The clash between the two main parties has now gone so far that the presidential candidates are trying to change the course of history by convincing crypto traders to vote for them. Legislation surrounding BTC has always been controversial. For a long time, governments resisted even acknowledging decentralized assets. Now, some people believe that the result of the elections depends on candidates’ attitude toward Cryptocurrencies. The result of elections doesn’t only affect us local traders, but traders all around the world could either benefit or disadvantage that may come after the next president is elected. Once again, this proves the decentralized nature of Crypto. Their future policies will impact every aspect of the digital world, like NFT, Defi, and even AI. The POV of Donald Trump and Harris on the future of Bitcoin is crucial for traders and voters.
In this article, we will first delve into each candidate’s latest stance on cryptocurrency. Second, we will explore how it would affect us if Trump or Harrison got elected; by us, I mean crypto traders. Third, a close examination of how candidates’ attitudes toward BTC could affect other governments.
Trump’s renewed attitude toward Bitcoin
Former US President Donald Trump was a bit harsh on cryptocurrency while in office, once referring to it as “highly volatile and based on thin air” in a 2019 post on X. Indeed, he was worried that uncontrolled digital money would facilitate illicit activities related to drugs trafficking.
However, he has noticeably changed postures lately and has taken a pro-crypto stance. In his speech at the annual Bitcoin Conference, he plans to ease regulations over the industry currently and voiced the idea of setting up a National Strategic Bitcoin Reserve. He pledged to fire SEC Chair Gary Gensler, who had been the target of many crypto professionals.
This shift in tone by Trump has been applauded by big names like Elon Musk and crypto entrepreneurs Cameron and Tyler Winklevoss, who joined in the chant to make “America and Bitcoin greater than ever.”
Yesterday, Eric Trump, Donald Trump’s son, announced that defi investors are going to hear big news. Rumors are that the Trump family is going to start a project called World Liberty.
Kamala Harris’s stance on Bitcoin
Kamala Harris’s views on cryptocurrency remain relatively unknown. While the Biden Administration has been complicated on crypto—with specific mention of the prosecution of FTX founder Sam Bankman-Fried and the regulations from the SEC under Gensler—how much Harris shares in Biden’s sentiments is yet to be determined.
The Democratic Party itself seems divided on the issue of cryptocurrency; many in the party have been using a very critical tone regarding it, such as Sen. Elizabeth Warren, while others, like entrepreneur Mark Cuban, try to pitch for a friendlier environment for digital currencies. On her part, as Harris is trying to build her relationship with the crypto industry, she might attempt to temper the administration’s tone. Experts think that is going to be a policy this campaign wants, one stitching together Biden’s approach and industry interests. More precisely, Harris and her running mate, Tim Walz, have yet to explicitly clarify specific policies regarding regulating digital assets.
Harris Taps Tim Walz for Running Mate in 2024 Election
On August 6, Vice President Kamala Harris announced Minnesota Governor Tim Walz as her running mate in what will be a broad presidential election battle against the Republican nominee, Donald Trump, and his vice-presidential pick, Ohio Senator JD Vance. But what really has many in the crypto space sweating is how Walz views regulation—so vastly different between the two campaigns.
“Tim Walz hasn’t committed to a position on Bitcoin or crypto yet, but he’s very regulation-focused,” Darren Parkin of The Digital Commonwealth wrote in a Tuesday post on X.
Why Tim Walz?
Tim Walz has been the governor of Minnesota since 2019 and spent 12 years as a U.S. Congressman. He has been keen on climate change legislation, trying to ensure 100% clean electricity in the state of Minnesota by 2040. On his part, progressive leaders like Bernie Sanders are behind Walz, but he has made no provisions for digital assets . Walz is listed as “pending” by Coinbase in their Stand with Crypto campaign, says North Carolina Representative Wiley Nickel. That means there’s a need for a vice president who truly understands crypto concerns; politicizing would logjam progress in Congress.
Whereas Trump has already doubled down on cryptocurrency as a central issue since announcing his reelection campaign, when he occupied the White House, he dismissed Bitcoin, referring to it as “not money” and as being “based on thin air.” Now, he gladly takes crypto donations for his campaign and readily meets with those in the Bitcoin mining sector. During the Bitcoin 2024 conference in July, Trump laid out prospective positions that could be taken on policy, an apparent reversal from his stance toward digital assets.
A Different Election Season
It has been an election season quite unlike any other, with more happening in the past few weeks than most might have predicted. There was an attempt on former President Donald Trump’s life, with President Biden announcing that he would not run for a second term. Now, some only 100 days until the election, Vice President Kamala Harris is fighting for a Democratic ticket. Worth noting, some cryptocurrency-expert White House staffers have started acting in support of Harris, including economics adviser Gene Sperling and former Obama campaign manager David Plouffe.
