In summary
- Nearly 65 million Americans have already cast their ballots ahead of this week’s election, and the race between the two candidates is tightening.
- Donald Trump, previously a critic of Bitcoin, has changed his stance and become an advocate for cryptocurrencies, releasing NFT collectibles and supporting DeFi projects.
- Kamala Harris, although initially silent on the issue, has put cryptocurrencies on her agenda, promising a regulatory framework to protect investors and encourage the growth of the cryptoasset space in the US.
Nearly 65 million Americans have already cast their ballots ahead of this week’s election, and the race between the two candidates is tightening.
Cryptocurrencies have been a significant topic in the presidential race, with former president and Republican candidate Donald Trump changing his opinion from skeptic to pro-crypto candidate, while current Vice President Kamala Harris, who took office in place of President Joe Biden as the election of Democrats in July, has signaled an intention to distance himself from the anti-Cryptocurrency policies of the current administration in which he serves.
At Decrypt, we’ve been covering the ins and outs of cryptocurrencies’ role in American politics throughout the election cycle. But with only a few days left until Election Day, here’s a primer on Trump and Harris’ stance on cryptocurrencies, and what to expect if either of them wins next week.
donald trump
Former President Donald Trump has been much louder than Harris on the issue of cryptocurrencies.
Previously a critic of Bitcoin and a skeptic of the crypto space, the business and real estate mogul has done a 180-degree turn on the issue, becoming an advocate for the industry and receiving widespread support and donations along the way.
Fast forward to 2024. Trump has released multiple sets of NFT collectibles, called for the Americanization of Bitcoin, and even backed a decentralized finance (DeFi) project called World Liberty Financial alongside his children. World Liberty is not off to a great start with potential investors, although sources tell Decrypt that it plans to issue a stablecoin.
Like some other Republicans, Trump has criticized central bank digital currencies (CBDCs), or digital dollars, or rather government-backed cryptocurrencies that do not yet exist in the US, but which scare the libertarian faction of the GOP and much of the digital asset space due to fear of increased government surveillance.
His promise to help Bitcoin Mining—a big business previously dominated by China, but now with many American players—fits perfectly with Trump’s ardent protectionist brand. As is his desire to fire crypto bogeyman Gary Gensler, chairman of the U.S. Securities and Exchange Commission who focuses on cryptocurrencies.
Top executives in the cryptocurrency space have endorsed Trump for his apparent passion for the industry, or at least his willingness to publicly engage with an industry that most politicians have avoided talking about.
If elected to a second term, will Trump deliver on his promises to protect cryptocurrencies in the US and advance the industry?
Kamala Harris
Democratic candidate Kamala Harris initially remained silent on the crypto issue, and unlike Trump, she certainly hasn’t been seen tossing burgers to Bitcoiners at a BTC-themed bar in New York City.
But cryptocurrencies are part of the former attorney general’s agenda.
In October, Harris said she had plans for the crypto ecosystem when a part of her “Kamala Harris Will Deliver for Black Men” platform included a specific commitment to the African-American community.
A campaign document said it was to “support a regulatory framework for cryptocurrencies and other digital assets so that Black men who invest in and own these assets are protected.”
The approach proved controversial, especially since it was, in theory, his most specific comment to date on cryptocurrencies. But a spokesperson later clarified that such plans were intended for all Americans and would not be limited by race.
However, that is not the only evidence that the cryptocurrency industry will fit into his presidential plans. Harris has said that Blockchain, AI and other emerging technologies will be innovated in America, and before that he told donors at a fundraising event that he would foster the growth of the crypto asset space in the country.
Billionaire entrepreneur and cryptocurrency enthusiast Mark Cuban previously told Decrypt in July that the Harris campaign contacted the former Dallas Mavericks owner with questions about digital assets. He later said Harris’ team was “much more open” to the space than the Biden administration, and he’s not the only cryptocurrency heavyweight who is bullish on Kamala.
Edited by Andrew Hayward
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