The US cryptocurrency industry may see more support under Kamala Harris’ leadership than the current Joe Biden administration.
Harris is more supportive than Biden, and Trump is “undoubtedly” more favorable
Alex Thorn, Head of Research at Galaxy Research, recently shared a detailed policy Scorecard On
Thorne noted that while a Trump victory would undoubtedly be more favorable to the broader cryptocurrency industry, a Harris victory could provide better support than the current Biden regime. He described the downside risks of a Harris presidency as “limited.”
For example, regarding the classification of digital assets as securities, the Biden administration has maintained an ambiguous regulatory stance, leaving the US Securities and Exchange Commission (SEC) to deal with issues on a case-by-case basis.
In contrast, the Harris/Walls administration is expected to be “somewhat positive,” based on Harris’ recent statements supporting innovative technologies such as artificial intelligence and digital assets. On the other hand, Trump pledged to fire SEC Chairman Gary Gensler and appoint a more pro-crypto replacement.
Another parameter is the difference in attitude towards Bitcoin (BTC) mining. While the Biden administration has proposed a 30% tax on mining, Harris is expected to fare “a little better” than Biden due to her connections in Silicon Valley.
It is worth noting that Trump strongly supports Bitcoin mining, considers it domestic manufacturing and pledges that Bitcoin “will be made in America.”
While the Biden or Harris administrations are not expected to take a secret stance against self-custodial cryptocurrencies, the US Treasury Department under Biden has attempted to classify non-custodial wallet providers as money transmitters. In contrast, Trump has explicitly pledged to protect self-custody rights, as he highlighted in a speech in Nashville in July 2024.
The Biden administration has shown interest in formalizing rules related to the regulation of stablecoins, and has proposed that banks should have exclusive authority to issue stablecoins.
Harris is likely to follow Maxine Waters’ approach, calling for stablecoins to be backed by safe reserves such as short-term Treasury bills, with the Federal Reserve and major banks playing a role in issuance. However, Trump prefers to allow non-banking entities to issue stablecoins.
Harris left no stone unturned to attract crypto voters
Although the consensus seems to be that Trump will win Benefit greatly In light of digital asset prices and the broader industry, Harris has tried to appeal to crypto voters.
She recently shared her economic proposal, and she promised supports Regulation of crypto and digital assets. In addition, Harris receive $1 Million in XRP Political Donations from Ripple Co-Founder Chris Larsen.
Echoing Thorne’s analysis, trading firm QCP Capital male That Harris wins may not be as bearish for cryptocurrency investors as some think. Bitcoin is trading at $66,412 at press time, up 0.8% in the past 24 hours.
Featured image from flickr.com, chart from TradingView.com