David LaValle, global head of ETFs at Grayscale, said digital assets have become a non-partisan issue, suggesting the sector is relevant across the political spectrum.
“We’ve seen digital assets move more broadly from a partisan issue to a bipartisan issue,” he – he said in a recent interview with Proactive Investors. “And now I think it’s essentially a non-partisan issue, which is probably the most optimistic indicator.”
Considering cryptocurrencies a non-partisan issue means that it transcends traditional political divisions. If cryptocurrencies were non-partisan, political decisions would ideally focus on the technology’s merits, potential economic impact and regulatory needs, rather than being influenced by party politics.
Grayscale poll shows that digital assets are becoming a growing concern for voters
LaValle noted that Grayscale surveys indicate that both investors and the general public are increasingly considering digital assets when making electoral decisions. This development explains why the topic has now entered cross-party political discussions.
Republican Party presidential candidate Donald Trump has changed his stance to strongly support cryptocurrencies, especially Bitcoin.
He has proposed to make the United States the “cryptocurrency capital of the planet” by establishing a Bitcoin reserve. He also plans to reduce the regulatory burden and oppose government-issued digital currencies. In addition, Trump supports rights to manage personal cryptocurrencies, engage in transactions and operate cryptocurrency infrastructure such as nodes and miners.
Meanwhile, Democratic candidate Kamala Harris has not publicly stated her position on cryptocurrency policy. However, her campaign’s outreach to the sector suggests she may want to adjust her approach. She appears to be aiming to find a golden mean between the Biden administration’s policies and Trump’s strong support for cryptocurrencies.
LaValle also pointed to large financial firms such as Morgan Stanley, which now offer bitcoin-based ETFs as part of their investment options.
He noted that this change requires financial advisors to improve their game when it comes to expressing their views on digital assets. They need to do so in order to properly guide their clients in an evolving market.