With President Biden now deciding to opt out of the race, VP Harris has moved into the apparent Democratic nominee role, with a new rush towards her from young people and forcing some overdue policy talks. While having spent a combined experience of over two decades in public office as the former DA of San Francisco and Attorney General of California, it is pretty surprising that Harris is highly vague on many issues, especially cryptocurrency. Evidently, voters’ behavior can impact the regulations of Donald Trump and Harris on the future of Bitcoin.
While she identifies with the party’s progressive wing, it’s hard to say how much this reflects a more genuine personal ideology versus just an adaptive posture springing from her California background, which has cultivated her close relationships with the tech industry. Her position on crypto is still developing, though some analysts predict she will soon come around and support business-friendly stances, looking to argue for more explicit regulations.
Harris can use cryptocurrency to promote greater inclusion in finance, which is in line with her efforts for women, children, and minorities. But she’s not likely to depart too far from Biden’s already-crafted policies—perhaps seeking state-based regulation rather than a cohesive federal framework.
Further, Harris might punt regulatory decisions to enforcement agencies, which could be a path to keeping strict regulations in place. Even as she works to project a tech-friendly image, she’ll likely avoid appearing too friendly with the industry in order to hold onto support from progressive Democrats.
The Democratic Party is rallying within the crypto space to lock down Harris’s chances in the upcoming election. In the very near future, a town hall meeting on August 14 will feature big-name guests like Mark Cuban.
Mark Cuban Vouaches For Harris
As Donald Trump joins the crypto dialogue, Democrats have been mobilizing using the Crypto4Harris initiative to coordinate the community of cryptocurrency enthusiasts with the Harris campaign. The Crypto4Harris Group outlined on X: “A grassroots network of crypto advocates organizing, fundraising and developing a comprehensive crypto-policy approach for the Harris For President campaign.”
One of the influential voices in the industry speaking at the town hall is billionaire Mark Cuban of the Dallas Mavericks, who has gotten some criticism for coming out in support of Kamala Harris and Tim Walz. Although the owner cited their charisma as a reason for his support, at least one industry analyst, Matthew Sigel of VanEck, came out against Cuban’s support, noting she has yet to appear in any interviews or debates as the presumed nominee.
According to a Fox Business journalist, Eleanor Terret, one of the notable organizers within the Crypto4Harris Group includes Sheila Warren, an industry leader who serves as the CEO for the Crypto Council, and Amanda Wick, a former executive at Chain Lysis. The effort of all these people will make Harris very pronounced in the crypto community, debunking all the prevalent narratives the opponents are framing against her. Other prominent figures, like Anthony Scaramucci of SkyBridge Capital, are reportedly attending. Such activities can divide the attention of Donald Trump and Harris on the future of Bitcoin.
What Should We Expect As Crypto Traders?
One thing that is clear about Donald Trump is that he is a businessman. Once, he compared Bitcoin with narcotics. Now, he is the most influential Bitcoin fan in the country. This shows how he is capable of changing his mind when it benefits him. Will he stand by his remarks if elected? There is no guarantee. But if he is elected, we all expect him to fire Gary Gensler. This could increase the positive feelings and hope among young traders as many don’t appreciate Mr. Gensler’s policies regarding cryptocurrencies. When hope spreads among traders, they tend to make more significant investments. Others who are hesitant to invest in crypto may actually start doing it. So far, in this scenario, we expect to see more funding in the market from individual traders.
More funding or, better said, more buying volume usually causes a pump in the market. What is really fascinating about pumps is that they ignite the fire of greed in new traders. Then what will happen? Will prices continue to go to the moon, or will a lot of people lose their money? Based on my experience in the market, the latter is more likely to happen. Still, it is too soon to decide, and we have to wait for the results of the elections.
With Harris, the situation is a bit more complicated, but the problem will remain the same. Anyway, we have to prepare for the worst-case scenario. Regulations may become more strict, mainly regarding crypto ETFs and mutual funds.
Impact of Election Results on Foreigners
Let’s imagine a situation in which the candidates embrace Bitcoin after they are elected. How would other governments react? The European government, in particular, responded. As you may not know, trading crypto in some prominent European countries like Belgium is not permitted by law. If Bitcoin is adopted and used by our government, others in the world will eventually have to follow.
As a young trader, I often dreamt of the day when Bitcoin would save the world. As I matured in the market, my idealism faded into critical thinking. Now, there is a considerable possibility for the advancement of decentralized markets all over the world. All we can do is wait and prepare for what is coming; in this case, I hope not winter but a spring of joy and prosperity for everyone around the world. In this article, we tried to explore different angles of the difference between Donald Trump and Harris on the future of Bitcoin.
