The post Trump vs. Harris: Who Will Dominate the Crypto Scene in US Election 2024? appeared first on Coinpedia Fintech News
While the upcoming US presidential election is often seen as a contest between Democrats and Republicans, a deeper battle is brewing. It’s a showdown between pro-crypto and anti-crypto forces. Alongside the election results, another outcome will be decided—the future of the US cryptocurrency industry. The current Democratic administration, led by joe biden 
joe biden
Joe Biden
President
, has taken a tough stance on crypto, and many in the community feel targeted by increased regulations.
It’s a well-known fact! The crypto community won’t soon forget the SEC’s regulatory crackdowns under Biden. From the start, it was clear that the Biden administration wasn’t likely to win over crypto supporters. Predictably, Donald Trump
Donald Trump
Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
President
stepped in as a strong pro-crypto candidate, quickly gaining the trust of many in the space.
A Twist in the Race: Harris Steps Up
But, politics is truly unpredictable. Any miracle can happen.
Joe Biden stepped aside, making way for Kamala Harris
Kamala Harris
Kamala Harris is an American politician attorney, and currently serving as vice president of the United States. She is the first female vice president and the highest-ranking female politician in the U.S. Kamala was Born in Oakland, California, and graduated from Howard University with a degree in political science and economics, and later pursued her law degree from the University of California, Hastings College of the Law. As a politician, she implemented stricter laws, the DREAM Act, and federal legalization of cannabis, healthcare, and taxation reform. Harris secured enough non-binding support from delegates to become the speculative nominee of the Democratic Party.
Vice President
as the Democratic presidential candidate. This move gave the Democrats a narrow opening to win back the crypto community. However, Harris faces an uphill battle since she was Biden’s vice president and is tied to his administration’s actions. Now, she must balance her party’s regulatory stance with the growing influence of the crypto industry.
Can Harris Win Over Crypto Enthusiasts?
Under Biden, the US administration’s approach to crypto has been seen as unfriendly, particularly due to the actions of SEC Chairman gary gensler
gary gensler
Gary Gensler is an enthusiastic leader and the current chair of the U.S. Securities and Exchange Commission (SEC). He has the extreme experience that spans wall street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. He announced several initiatives to enhance investor protections in the $2 trillion cryptocurrency market. He previously led the Biden-Harris transition’s federal reserve, Banking, and securities regulation agency review team.
He was awarded Treasury’s highest honor, the Alexander Hamilton Award, and also was a recipient of the 2014 Frankel Fiduciary Prize. He was born on October 18, 1957, into a Jewish family, in Baltimore, Maryland. Graduated from the University of Pennsylvania, earning a Master’s degree in Business Administration. Additionally, he is also a professor at the MIT Sloan School of management. He has served in various governmental roles since the 1990s, such as the treasury department, Sarbanes-Oxley, CFTC, Swaps, Enforcement, Libor investigation, Maryland Financial Consumer Protection Commission, Securities, and Exchange Commission.
Gary Gensler will probably keep on filling in as seat of the SEC until 2026, accepting his renunciation. He has expressed his desires to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. A few officials as well as his kindred SEC magistrates have scrutinized Gensler for not giving adequate administrative direction on crypto, possibly prompting a standoff between Congress and the association.
The SEC, CFTC, and Financial Crimes Enforcement Network handle advanced resource guidelines in the U.S., however, each with various jurisdictional cases, bringing about an interwoven methodology that crypto firms should explore to work legitimately. Whether 2022 will see a more clear way for organizations in the crypto space is questionable, yet the cosmetics of the SEC’s initiative will fundamentally change following the takeoff of chief Elad Roisman in the first month of the year. Chief Allison Lee’s term is likewise set to terminate in June 2022.
Chairman
. By classifying cryptocurrencies as securities, the SEC forced major players like Binance and Coinbase into legal battles. While the administration argued that these actions were necessary to protect consumers and ensure financial stability, they left the crypto community feeling alienated. This dissatisfaction has become a key issue in the 2024 election.
