As the 2024 presidential election approaches, digital asset firms are wondering how a potential change in leadership could influence federal regulations surrounding crypto.

Mario Nawfal, CEO of IBC Group and upcoming speaker at the Benzinga Future of Digital Assets conference, shared how his company is preparing for these possible shifts.

IBC monitors updates from agencies like the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and regularly consults legal experts specializing in digital assets, Nawfal explained.

“We are continuously monitoring the regulatory landscape by following updates from relevant agencies…and paying attention to legislative developments,” he said.

While the future remains uncertain, Nawfal expressed optimism about potential regulatory changes, particularly if former President Donald Trump is re-elected. “We are more optimistic if Trump is the next President, considering his stance on crypto relative to Harris.”

See Also: Donald Trump’s World Liberty Financial Plans To Raise $540M With Token Sale

Despite growing investments, the mass adoption of consumer-focused crypto applications has been slower than expected. Nawfal noted that part of this issue stems from the industry’s reputation as a place for quick financial gains.

“It is partially our fault that the crypto industry is still largely wrapped in a get-rich-quick aura, and most retail treats it as a casino,” he stated. He also highlighted that poorly designed products are a major hurdle, pointing out that success requires more than ideology or rhetoric. “We need good, sticky products. We need to bring product managers and designers on the front line,” he emphasized.

Navigating Market Volatility

With the digital asset market experiencing fluctuations, Nawfal addressed concerns about its long-term sustainability. While some worry the industry may have peaked, Nawfal pushed back against that notion, saying, “Doomers have been prophesying doom since the 1930s, yet here we are.”

He added that IBC Group’s strategy in uncertain times remains consistent—continuing to expand its portfolio, services, and media operations while maintaining financial security. “Our strategy in recession remains pretty much the same as during bulls…while maintaining a comfortable cash cushion at all times,” Nawfal explained.

As the Benzinga Future of Digital Assets event draws near, industry leaders like Nawfal will offer further perspectives on how the sector adapts to regulatory and market pressures. The event provides a platform for in-depth discussions about the future of digital assets in a changing economic and political environment.

As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

Image: Shutterstock