The crypto industry in the US might see more support under a Kamala Harris presidency than the current Joe Biden administration.
Comparing Policy Stances
A recent analysis compared the crypto policies of the Biden, Harris, and Trump administrations. While a Trump victory would likely be the most favorable for crypto, a Harris win could still be better than Biden.
Here’s a breakdown of the key differences:
- Securities Classification: Biden has been ambiguous, leaving the SEC to handle things case by case. Harris is expected to be slightly more supportive of digital assets, based on her past statements about innovative technologies. Trump has pledged to replace the current SEC chair with someone more pro-crypto.
- Bitcoin Mining: Biden has proposed a 30% tax on mining. Harris is expected to be slightly better due to her connections in Silicon Valley. Trump strongly supports Bitcoin mining, seeing it as domestic manufacturing.
- Self-Custody: While neither Biden nor Harris are expected to take a hard stance against self-custody, the Biden administration has tried to label non-custodial wallet providers as money transmitters. Trump has vowed to protect self-custody rights.
- Stablecoins: Biden wants banks to have exclusive authority to issue stablecoins. Harris is likely to follow Maxine Waters’ approach, advocating for stablecoins backed by safe reserves like short-term T-bills. Trump favors allowing non-bank entities to issue stablecoins.
Harris Reaching Out to Crypto Voters
While a Trump victory is widely seen as the most bullish for crypto, Harris has been making efforts to attract crypto voters. She recently shared her economic proposal, promising to support crypto regulation and digital assets. She also received a $1 million donation of XRP from Ripple co-founder Chris Larsen.
Overall Outlook
Even though a Trump victory might be the most beneficial for crypto, some analysts believe a Harris win might not be as bearish as some think.
