Originally published on: October 14, 2024
Recent findings from Galaxy Research reveal that United States Vice President and presidential candidate Kamala Harris leans towards a more favorable stance on cryptocurrency compared to her superior, President Joe Biden. However, she falls short of the pro-industry approach demonstrated by former President Donald Trump.
Galaxy Research’s head of research, Alex Thorn, noted that Harris has pledged to enhance the regulatory environment for US crypto firms significantly. While Trump remains the preferred candidate for the industry, there is optimism that Harris could offer more support than Biden.
The upcoming November election will see Republican nominee Trump, who aims to establish America as the “crypto capital of the world,” competing against Democrat Harris, who has not been as vocal about the industry.
Under Biden’s administration, the US Securities and Exchange Commission has taken a tough regulatory stance on cryptocurrency, with over 100 regulatory actions filed against industry companies. In contrast, Trump has expressed support for Bitcoin mining and self-custody, advocating for more domestic production of Bitcoin and the protection of individual ownership of crypto assets.
While Harris has started to increase her focus on blockchain technology and emerging sectors, Galaxy Research suggests that she may adopt a more accommodating approach to crypto regulation compared to Biden. However, Harris remains critical of the industry regarding taxes and other relevant issues.
It is worth noting that both candidates maintain a strict stance on imposing financial sanctions on foreign adversaries concerning crypto transactions, which could limit their support for certain decentralized finance protocols.
With three in four crypto owners stating that a candidate’s crypto policy will influence their vote, the upcoming election results could have a significant impact on the cryptocurrency industry.
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