Congressman supports Trump’s crypto stance: ‘Need players to make sure…’

• Trump leads in Polymarket predictions, with stronger support than Harris on crypto policies.
• Rep. Byron Donalds advocates for a pro-crypto regulatory shift under Trump’s potential presidency.

Amidst the U.S. election race, Florida Congressman Byron Donalds disclosed discussions with Republican candidate Donald Trump, focusing on the challenges facing the $2 trillion crypto market.

Seeing Trump’s election odds gain traction, the conversation focused on strategies to alleviate the regulatory “headlock,” arguing that President Biden and Vice President Kamala Harris have intensified the same.

Byron Donalds joins Donald Trump 

That being said, Donalds also criticized SEC Chair Gary Gensler for his central role in the agency’s intensified crackdown on crypto assets. 

He said, 

“The man thinks that he is smarter than everybody in the room collectively. That is a height of arrogance, in my view, that you cannot have in a chief regulator.”

Donalds’ criticism aligns with sentiments shared by Trump, who stated in July that Gensler would be removed from his position “on Day One” if the latter is elected.

“I didn’t know he was that unpopular. Let me say it again, on day 1, I’ll fire Gary Gensler.”

This stance underscores a growing Republican call for regulatory change, as they view current policies as stifling the potential of the U.S. crypto market.

Remarking on the same, Donalds told an intimate group of crypto investors gathered at Miami’s Perez Art Museum.

“In short, President Trump is ready to clean house. And it’s not just a house cleaning, and then you don’t know what you’re going to do — there’s actually a systematic process for having people who are qualified, who have done work in our industries over time in the United States.” 

The proposed solution

As a solution, Rep. Donalds, proposed a “crypto regulatory sandbox” to Trump, suggesting it as a way to create a supportive framework for emerging companies in the crypto space.

Speaking with Fox Business, Doanlds noted, 

“This industry is going to change so fast over the next five years…You need the players in the industry to kind of make sure that the rules are clear.” 

Thus, as the election momentum builds, prediction markets like Polymarket indicate Trump’s lead, with support at 61.35%, compared to Harris’s 38.6%.

Source: Polymarket

In fact, recently, Alex Thorn, Galaxy Digital’s Head of Firmwide Research, further cemented this trend by sharing a policy scorecard on X (formerly Twitter).

The scorecard showed that Trump outperformed in seven out of nine critical policy areas, highlighting key voter segments’ favorable sentiment toward his approach.

All in all, these things highlights the growing confidence in Trump’s odds, especially on regulatory and economic issues that are expected to shape the upcoming election discourse.

Source: Alex Thorn/X