Previously, President Donald Trump has appeared at a significant Bitcoin convention, garnering boisterous cheers as he vowed to dismiss Securities and Exchange Commission Chair Gary Gensler (a figure disliked by many in this field). Moreover, he declared his intention to amass bitcoin (BTC) for the U.S. administration. Incredibly, just last month, he treated a New York City tavern to bitcoin-funded burgers.

While Vice President Kamala Harris is associated with an administration that, at the very least, appears uninterested in aiding the cryptocurrency sector, and at its most aggressive, seems adversarial towards it, she has expressed fewer personal opinions about digital assets compared to former President Trump.

While we don’t support political candidates, we do back Trump’s cryptocurrency initiative, such as his platform on this matter. We express it this way because political agendas generally provide extensive and comprehensive information compared to what Trump has presented so far. What draws us to Trump is his open advocacy for the industry, whereas his opponent has yet to share much about her views in this area – although her campaign did reveal a bit more on digital assets earlier this week. (Our CoinDesk reporters have repeatedly attempted to learn more about Harris’s views on cryptocurrency from her campaign.)

As a crypto investor, I personally appreciate Trump’s stance on cryptocurrency, but I find myself deeply concerned by his divisive comments towards certain communities, particularly immigrants, and his growing authoritarian tendencies. These sentiments contradict the very essence of the crypto movement, which champions decentralization and individual empowerment. Therefore, while I acknowledge Trump’s positive impact on the industry, I believe it’s crucial for us to prioritize values that align with the ethos of the crypto world when considering candidates in the 2024 race.

According to a report from Pew Research Center in September, the economy, healthcare, appointments to the Supreme Court, foreign policy, and violent crime are the top five concerns for voters. Other issues such as immigration, gun control, abortion, income inequality, and climate change also matter significantly to voters. However, opinions on these topics differ among supporters of candidates like Trump or Harris, and digital assets are not typically included in surveys conducted by Pew or other major organizations.

1) It has been discovered through surveys conducted by cryptocurrency firms that some voters prefer their presidential candidates to have knowledge about cryptocurrencies and tech matters (among probable voters). Moreover, among registered voters, those who possess cryptocurrency are more inclined to vote for Trump. Furthermore, approximately 20% of voters in crucial states consider crypto policies as potential deciding factors for their votes, although this group is split on whether they favor pro- or anti-cryptocurrency policy proposals.

In this election cycle, the cryptocurrency sector has invested a significant amount of both financial resources and effort to influence voter decisions and elections.

It’s quite surprising that cryptocurrency is even being discussed among voters today, considering it was unlikely to be an issue in the 2024 U.S. presidential race just two years ago. However, both major party nominees have brought up the industry during their campaigns, with Trump particularly emphasizing it.

To put it simply, this year, cryptocurrency has emerged as a significant topic in political debates, with candidates discussing it across various levels, from presidential races to campaigns for the House of Representatives and Senate.

One way to rephrase this would be: A significant portion of the credit for our efforts at CoinDesk goes to Trump, as he gave serious attention to the relatively unknown field of cryptocurrency and recognized its supporters as a valid voting demographic – something no previous major-party presidential candidate had done. This has sparked discussions about crypto, even among those who might not have expected it, such as Harris, who, despite working in the Biden administration that is not particularly friendly to cryptocurrencies, has been talking about it too.

Despite Trump’s involvement in crypto discussions, it’s not all positive and we can’t fully embrace his platform without hesitation. During his presidency, his handling of digital assets was less than satisfactory, and some of his moves within the space have sparked concerns about potential conflicts of interest. In fact, his actions might unintentionally reinforce the perception of crypto as a questionable industry.

Contrarily, Harris appears to have barely scratched the surface of cryptocurrency discussions, often referring to it as “digital assets” rather than using the term “cryptocurrency.” It remains uncertain if she will delve deeper into this topic before the November 5th election. Her campaign has not provided sufficient information to predict how she might approach crypto should she become president.

Below, you’ll find our analysis of the key contenders’ views on cryptocurrency, along with potential insights from their staff selections.

Donald Trump

In the past few months, the Republican candidate and ex-President Donald Trump has shown a significant interest in the cryptocurrency sector, attending major industry events and pledging to establish the U.S. as the leading global hub for crypto and the dominant force in Bitcoin. Before making this a key election topic, Trump had already released numerous non-fungible tokens (NFTs) dating back to 2022. Records indicate that Trump owns over $1 million worth of Ethereum‘s ether (ETH), while his vice presidential nominee, Ohio Senator J.D. Vance, disclosed in 2022 that he possessed between $100,000 and $250,000 in bitcoin.

Trump’s current attitude towards cryptocurrency is quite different from his previous, less favorable views during his presidency from 2017 to 2021. At that time, he openly expressed disapproval of Bitcoin and other digital currencies, as indicated by a series of tweets he posted following Facebook’s (now Meta) announcement of the Libra project in 2019.

