365Crypto
Due to the tight presidential race, Harris have decided to finally support Crypto in an effort to undermine Trump’s Crypto voters support.
Kamala Harris, U.S. presidential candidate, is more open to cryptocurrency than President Joe Biden, but less supportive than her opponent Donald Trump, according to Galaxy Research on October 14.
Harris on Crypto Regulation
Harris promises to improve the regulatory landscape for U.S. crypto companies but holds less favorable views on other topics like taxes, Bitcoin mining, and self-custody of digital assets. According to Alex Thorn, head of research at Galaxy, Harris might offer a more balanced approach than Biden, but she’s still less friendly to the industry than Trump.
Comparing Trump and Harris on Crypto
Donald Trump has been more vocal about making the U.S. the “crypto capital of the world.” Meanwhile, under Biden, the U.S. Securities and Exchange Commission (SEC) has taken a tough stance on crypto, pursuing over 100 regulatory actions against industry firms. Trump has promised to fire Gary Gensler, the head of the SEC, if elected. Harris, on the other hand, has been less outspoken on crypto but has shown increasing interest, especially in emerging technologies like blockchain.
Taxes and Bitcoin Mining
Harris is more critical of the industry when it comes to taxes, with plans to roll back Trump’s tax cuts, which could mean higher taxes for crypto holders. Trump supports Bitcoin mining and wants to boost production in the U.S., while Harris has not made similar commitments. Trump also backs the right of individuals to manage their own crypto wallets (self-custody), a position Harris hasn’t supported.
Financial Sanctions and Decentralized Finance
Both candidates are expected to remain strict on imposing financial sanctions related to crypto transactions with foreign adversaries. This approach likely limits their support for decentralized finance (DeFi) systems that bypass customer verification and anti-money laundering laws.
