The crypto industry has become a key player in the 2024 presidential election, with industry leaders and investors, frustrated by what they see as excessive regulation under Biden, seeking to flex their political muscles through significant donations. U.S.-based crypto companies, including Coinbase, Ripple, and Gemini, have shelled out about $120 million to sway the November vote.
More: Ramaswamy Wants Harris to Clarify Her Crypto Stance
New @Public_Citizen report shows crypto corporations are exploiting the Supreme Court's 2010 Citizens United ruling to an unprecedented degree, dwarfing spending by Big Oil and other corporate sectors in the 2024 elections. pic.twitter.com/x7ItuKaH0t
— Rick Claypool (@RickClaypool) August 21, 2024
Meanwhile, Trump has already released four collections of non-fungible tokens (NFTs), thrown his support behind his family’s crypto platform, and cozied up to the industry at large.
He’s made no secret of his affection for crypto, promising to fire SEC Chairman Gary Gensler, whose term doesn’t end until 2026, appoint crypto-friendly regulators, and set up a stablecoin framework.
Just last Wednesday, the Republican candidate used Bitcoin to pay for burgers at PubKey bar in New York. “It’s the start of a new era,” he proclaimed after completing the transaction.
Despite Trump's clear crypto endorsement and Harris’ silence, the two candidates are neck-and-neck in national polls, with Harris holding just a four-point lead over Trump, according to Polymarket.
But Harris' silence was finally broken this Sunday.
Harris' Vision for the Future Economy
Harris' economic proposals have mostly focused on voters worried about rising prices, a consistent headache for the Biden administration. She’s promised a range of tax breaks, cuts, and programs to ease the load for low- and middle-income American households.
But on Sunday, Harris also sought to allay concerns about her approach to business, offering more details on how she’d handle regulations under her so-called “opportunity economy” plan.
Vice President Kamala Harris vowed to boost investments in artificial intelligence and cryptocurrency if elected, pitching her economic agenda to donors in New York on Sunday. Her focus is on fostering innovation while ensuring consumer and investor protections.
“I will bring together workers, small business founders, innovators, and big companies,” Harris told sponsors at Cipriani Wall Street in Manhattan. “We will collaborate to invest in America’s competitiveness and its future. We’ll encourage cutting-edge technologies like AI and digital assets, while safeguarding our consumers and investors.”
“This is a significant and constructive statement from Kamala Harris,” Coinbase’s policy lead Faryar Shirzad said in an X post on September 22.
This is an important and constructive statement from @KamalaHarris.
— Faryar Shirzad 🛡️ (@faryarshirzad) September 22, 2024
It’s not nearly as forward leaning as the concrete and visionary positions taken by @realDonaldTrump, but it’s still notable because:
- she recognizes digital asset innovation as being important and on par… https://t.co/sIzq06a4lU
Harris’ comments mark the first time she’s addressed cryptocurrencies as the Democratic presidential candidate.
VanEck's Prediction
The idea that President Harris would be the best thing for cryptocurrency was put forward by VanEck analysts in a report this week.
Back in July, these same analysts suggested that major global economies might turn to Bitcoin after noticing the “endemic flaws” in fiat currencies. In their view, having a Democrat in the White House isn't likely to fix the current financial mess.
“We argue that a Kamala Harris presidency might actually be better for Bitcoin than a second Trump term because, in our opinion, it would accelerate many of the structural problems that are driving Bitcoin adoption in the first place,” stated Matthew Sigel and Patrick Bush in Thursday’s report.
They went on to add that “as inflation and currency devaluation continue to challenge fiat money systems, Bitcoin could serve as a crucial hedge.”
More: Trump To Make U.S World Crypto Capital With Musk On Board
So, according to these experts, if you’re rooting for Bitcoin, maybe you should be rooting for Harris...
Kataryna Habeliia
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