Previously, Secretary Steven Mnuchin proposed a rule that aimed to make crypto exchanges obtain identity information from the proprietors of independent (or self-managed) digital wallets prior to enabling transactions into these wallets. Similarly, then-SEC Chair Jay Clayton was responsible for implementing a framework for businesses aspiring to provide crypto asset services, which has since been met with controversy.

Since then, Trump has shifted his stance on cryptocurrencies, making it a significant topic in his campaign this year. In May, at an NFT holders’ gala held at Mar-a-Lago, he expressed support for cryptocurrencies, saying “I suppose you could call it a type of currency, and I’m inclined to be in favor of that.” More recently, during the Bitcoin Nashville event in July, he hinted at potential actions if elected, such as removing SEC Chair Gensler, forming a crypto advisory council, and advocating for the right to self-custody. He has also endorsed a proposal to establish a U.S. national stockpile of bitcoin.

He stated that he aims to reduce unnecessary regulatory burdens. His goal is to make America an exceptional location for starting a business, including crypto ventures. He envisions it as the top choice, so entrepreneurs won’t need to go to China or bother learning Chinese.

His discourse indicates that his views on cryptocurrency are still developing; whereas in May, he expressed that central bank digital currencies (CBDCs), which are digital versions of traditional currencies such as the US dollar, have their purpose, in July, he announced that he would stop any efforts by the Treasury Department to create a CBDC.

His support for cryptocurrency extends beyond casual remarks; he has incorporated references to it into discussions at non-crypto events, and recently visited Pubkey, a New York City bar themed around Bitcoin, where he purchased burgers using the digital currency. He also pledged to reduce the sentence of the Silk Road’s creator, Ross Ulbricht. The Trump family is associated with a decentralized finance cryptocurrency investment project called World Liberty Financial.

The DeFi project’s whitepaper outlines its objective of facilitating loans for individuals without relying on conventional banks. This project, operating a decentralized lending platform that was breached this year, launched the sale of its token, WLFI, on Tuesday. It’s worth noting that the Trump family could potentially derive financial benefits from World Liberty Financial. A disclosure statement on their website mentions, “DT Marks DEFI, LLC and its associates including Donald J. Trump and his relatives may own or soon acquire tokens from World Liberty Financial, and stand to receive substantial fees for services rendered to World Liberty Financial, the exact amount of which is currently unknown.

In December 2022, Trump launched an initiative involving NFTs with unique restrictions compared to typical NFT collections. These restrictions included lockup periods, and in some cases, allowed buyers to attend events with Trump or purchase pieces of a suit he wore at the time of his indictment. However, critics argue that Trump’s promise to commute Ulbricht’s sentence was simply political maneuvering because he didn’t do so during his previous term. This is because Ulbricht’s Silk Road platform has been linked by prosecutors to at least six deaths caused by drug overdoses.

Kamala Harris

Vice President Kamala Harris hasn’t offered detailed opinions on cryptocurrency yet. She’s mentioned terms like “cryptocurrency,” “digital asset,” and “blockchain” in her speeches and policy papers, but without providing specifics about her potential support for the industry. In one document, she proposed a regulatory framework to safeguard investors while acknowledging crypto as a groundbreaking technology that could expand access to financial services. Harris has faced some criticism from the crypto community due to the appointment of Brian Nelson as an advisor, who was involved in a U.S. Treasury Department proposal that might have hindered crypto mixing services (though he stated otherwise). However, Nelson recently indicated a more welcoming stance towards the industry, suggesting that Harris would back policies that enable emerging technologies like cryptocurrency to thrive.

Instead of categorizing cryptocurrency as a subset of other modern digital technologies like AI, Harris usually groups them together, failing to recognize cryptocurrency as a distinct field on its own.

As an analyst, I must admit it comes as no great shock. She’s merely 12 weeks into her campaign, with only three weeks remaining until voters make their choice for the individual who will lead our nation over the next four years. Notably, she continues to serve as Vice President under President Joe Biden, whose administration has faced allegations of impeding banks from offering services to cryptocurrency firms. Furthermore, the chair of the SEC, under his leadership, has been accused of adopting a highly unfavorable stance towards this industry.

Due to her brief election campaign, it appears that Senator Harris may not explore crypto policy extensively before Election Day, as reported by Jesse Hamilton from CoinDesk last month. However, representatives of her campaign continue to engage with executives in the cryptocurrency industry, including those from Ripple Labs and Coinbase – two companies who have formed a significant political action committee (Fairshake PAC) that has already achieved success in electing crypto-friendly politicians. Notably, Paul Grewal, Coinbase’s Chief Legal Officer, expressed optimism about the advancements, stating “the progress is genuine.

He noted that the comprehension of what various sectors, including the industry and crypto investors, anticipate from a potential Harris administration is becoming more detailed and nuanced, according to his observations of her campaign. However, he cautioned that the development of specific policies may require more time than we all would prefer.

