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Industry analysts are optimistic about the post-election crypto market, noting a 1.5% increase in total market capitalization within just one day.
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According to Matthew Sigel from VanEck, “It’s sad for America to kind of lose our lead in innovation, so I think that’s going to change.”
Key crypto developments following the U.S. elections signal a potential shift towards a more favorable regulatory environment for digital assets.
America’s road to innovation in cryptocurrency
Matthew Sigel, Head of Digital Assets Research at VanEck, shared his insights on the latest episode of CryptoPrimePod, suggesting that the recent victory of the Republican Party could pave the way for a more crypto-friendly regulatory landscape. Sigel emphasized the need for reforms to modernize financial regulations to better support innovation in the crypto space.
Addressing regulatory challenges and pushing for change
Sigel criticized the current regulatory environment, asserting that the SEC’s approach has hindered innovation. He stated that the enforcement of ambiguous rules has led to undue penalties for cryptocurrency participants. “It’s sad for America to kind of lose our lead in innovation,” he noted, advocating for a shift towards more transparent and fair regulations.
He called for updating outdated transaction thresholds to reflect inflation, which would allow for a more realistic and encouraging environment for emerging technologies within the financial sector.
Reasons behind regulatory pushback against cryptocurrencies
Sigel pointed out that the previous administration’s policies prioritized enforcement over innovation, resulting in heightened scrutiny of crypto activities. He explained that the volatile nature of digital assets challenges traditional financial frameworks, creating friction between regulatory bodies and innovative financial practices.
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