As the US election approaches, the cryptocurrency industry is also focusing on the policy positions of the two major candidates. Trump and Harris’ attitudes towards cryptocurrency may have a profound impact on this emerging industry.
Trump's cryptocurrency policy
Donald Trump has promised to make the United States the "cryptocurrency capital of the world" if he is re-elected. He has also proposed creating a "national strategic bitcoin reserve" similar to the U.S. government's gold reserves. Trump's new enthusiasm for cryptocurrencies is in stark contrast to his past attitude that bitcoin "looks like a scam" and a threat to the dollar.
Recently, Trump launched a new crypto company called World Liberty Financial, and although details were scant, he emphasized that cryptocurrency is one of the things the United States must do. This shift may indicate that Trump's support for cryptocurrency is growing.
Harris’ cryptocurrency policy
Harris’ stance on cryptocurrencies, by contrast, has been less clear. While one of her advisers said she would “support policies that ensure emerging technologies and industries can continue to grow,” Harris herself hasn’t said much about cryptocurrencies.
Harris’ team’s meetings with industry executives are aimed at building trust while giving cryptocurrency bosses hope for a brighter future for whoever wins in November.
The SEC’s stance
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), has been critical of the cryptocurrency industry, which he has described as “full of fraud, charlatans, and scammers.” The SEC has stepped up its crackdown on crypto companies in recent years, including lawsuits against major crypto exchanges such as FTX and Binance.
Gensler stressed that rules forcing companies looking to raise money from the public to "share certain information with them" have been in place since the SEC was founded and are intended to protect investors.
Political donations from the cryptocurrency industry
As the election approaches, the cryptocurrency industry has spent a record $119 million on political donations in an attempt to influence the election results in the hope of obtaining more favorable laws. This move shows the cryptocurrency industry trying to play a role in American politics.
in conclusion
The cryptocurrency industry is optimistic about Trump's stance, as he seems to be more open to cryptocurrencies. Harris's stance is less clear, although her team is building trust with industry executives. The SEC's criticism and crackdown on crypto companies indicate that regulators' oversight of the cryptocurrency industry may continue to increase.
As the election approaches, the cryptocurrency industry is paying close attention to the policy stances of both candidates, as this may determine their future direction. Regardless of the outcome, the cryptocurrency industry hopes to usher in a more clear and supportive policy environment.