According to their policy statement, the Harris-Walz campaign advocates backing advanced technologies such as Artificial Intelligence (AI) and data centers, along with other innovations.

Vice President Harris and Governor Walz aim to strengthen America’s lead in crucial economic and security areas. To achieve this, they plan to invest in cutting-edge technologies, upgrade traditional industries, foster innovation in areas like artificial intelligence and digital currencies, and safeguard our consumers and investors.

The language in this document echoes statements Harris made at a private fundraiser and a public campaign speech.

At a Pittsburgh rally on September 25, during her campaign address, Harris expressed that, should she become president, she plans to allocate funds towards advancements in blockchain technology and related innovations.

In simpler terms, Harris pledged to reaffirm our country’s role as a leader in fields shaping the upcoming century. This includes increasing investments in biotechnology and aviation industries, maintaining dominance in artificial intelligence, quantum computing, and blockchain technology, as well as other innovative areas that are just beginning to emerge.

In the same vein, Harris stated during a fundraising gathering in New York on September 22nd, “We aim to foster advancements in technologies such as AI and digital currencies, all the while safeguarding both consumers and investors.

This week, Harris’ campaign unveiled a document detailing her “Opportunity Agenda” specifically aimed at Black men, a demographic known to invest more in cryptocurrency than others. Although Harris didn’t discuss crypto during her speech that night, this is the most prominent instance so far where her campaign has acknowledged crypto as an important topic for voters.

According to the plan, Vice President Harris values how modern technology can expand opportunities for banking and financial services. She intends to establish a regulatory system that ensures holders and investors of digital assets receive their due benefits, with a focus on ensuring equal protection for Black men and other market participants.

Adjacent issues

Regarding crypto-related matters excluding internal policies, it would be beneficial to gauge the views of the candidates on issues related to cryptocurrency, as well as other technological aspects like data encryption and online privacy, and their perspectives on economic matters in general.

Originating from California, Harris has traditionally garnered backing from significant figures in the tech world, like Sheryl Sandberg (former Meta COO), Reed Hastings (Netflix co-founder), and Mark Cuban (billionaire entrepreneur. Interestingly, Trump has managed to secure support from tech and venture capital heavyweights such as David Sacks, Elon Musk, and Marc Andreessen. It’s worth mentioning that Ben Horowitz, a partner at Andreessen Horowitz where Marc Andreessen works, recently donated to Harris after previously endorsing Trump.

During his tenure as Attorney General under President Trump, William Barr expressed criticism towards end-to-end encryption, emphasizing that it is a crucial aspect of the cryptocurrency community’s focus on both cryptography and privacy. However, it’s worth noting that Trump has demonstrated a propensity for changing his stance on issues.

Both Harris and Trump have put forth plans aimed at boosting the economy. Unlike Trump, Harris is advocating for an increase in the corporate tax rate, while simultaneously encouraging construction of housing and offering assistance to homebuyers, as reported by the University of Pennsylvania’s Wharton School. She also supports a proposal to tax unrealized gains of individuals whose net worth exceeds $100 million, which could negatively impact investors across various sectors, including cryptocurrency holders.

According to Wharton, Trump has suggested lowering the corporate tax rate and expanding the number of tax brackets as part of the Tax Cuts and Jobs Act of 2017.

A neutral organization called the Committee for a Balanced Federal Budget, which isn’t affiliated with any political party, mentioned that neither presidential candidate has proposed a strategy to handle the growing national debt burden currently faced by the U.S. In fact, the analysis revealed that both candidates’ plans would actually expand the federal deficit. Specifically, if elected, Trump’s proposals could add $7.5 trillion to the national debt by 2035, while Harris’ plans might increase it by $3.5 trillion during the same period, as stated in a report published earlier this month.

Conclusion

Trump earns high praise for elevating this obscure topic to center stage during his campaign. By not winning over any advocates in this sector under Biden’s administration, there’s an opportunity for the first candidate to propose tailored regulatory solutions, which Trump seized. Our support for Trump’s platform stems from his consistent advocacy for the industry and our belief that if elected, he will fulfill his commitment to promoting a pro-cryptocurrency agenda.

Despite Trump’s attempts to gain votes, his actions contradict this and raise valid doubts about how he might influence this sector, which already has a questionable standing. Our enthusiasm for his platform is therefore muted, and we can’t help but speculate if his passion for this field is solely due to potential campaign donations from its supporters. Regarding Harris, it would be helpful if she provided more insight on the subject matter.

Still, it’s great that crypto is a talking point at the highest level of U.S. politics in 2024. This would have been unthinkable not long ago, particularly after the 2022 collapse of FTX. Nevertheless, this industry does deserve a more honest conversation from politicians hoping for its votes.

Nikhilesh De contributed reporting.