Eric Trump, the son of President-elect Donald Trump, recently spoke out about the need for practical rules to help the U.S. become a leader in the crypto space.
In an interview with CNBC in Abu Dhabi, Eric talked about the importance of clear guidelines that would provide stability for the market.
“The crypto industry is not opposed to regulation but seeks rules they can follow, regulation that’s crystal clear, black and white,” he explained.
Trump criticized the previous regulatory approach under former SEC Chairman Gary Gensler and called it a “disaster for crypto” due to inconsistent policies. He said that the unclear rule held back progress and caused confusion which lead to series of lawsuits and enforcement actions
He also warned that without clear regulations, the U.S. could fall behind other regions that are investing heavily in blockchain and digital assets. “America, you know, better lead the way otherwise, we’re going to leave a lot behind,” he said.
He stressed that transparent regulations would not only stabilize the domestic crypto market but could also set a global standard for how crypto should be handled.
His drive for clearer roles meets the time Bitcoin recently broke the $100,000 mark for the first time, before dipping back below the level. Many in the space believe that with Trump as the next President, the right regulation would be put in place, with the United States becoming a crypto hub.
Eric also showed support for decentralized finance (DeFi), which uses cryptocurrency to replace traditional financial systems. “We believe in DeFi… We believe that’s the way of the future,” he said.
During the interview, Eric Trump mentioned that his father, former President Donald Trump, plans to “make America the crypto capital of the World” if he returns to the White House.
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