Trump’s Crypto U-Turn
What really concerns Democrats is not just their own struggles with the crypto community but the Republican Party’s strong pro-crypto platform. The prime opposition party has adopted a more pro-crypto stance in the US election campaign. It advocates for policies that promote innovation and minimize regulatory burdens. Republican candidate Donald Trump was formerly a vocal critic of cryptocurrencies. But things changed this time. Now, he is the most active crypto advocate in the entire political spectrum of the United States.
It took no time for him to convince his changed stand towards cryptos to cryptocurrency enthusiasts. He even promised to roll back the stringent regulations imposed during Biden’s presidency. His promises were received well, helping him to win the heart of the crypto community in the initial stage of the US election campaign. Some of these promises were revolutionary in nature. He opposed the creation of a Central Bank Digital Currency. He defended the right of Americans to mine and self-custody their digital assets. He even suggested appointing figures like Jamie Dimon to key positions in his administration.
Has the Republican Party Won Crypto Over?
At a point, especially before Biden stepped down, it was felt that the Republican camp almost completely succeeded in winning the crypto community and there was no hope for the Democratic camp to win back their lost crypto vote base. The promise of dismantling the regulatory framework established under Biden was so appealing that none of the efforts made by Democrats to control the erosion of their crypto vote base worked. Trump’s camp came up with extreme measures to reach crypto industry leaders. Naturally, his camp raised millions from industry donors. He participated in several high-profile events like the Bitcoin Conference in Nashville.
But as we all know nothing is permanent in politics. Post the emergence of Kamala Harris as the Democratic Presidential Candidate, things changed slightly in favor of Democrats. At present, the crypto community is diverse. The promise of deregulation is appealing, but not to every member of the community. Some fear the over-politicisation of the issue.
Many are against aligning too closely with any political party. The consistent attempt by Democrats to re-engage with the crypto community started to show positive results under the leadership of Harris.
The Democrats’ Crypto Strategy
Democrats, under Harris’ leadership, began to recalibrate its approach to digital assets. It was not easy for Harris, given the fact that a good number of Democrats support a more regulatory stance. Lately, the trend has changed slightly. Currently, there is a growing acknowledgement within the Democratic party ranks of the need to engage more constructively with the crypto community.
Recently, Harris’s camp tried to approach crypto leaders. Her campaign staff organized meetings with leading crypto firms like Coinbase and Ripple. But she knows any effort to appease the crypto community is inadequate if it does not reach the root of the community.
One key development is the creation of the ‘Crypto4Harris’ group, which supports Harris by promoting policies that balance innovation with thoughtful regulation. Although the group isn’t officially tied to her campaign, it has gained support from key figures like Mark Cuban and Anthony Scaramucci. Meanwhile, within the Democratic Party, there’s been growing support for crypto-friendly policies, as seen in the recent passage of the Financial Innovation and Technology for the 21st Century Act.
Strategic Moves, Key Alliances
Harris’s campaign has brought on experienced crypto advisors to help shape a more balanced approach to regulation. She’s also held meetings with industry leaders and participated in panels on cryptocurrency, positioning herself as a bridge between her party and the crypto community.
The Crypto Vote: A Deciding Factor for 2024 Elections?
With an estimated 40 million US voters owning cryptocurrencies, the crypto community is an important voting bloc that neither party can ignore. For Democrats, winning back this group is critical to countering the Republican message and regaining the support of younger, tech-savvy voters—who were once a strong Democratic base.
The Future is at Stake
The 2024 US Presidential Election could define the future of cryptocurrency in the US. While Republicans have made significant progress with the crypto community, the Democrats, under Kamala Harris’s leadership, are making moves to regain trust. As the election approaches, both parties’ strategies will shape the future of crypto regulation and innovation in the US for years to come.
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What’s your take? Will the crypto community rally behind Harris, or is Trump the clear favorite?