NACA in the News: Trump 2.0: Crypto bet big on Trump in 2024. Can it cash in?

USA Today, Trump 2.0: Crypto bet big on Trump in 2024. Can it cash in?

“While the industry might be pleased to turn the page on Biden-appointed officials like former SEC Chair Gary Gensler, consumer advocacy groups warn that a swing towards a more laissez-faire environment could open the door for scammers to flourish.

‘I’m not apocalyptic, but I lived through the first administration of that guy [Trump], and I am not optimistic about anything that’s consumer-friendly,’ said Ira Rheingold, executive director of the National Association of Consumer Advocates (NACA).

‘I view crypto as a house of cards that the wrong blow of wind will knock down.’

Rheingold’s group was part of a team that sued the crypto platform Gemini last year, alleging Gemini’s user agreement shifts losses to its customers in violation of both federal and D.C. law.

Gemini did not respond to requests for comment on the lawsuit.

‘If I was a legitimate cryptocurrency company, I would want regulation because I think regulation actually legitimizes the business and gives people some protection,’ Rheingold said.

Still, he’s unsure of how D.C. policymakers will approach things.

‘From a cynical point of view, I can see how much money the crypto industry is pouring into Washington, so one would think that they have a chance at making something happen. But I honestly don’t know,’ he said.

‘Should something be done? Yes. But I’d rather nothing be done than regulations that legitimize an industry I have deep concerns about.'”