As the 2024 United States presidential race heats up, both Kamala Harris and Donald Trump are focusing more on a burgeoning but frequently overlooked segment of the electorate: cryptocurrency enthusiasts.
On the surface, Trump’s cryptocurrency intentions seem encouraging, but are there hidden agendas? Would Harris’ more subdued, cautious strategy pave the way for a more secure and intelligent future for digital currencies? Here’s a rundown of what both candidates are presenting to the crypto community and what it means for crypto voters.
Trump strategically changed his position on crypto to appeal to a significant portion of the electorate and capitalize on the growing influence of the crypto community. The shift began in May 2024 when his campaign started accepting donations in crypto, a stark contrast to his earlier, more skeptical views.
Since then, Trump has made several key moves to win over crypto supporters. In June, Trump voiced his backing for Bitcoin mining, expressing hope that Bitcoin mining would be within the U.S., which resonated with voters concerned about mining operations relocating to countries like Kazakhstan and Russia.
Trump’s most significant move came in late July when he appeared at Nashville’s Bitcoin Conference. Trump made a bold promise: if elected, he would establish a national BTC reserve—something unprecedented in U.S. history. Additionally, he pledged to remove SEC Chair Gary Gensler, a figure widely seen by crypto advocates as a hindrance to the industry due to his strict regulatory stance on digital assets.
At the heart of Trump’s efforts is WLF, a decentralized finance (DeFi) firm launched last month. The platform, which was marketed as a cryptocurrency bank with lending, investing, and borrowing capabilities, sought to draw in cryptocurrency voters by providing genuine value.
However, the platform has faced challenges, raising only a fraction of its $300 million goal. Concerns over transparency have also been raised due to the fact that Trump’s family is set to receive 75% of the platform’s profits.
On the other hand, Vice President Kamala Harris has opted for a more cautious approach to appeal to crypto voters. Although she hasn’t made cryptocurrencies a major campaign topic, recent events suggest she is taking note of the industry’s increasing significance.
Harris’ approach became clearer at a roundtable discussion during the Democratic National Convention when her top campaign adviser shared that she favors policies and laws that promote innovation in emerging technologies like cryptocurrency. Although her messaging has been more reserved, Harris’ “Opportunity Agenda” includes plans to safeguard crypto investors, especially within marginalized communities.
Despite her relatively quiet stance, Harris’ campaign has seen support from some prominent players in the crypto world, such as Ripple co-founder Chris Larsen, who has made significant donations to her campaign. Larsen expressed confidence that Harris would bring a more pragmatic and clear regulatory framework to the industry, something he feels is lacking under the current government.
As the election nears, the political race and the crypto market are becoming more intertwined. Trump currently leads in betting markets fueled by a bullish crypto sentiment, with Bitcoin trading at near-record highs. However, voter sentiment could shift, especially if the crypto market sees further changes. The upcoming weeks will be critical not only for determining the winner of the race but also for shaping the future of cryptocurrency regulations in the United States.
All that industry actors like Canaan Inc. (NASDAQ: CAN) can do now is to wait and see whether the next president acts upon the promises that they made while on the campaign trail.
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