Frank Speiser, CEO of Metafide, joins TheStreet to explain how the President's crypto holdings might impact the market.
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00:00So, part of this new era under Trump, right, he's launched a meme coin, his company is
00:08expanding into crypto.
00:10How are those things likely to impact the mainstreaming or the further mainstreaming
00:17of crypto?
00:18Well, it is interesting just when you think that we now have a DeFi founder as a president,
00:24if you look at it that way.
00:26And so I think that's somewhat of a signal to the market that they're going to allow,
00:33you know, decentralized finance and building on Ethereum and things like that to continue
00:38to work in the market.
00:40However, the quality of that project remains to be seen.
00:43And the way that the token distribution is set remains to be seen if that's going to
00:48work for the market.
00:49I wouldn't necessarily use that as the barometer for what is potentially, you know, coming
00:55to market.
00:56I think there's plenty of great projects that, you know, will or will not pan out.
01:01But it's one of those things where it is a signal that the president himself views the
01:05market as somewhat of someone to partner with.
01:08Now what's the risk here of there being too much closeness between the White House and
01:16the crypto industry, almost seemingly bypassing regulators?
01:22I don't know that they're planning on bypassing regulators, to be honest with you.
01:25I don't have any inside signal to that.
01:27And I also think that it's no different than the president uses banking systems.
01:33The president, you know, has investments that go through investment banks and he gets loans
01:38from investment banks.
01:39I think it's the same thing where you're using a piece of the financial apparatus to accomplish
01:44a goal.
01:45I don't necessarily think there's a such thing as too close, but I think that everybody should
01:50be held account, be made to be honest and go about their business the right way.
01:54And so I don't think there's any room to do something in this system that you would
02:00try to avoid in the old system or the legacy system.
02:04Right.
02:05But there is an implied, I don't want to say bias, but there is an implied backing, right?
02:12That's just different from coming out and speaking at the podium, right?
02:18What's the risk that, you know, like people pile into this industry because they feel
02:24like, well, the president is in it and he has a meme coin.
02:28So it's it's it gives like a perceived air of of safety.
02:35Sure.
02:36Yeah.
02:37So there needs to be people held to the rules and regulations, first of all.
02:42But also, I think when you look at, you know, the president entering the space, I think
02:51it's one of those things where it's a signal to the market that it's been somewhat hostile
02:55to operate in the space over the previous several years.
02:58And he's he's saying it's OK.
03:00I don't think what he's saying is I'm going to flout the rules of business and the regulations.
03:06And I do think, you know, the previous every president prior to this one has participated
03:11in the financial markets in some some degree or another.
03:15It is a little different than, say, a previous president, like if there was George W. Bush
03:20in the bond market or something like that, like I think that would warrant a closer look.
03:25So I'm I'm not suggesting in any way to look the other way or to take it easy.
03:29But I think that we should give this president a chance to see if he's going to do the right
03:33thing for the space.