions and the rule of law, citing them as crucial safeguards for the crypto industry.

Scaramucci’s vision for crypto success

Scaramucci asserts that a president who respects the traditional hierarchical structure of society provides the safest and most promising environment for crypto enthusiasts. He highlights the significance of preserving democratic institutions, such as the separation of powers outlined in the constitution, as essential pillars for maintaining a thriving crypto ecosystem.

According to Scaramucci, adherence to the rule of law, particularly under the Biden administration, is pivotal for expediting the establishment of crypto regulations. While acknowledging that these regulations may not satisfy everyone, he argues that clear guidelines will provide a solid foundation for legal arguments in court, ultimately benefiting the crypto community by fostering predictability within the legal framework.

Diverging views on presidential candidates

As the US presidential election looms, Scaramucci’s sentiments come amidst a closely contested race between incumbent President Donald Trump and Democratic nominee Joe Biden. Polls indicate a slight lead for Trump, with varying sources showing a margin of two to five points. Scaramucci’s critique of Trump’s stance on press freedom adds a layer of political complexity to the discussion, contrasting with his support for Biden’s commitment to upholding the rule of law.

While Scaramucci aligns with Biden’s approach to governance, not all crypto community members share his optimism. Chris Larsen, co-founder of Ripple, criticized Biden for what he perceives as a hindrance to innovation due to the administration’s stance against crypto. Similarly, Brian Armstrong, CEO of Coinbase, highlighted the exodus of US crypto companies to offshore jurisdictions, attributing it to the lack of regulatory clarity domestically.

Biden’s administration recently unveiled proposals to regulate the crypto industry, including a heavy tax on crypto mining and stricter broker reporting requirements. The proposed Digital Asset Mining Energy (DAME) excise tax, amounting to 30% of electricity costs incurred in cryptocurrency mining operations, has drawn criticism from industry players for its potential impact on innovation and competitiveness.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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