Claudia Sheinbaum, the former mayor of Mexico City, has made history by becoming the first female president of Mexico. She is expected to maintain the current administration’s approach to regulating cryptocurrencies, aligning with the policies of her predecessor, Andres Manuel Lopez Obrador.
Sheinbaum’s election signifies a continuation of Mexico’s crypto policies, with a focus on fostering innovation while implementing strong regulatory frameworks to prevent misuse. Although the ruling Morena party has not introduced comprehensive legislation for the crypto sector, it has imposed a 20% tax on crypto gains. Furthermore, cryptocurrency exchanges are required to comply with global anti-money laundering and terror financing regulations. The party has also shown interest in regulating blockchain technology to enhance security and the overall ecosystem.
While recent crypto developments in the United States during Mexico’s election campaigns may influence the Morena party’s stance on crypto, for now, it appears that Sheinbaum’s leadership will maintain a steady course. Mexico, being the largest market for remittances from the US, presents significant opportunities for crypto usage among its citizens.
The crypto community in Mexico has responded to Sheinbaum’s election with celebration and cautious optimism. Many see her presidency as an opportunity to solidify Mexico’s position in the crypto space and leverage the benefits of digital currencies and blockchain technology for economic growth, all while addressing security and financial stability concerns.
Meanwhile, in the US, President Joe Biden’s recent veto of a resolution to overturn the SEC’s Staff Accounting Bulletin 121 has created uncertainty in the crypto industry. The veto, which followed bipartisan efforts in Congress to repeal the guidelines, has been viewed as a hindrance to industry growth. However, there are ongoing efforts in Congress to advance the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to establish a new legal framework for digital assets. This bill, if passed, would provide greater freedom for crypto companies in the US and clarify regulatory responsibilities between the SEC and CFTC.
Overall, Mexico’s crypto policy is expected to continue under Sheinbaum’s presidency, while the US remains uncertain in its stance on crypto regulation.
