Neary 65 million Americans have already cast their votes ahead of next week’s election—and the race between the two candidates is tightening up.
Cryptocurrency has been a significant issue in the presidential race, with former president and Republican nominee Donald Trump pivoting from a skeptic to a self-proclaimed crypto candidate, while current Vice President Kamala Harris—who took over for President Joe Biden as the Democrats’ pick in July—has signaled an intent to break from the anti-crypto policies of the current administration in which she serves.
At Decrypt, we’ve been covering the ins and outs of the role of cryptocurrency in American politics throughout the entire election cycle. But with just three days left until Election Day, here’s a primer on where Trump and Harris stand on crypto, and what you might expect if either secures the win next week.
Donald Trump
Ex-President Donald Trump has been far louder than Harris on the topic of crypto.
Previously anti-Bitcoin and skeptical of the crypto space, the business and real estate mogul has taken a sharp U-turn on the topic, coming out as an advocate for the industry and picking up ample support and donations along the way.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Fast-forward to 2024 and Trump has released multiple sets of NFT collectibles, called for the Americanization of Bitcoin, and even has backed a decentralized finance (DeFi) project called World Liberty Financial alongside his sons. World Liberty hasn’t gotten off to a great start with prospective investors, though sources tell Decrypt that it plans to issue a stablecoin.
Like some other Republicans, Trump has railed against central bank digital currencies (CBDCs), or digital dollars—effectively government-backed cryptocurrencies that don’t yet exist in the U.S., but frighten the libertarian wing of the GOP and large parts of the digital asset space due to fears of increased government surveillance.
His promise to help Bitcoin mining—a big business formerly dominated by China, but now with a lot of American players—perfectly fits Trump’s fiery protectionist brand. As does his desire to fire crypto bogeyman Gary Gensler, the crypto-targeting U.S. Securities and Exchange Commission chairman.
Top executives in the crypto space have since backed Trump for his apparent passion for the industry, or at least his willingness to publicly engage with an industry that most politicians have avoided.
If elected to a second term, will Trump live up to his promises to protect crypto in the U.S. and advance the industry?
Kamala Harris
Democratic nominee Kamala Harris was initially quiet on the topic, and unlike Trump, certainly hasn’t been seen tossing burgers to Bitcoiners at a BTC-themed New York City bar.
But crypto is a part of the former attorney general’s agenda.
In October, Harris said she had plans for the space when a part of her “Kamala Harris Will Deliver for Black Men” platform included a commitment for specifically for the African American community.
A document for the campaign said it was for “supporting a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”
The framing proved controversial, particularly since it was arguably her most specific comments to date about crypto. But a spokesperson later clarified that such plans were intended for all Americans, and wouldn’t be limited by race.
That isn’t the only evidence that the crypto industry will fit into her presidential plans, however. Harris has said that blockchain, AI, and other emerging technologies will be innovated upon in America, and before that told donors at a fundraising event that she would encourage growth for the digital assets space in the country.
Billionaire businessman and crypto enthusiast Mark Cuban previously told Decrypt in July that the Harris campaign reached out to the former Dallas Mavericks owner with questions about digital assets. He later said the Harris camp was “far more open” to the space than the Biden administration—and he’s not the only crypto heavyweight who’s optimistic about Kamala.
Edited by Andrew Hayward
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