Will Harris' Crypto Promises Matter More Than Trump's?
Date: 2024-10-24 Author: Oliver Abernathy Categories: IN WORLD
As the US presidential election approaches, the crypto community's attention is riveted on the candidates' statements. Kamala Harris and Donald Trump present their plans for the development of the crypto market, which entails an increase in bets on the election outcome. Trading platforms such as Polymarket are recording record volumes of transactions - in July 2024, they exceeded $380 million, which indicates a growing interest in political events.
During her election campaign in the summer of 2024 in Milwaukee, Vice President Kamala Harris said that if she wins, she will work to reduce bureaucracy and simplify the regulation of cryptocurrencies. This statement comes amid Donald Trump’s support for the crypto industry, which has caused mistrust of Harris among crypto enthusiasts, as she is often associated with the Biden administration’s hard-line policies on digital assets.
The digital economy has become a key topic for both candidates, and the crypto community has been eagerly awaiting the debate between Harris and Trump in September 2024. Before the debate, Trump said that if he returns to the White House, the United States will become the “cryptocurrency capital of the planet.” However, disappointment followed when neither candidate expressed a clear position on digital currencies during the debate.
The question arises: are Harris and Trump trying to attract crypto voters or are they really committed to integrating cryptocurrencies into everyday American life? According to a survey by the US Federal Reserve, about 18 million Americans (7% of the adult population) owned or used cryptocurrencies in 2023. This figure could prove decisive if the gap in support between the candidates is minimal.
Harris – Biden’s Crypto Regulatory Successor?
Kamala Harris has spent most of her career in the justice sector, serving as California’s District Attorney and Attorney General. In 2017, she became the first African-American woman senator, and in 2021, she became Vice President of the United States alongside Joe Biden.
The most heated moment around crypto regulation came in March 2022, when the White House issued Biden’s executive order on digital asset development. Although the order did not define specific measures, it raised issues of consumer protection, criminal activity, and financial innovation. However, the crypto community is most concerned about Harris’s possible appointment of SEC Chairman Gary Gensler as Treasury Secretary.
Gensler, previously considered a supporter of cryptocurrencies, has recently become a critic of them. As head of the SEC, he called the crypto market a “wild west” and argued that many tokens could be unregistered securities. His most famous case was the indictment of Sam Bankman-Fried for the FTX fraud, which resulted in a prison sentence for the "Crypto King."
Gensler also brought charges against Binance and Coinbase, which led to significant losses for tokens like Solana, Polygon, and Cardano. Such actions pose obstacles for Harris in fulfilling her promises to simplify crypto regulations, especially given the support of Democrats whose views on cryptocurrencies remain critical.
As such, the crypto community is questioning whether Harris can actually make a difference in an environment where key figures in the Democratic Party oppose the mass adoption of digital assets.
