Kamala Harris
Vice President Kamala Harris has yet to take an official stance on cryptocurrency during her Democratic nomination campaign, reflecting broader uncertainty within her party. The Biden administration has been seen as unfavorable toward the crypto industry, with the SEC cracking down on major firms like Binance and Coinbase after the collapse of FTX. Despite earlier efforts to block crypto's growth, such as limiting Bitcoin ETFs, a federal judge's 2023 ruling has opened the door for these funds to trade by 2024. Aware of the industry's economic and political potential, Democratic leaders are now working to reset relations, with initiatives like the Crypto4Harris group and a recent virtual town hall involving top lawmakers. Nationwide grassroots fundraisers are planned to rally support for Harris.
Donald Trump
Former President Donald Trump, once a vocal critic of cryptocurrency, has repositioned himself as a pro-crypto candidate for the 2024 election, targeting a key bloc of voters and donors in the crypto space. Despite his earlier skepticism and regulatory actions like the SEC's lawsuit against Ripple, Trump now advocates for the U.S. to become the global leader in cryptocurrency, calling for the nation to be a Bitcoin "superpower." His campaign accepts Bitcoin donations, sells digital NFT trading cards, and has embraced a crypto-friendly platform, promising to protect Bitcoin mining rights and self-custody of digital assets. Alongside his running mate, Sen. J.D. Vance, a long-time crypto supporter, Trump has outlined policies aimed at fostering crypto growth, even predicting Bitcoin's price surge under his leadership.
Bottom Line
Cryptocurrency is emerging as a pivotal issue in the 2024 election, with millions of dollars at stake and influencing both presidential and down-ballot races. While Trump has fully $embraced the crypto community with bold promises, Democrats, led by Harris, are racing to catch up. Crypto backers are channeling significant funds into campaigns, aiming to shape regulations in their favor. As both parties focus on this financial juggernaut, the regulatory battle around cryptocurrency is set to be a defining issue in the final stretch of the election.
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