The upcoming US presidential election could have a profound impact on the future of blockchain technology, particularly its integration into traditional finance, according to Caitlin Long, founder and CEO of Custodia Bank. Long, a prominent figure in the blockchain space, is set to speak at the Benzinga Future of Digital Assets event, where she will delve into the potential influence of political outcomes on the nascent industry.
Long emphasizes the contrasting approaches of different presidential administrations towards technology-driven financial ventures. She argues that the 2024 election will likely play a pivotal role in shaping the involvement of traditional financial institutions in blockchain. She points to the intensified regulatory scrutiny faced by banks exploring blockchain technology under the Biden administration, stating that “Banks that ventured into tech innovation were many times more likely to face enforcement actions than banks that did not.” This highlights how regulatory measures can significantly affect banks engaging with emerging technologies.
The integration of blockchain into the banking system is central to Long’s work. As a long-time advocate for blockchain policy reform, she believes the next administration could determine the extent to which blockchain is adopted by mainstream banks. She suggests that a Trump administration, with its focus on tech innovation, would likely be more receptive to tech-forward financial companies becoming banks themselves. This underscores the potential for significant regulatory shifts that could follow the election.
Long’s involvement in Wyoming’s blockchain legislation has been instrumental in establishing a national model for regulatory frameworks that support blockchain enterprises. Since 2018, she has played a key role in enacting over 30 blockchain-related laws in the state, creating a regulatory blueprint that could influence broader federal policy decisions.
Long’s appearance at the Benzinga Future of Digital Assets event will likely address these developments, highlighting the potential impact of the election on the regulatory landscape for blockchain’s relationship with traditional banking. As the digital asset market continues to mature, the interplay of regulatory shifts, mergers and acquisitions, and adoption trends will shape the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City this November will provide a platform for industry leaders and investors to explore these developments, offering insights into the evolving regulatory environment and the latest market dynamics.
