How a Harris 'Opportunity Economy' Will Benefit the Crypto Industry

As a seasoned researcher with over two decades of experience studying political economy and technology, I find myself deeply intrigued by the upcoming presidential election and its implications for the burgeoning digital asset industry. While many single-issue crypto voters have rallied behind Donald Trump due to his recent embrace of the industry, I believe a closer examination of each candidate’s broader platforms reveals that a Kamala Harris presidency would be more beneficial for our future digital economy.

Supporters of crypto who focus on a single issue tend to favor Donald Trump due to his recent supportive stance towards the industry, contrasting with what is perceived as a hostile approach by the Biden administration, particularly linked to Kamala Harris. While Trump’s statements appear more promising for the crypto industry in the short term, a closer examination of each candidate’s broader policies suggests that an administration led by Kamala Harris might offer a better long-term environment for cryptocurrencies to flourish.

In the past month, Democratic leaders in the cryptocurrency sector have united under the Crypto4Harris movement, which held a Town Hall advocating for a shift in Democratic digital asset policy. These developments were seen as clear indications of her support for the industry by many. However, those who have been closely monitoring the situation saw this coming. Harris’ advisors and surrogates have shown supportive gestures, her campaign staff has engaged in thoughtful discussions, key Democratic Congressional figures like Senate Leader Chuck Schumer (D-NY) and House Financial Services Committee Ranking Member Congresswoman Maxine Waters (D-CA) have made their stance clear, and Harris’ own statements, platform, and tagline suggest a departure from the Biden administration’s strict crypto policies. Experts in the industry believe that a shift is imminent under a potential Harris presidency.

No Presidential Action: Joe Biden was certainly no crypto champion, but neither was Trump. Trump did nothing to support the industry during his four years in office. In fact, he started the Treasury Department’s Operation Hidden Treasure which served as the precursor to Chokepoint 2.0. He also openly called cryptocurrency a scam — making him the only presidential candidate to do so.
Uneducated & Impractical Policy Proposals: Many of the policy proposals that Trump has made are little more than vague platitudes and empty promises. His statement that crypto should be “made in America” highlights his ignorance on the decentralized nature of validating the technology, his promise to “fire” SEC Chair Gary Gensler is formally outside the power of presidential authority, and his claim that bitcoin could offset our national debt is simply silly.
He is only following the money: Trump’s pivot to supporting the industry can be closely tracked by following the paper trail of mega-donors to his campaign. Starting with Andressen Horowitz and the Winklevii brothers, his increased engagement comes in direct correlation to donors expressing support for his campaign. For better or worse, the crypto industry accounts for almost half of all corporate political donations this cycle. Additionally, his recent business venture World Liberty Financial has made contradictory claims: first announced as accessible to accredited investors, but later introduced a public token (of which 20% of the total supply is reserved for Trump family members). This has raised ethical concerns and led many experts to believe his interest only lies in lining his pockets.

As a crypto investor, I’ve noticed that while Trump has given some precise suggestions about cryptocurrency, his overall economic policy remains somewhat unclear. On the other hand, Harris has presented a comprehensive plan for what she terms an “Opportunity Economy,” which revives the idea of social mobility and tackles the fundamental flaws in our economy. By focusing on education reform, fostering small business growth, and enforcing a robust legal system, our economy – including the digital economy – seems primed for recovery after years of stagnation in the middle class.

Here’s how a Harris ‘Opportunity Economy’ will encourage digital asset innovation:

Child tax credits, education policy, and technical job training: Harris’s Opportunity Economy places a strong emphasis on reinvigorating the middle class through a combination of child tax credits, improved education policies, and expanded access to technical job training. These programs are crucial for digital asset innovation. By creating an educated and skilled workforce, the Harris administration would foster the kind of talent necessary to sustain and expand the blockchain and crypto ecosystem. This focus on human capital directly benefits the decentralized technologies of tomorrow.
Emphasis on Small Business Support through the $50K Startup Credit: One of the key pillars of Harris’ platform is the $50K startup credit, designed to empower small businesses to take off. This policy is essential for blockchain entrepreneurs who need early-stage capital to launch their businesses. Crypto thrives in an environment that supports grassroots innovation. Small businesses are the backbone of a healthy economy, and competition in the blockchain ecosystem will encourage growth. Harris’ experience in Silicon Valley and SME policies reflects an understanding that the next wave of decentralized technology will not come from large corporations but from small, agile players.
The Importance of the Rule of Law for Functioning Markets: Most importantly, as a former District Attorney, we can be confident that the rule of law will be stronger under a Harris administration than that of a convicted felon. Stable, transparent, and predictable regulations and institutions foster trust in the system, enabling local businesses to thrive without fear of abrupt legal changes. This not only secures U.S. investors but also sends a strong signal to global markets, reassuring foreign investors that the U.S. is a safe and innovative place to do business. By instilling confidence through rule of law, Harris’ economic plan will bolster both local and international interest in digital assets, creating a stable environment for growth.

As a passionate crypto investor, I firmly believe that Harris’s comprehensive and practical approach towards economic reform, which is rooted in data and welcomes diverse perspectives, will bring about significant national advantages. The foundation of this growth lies in a flourishing middle class, and her strategy places great emphasis on equitably distributing opportunities by championing those who have been traditionally marginalized. Her priorities encompass education, vocational training, fostering small business innovation, and upholding the rule of law, thus creating an economy that caters to all, not just the privileged few – a fundamental principle shared within our crypto community. Moreover, her pledge for regulatory transparency strengthens market stability, essential for sustained growth in the long run. This well-balanced approach will ensure that economic prosperity trickles down to every American citizen.

Harris’s economic policies on a wider scale are extensively researched and thoroughly detailed. Since she has expressed support for the industry, it seems likely that her stance on digital assets will also be thoughtful. I anticipate more balanced insights from the Vice President regarding this matter prior to the election, as opposed to Trump’s erratic strategies. I am optimistic about the strength of the United States under a Harris administration, and I believe the digital asset industry will share that confidence as well.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

2024-09-26 18:36

How a Harris ‘Opportunity Economy’ Will Benefit the Crypto Industry

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