Trump or Harris: Who Is Best for Crypto?
As the 2024 US presidential elections approach, the future of cryptocurrency regulation and innovation is a key topic for both candidates and voters. While Donald Trump and Kamala Harris offer contrasting views, their respective stances on cryptocurrency will likely have a lasting impact on the nation’s financial landscape. This analysis explores their positions and what it could mean for the crypto community.
Trump’s ambitious projects
Back in 2019, Trump condemned crypto as volatile and a tool for illegal activities. His precedent administration even oversaw actions like the Securities and Exchange Commission’s lawsuit against Ripple.
In the wake of the 2024 presidential elections, however, he has drastically shifted his stance, positioning himself as a pro-crypto presidential candidate, unveiling several crypto-friendly policies at the Bitcoin 2024 conference in Nashville (July 2024).
His proposals sound very ambitious, including the creation of a government Bitcoin stockpile and the formation of a “Bitcoin and crypto presidential advisory council” to shape future regulations, in order to make the USA the “Bitcoin capital of the world”. It appears that under Trump crypto is going to become an important part of the US macroeconomic strategy.
Furthermore, Trump started accepting Bitcoin donations for his campaign and launched an NFT collection featuring himself with Bitcoin imagery. Basking in strong support from figures like Elon Musk and the Winklevoss twins, he also vowed to protect Americans’ rights to self-custody digital assets and opposed central bank digital currencies (CBDCs), which he called a “threat to freedom.”
Trump’s transformation on crypto reflects a calculated political and financial move, aligning with Silicon Valley interests and signaling a deregulatory approach to boost both his campaign and the broader crypto industry.
Harris’ unclear position
Meanwhile, Vice President Kamala Harris has yet to take a definitive position on cryptocurrency during her 2024 presidential campaign, reflecting the overall ambiguity within the Democratic Party. The Biden administration’s tough stance on the crypto industry has created tension, especially following the collapse of the FTX exchange in 2022. In response, the SEC initiated legal actions against major crypto firms, including Binance and Coinbase, sparking discontent among crypto supporters.
While Harris has remained relatively quiet on crypto, there are signs that her campaign may adopt a more open stance. In July, 14 House Democrats called on the Democratic National Committee to embrace pro-crypto policies, and in August, a group of crypto advocates, dubbed “Crypto4Harris”, hosted a virtual town hall with Democratic lawmakers to reset the party’s relationship with the industry. The Democrat candidate, however, didn’t attend the event, facing skepticism from the crypto community.
In a possible change of hearts, Harris made her first official comments on cryptocurrency at a New York City fundraiser in late September, signaling support for innovative technologies like digital assets.
Apart from her ambiguity on cryptocurrencies, Harris’ campaign has seen significant financial backing from the industry, with events like the Cipriani Wall Street fundraiser in Manhattan raising $27 million in a single day.
Conclusion
In the 2024 presidential race, Donald Trump emerges as the strongest advocate for cryptocurrency, with a clear, ambitious agenda to integrate crypto into US economic policy. His pro-crypto stance, support from industry leaders, and bold proposals, like creating a government Bitcoin stockpile, indicate a commitment to boosting the crypto sector.
In contrast, Vice President Kamala Harris remains undecided on the issue. While she has hinted at a more open stance, her position is still unclear, leaving crypto supporters waiting for more definitive plans.
For now, Trump appears to be the preferred candidate for the crypto community.
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