Eric Trump, son of President-elect Donald Trump, has called for “sensible regulation” to position the United States as a global leader in the crypto industry.

Speaking to CNBC in Abu Dhabi, Trump emphasized he importance of clear guidelines to encourage innovation and provide a stable environment for the expanding crypto sector.

He stated that the crypto industry is not opposed to regulation but seeks “rules they can follow, regulation that’s crystal clear, black and white.”

Trump criticized the previous regulatory approach, particularly under former SEC Gary Gensler, whose tenure he described as a “disaster for crypto” due to inconsistent policies that hindered innovation.

America can’t get left behind

Eric Trump emphasized the necessity for the U.S. to adopt clear regulations to remain competitive in the global digital economy. He noted that countries in the Middle East and elsewhere are making significant investments in blockchain and digital assets. Without cohesive regulations, he warned, the U.S. risks falling behind.

“America, you know, better lead the way otherwise, we’re going to leave a lot behind,” Trump warned. 

The lack of a comprehensive regulatory framework has frustrated many in the crypto space, with numerous lawsuits and enforcement actions creating uncertainty for businesses. Trump suggested that transparent regulations could stabilize the domestic crypto market and set a global standard. 

In an interview with CNBC, Eric Trump expressed his family’s support for cryptocurrency technology and the potential impact it can have on the country.