Trump’s Crypto Promises May Hit Roadblocks, Experts Warn

Donald Trump's ambitious promises regarding the cryptocurrency industry could encounter significant obstacles if he secures the upcoming presidential election, according to experts in the field. Professor Tonya Evans, a leading expert on digital assets, has expressed doubts that some of Trump’s commitments may be "virtually impossible" to fulfill.
As the Republican frontrunner, Trump has made bold statements about his plans for the cryptocurrency industry, including a pledge to remove SEC Chair Gary Gensler from his position on his first day as president. However, Evans highlights that such a move would involve a lengthy and intricate process that could take months or even years to execute, making it far from an immediate reality.
Evans recently shared her perspectives during a Crypto4Harris virtual town hall, where industry leaders expressed their support for the Democratic party. During the event, Senate Majority Leader Chuck Schumer conveyed optimism about Congress's ability to pass meaningful crypto legislation by the end of the year.
While Vice President Kamala Harris has been urged to clarify her stance on digital assets, her 92-page agenda, released ahead of the Democratic National Convention, did not mention cryptocurrency. Despite this omission, Evans was not discouraged.
"I didn’t expect the Democratic Platform to include a detailed crypto policy so soon," Evans remarked. "Harris still has her nomination acceptance speech ahead of her. What matters more are the high-level discussions currently taking place between Harris, her advisors, and industry stakeholders."
Following Joe Biden’s withdrawal from the presidential race last month, the crypto community is advised to manage their expectations as Harris steps into her new role as the Democratic nominee. An immediate, drastic shift in policy is unlikely, according to Evans.
"Trump took over three and a half years to shift his stance on cryptocurrency after years of open hostility and harsh taxation. It’s unreasonable to expect Harris to make an instant 180-degree change on such a complex issue as cryptocurrency," Evans explained. "Political shifts, especially on nuanced topics like digital assets, require careful consideration and time. Just as Trump needed time to adjust, Harris deserves the same."
As American Bitcoin investors prepare for the upcoming election, they face a challenging decision. While many desire a government that is supportive of cryptocurrency, they remain cautious of Trump’s tumultuous previous term. Evans warns:
"For those in the crypto community who are eager for change but hesitant about Trump, I urge you to prioritize the long-term stability of the crypto ecosystem over short-term political promises, particularly those that are unlikely to be fulfilled. For example, the promise to fire Gary Gensler on day one is, from an administrative and legal standpoint, simply not feasible."
Evans, a professor at Penn State Dickinson Law, emphasizes the importance of supporting leaders who understand the complexities of digital assets and are committed to fostering innovation while ensuring appropriate regulation.

What Can We Expect From Harris?

The Biden administration’s strict stance on cryptocurrency has sparked backlash, with many fearing a similar approach if Harris wins the presidency. However, Evans sees an opportunity for Harris to take a different path.
"While the current administration has faced criticism for its aggressive regulation-by-enforcement and debanking strategies toward crypto assets, Harris has a chance to set herself apart by promoting innovation, financial inclusion, and a balanced regulatory framework," Evans stated. "The crypto community's trust in her will depend on her ability to engage with them, address their concerns, and advocate for policies that support the growth and stability of the digital asset ecosystem."
Evans also highlighted Harris’s strong background in tech policy and her close ties to Silicon Valley, stemming from her time as a senator in California.
"Vice President Harris’s experience, coupled with her recent appointments of senior advisors Gene Sperling and David Plouffe, positions her as a strong leader in addressing future challenges in technology, innovation, and public policy. Her record as California’s Attorney General, where she tackled cybercrime and privacy protections, and her advocacy for digital inclusion as a U.S. Senator, underscore her deep understanding of the intersection between technology and governance," Evans elaborated.
Expressing optimism, Evans concluded, "Overall, I’m encouraged, and as I like to say, I’m HODLing democracy to ensure that all freedoms — not just financial freedom — survive and thrive."
With endorsements and financial backing from prominent industry figures and an appearance at Bitcoin 2024 in Nashville, Trump has garnered significant support from the crypto community in recent months. However, as discussions between key executives and senior Democratic officials continue, there are indications that the party is becoming more receptive to digital assets than it has been in the past — and perhaps willing to address the missteps of the last four years.
As pro-crypto campaign groups rally behind her candidacy, it might be premature to count Kamala Harris out just yet.