As a seasoned analyst with a background in both technology and politics, I find myself intrigued by the evolving dynamics between the presidential candidates and the crypto industry. Kamala Harris’s recent statements regarding her intentions to support innovation in AI, digital assets, and crypto while emphasizing consumer protection are indeed a positive step forward.
On September 22, the presidential candidate presented her economic plan to benefactors in New York City, emphasizing her intentions to foster advancements in artificial intelligence and cryptocurrency, while simultaneously focusing regulatory efforts on safeguarding both consumers and investors.
The Democratic candidate expressed her intention to unite entrepreneurs, inventors, and large corporations for the purpose of investing in America’s competitive edge and securing its future.
She then mentioned crypto assets for the first time in public, according to Bloomberg:
We’ll promote cutting-edge technologies such as artificial intelligence and digital assets, all the while ensuring the safety and security of both our customers and investors.
According to Reuters, Harris plans to roll out a new set of economic policies this week.
Democrats Good For Crypto?
As a researcher, I find it intriguing to note that the stance on cryptocurrency appears to be shifting under Vice President Harris’s potential leadership. Unlike President Biden’s strategy, which has been characterized by numerous lawsuits and unclear regulations in the crypto sphere, Harris seems to advocate for fostering growth within this digital domain while also emphasizing the need for additional rules and protections to ensure industry safety and transparency. This shift in approach is based on insights shared by one of her campaign policy advisers with Bloomberg.
If the Democrats are elected, it’s expected that they will persist in their tough stance and regulatory crackdown on cryptocurrencies, according to researchers. Uniswap founder Hayden Adams stated that “Joe Biden may not be good for crypto,” implying that actions rather than words would reveal his intentions towards the industry.
“But progress is progress, it needs to start somewhere, and should be encouraged. A positive statement on the tech is more than we got under Biden and Trump’s presidency.”
Not all were convinced that the Democrats would be good for crypto, however.
Retardio.
Uniswap should not be trusted.
“The leading cryptocurrency firm appears to be strongly supporting the Democratic party and, specifically, Kamala Harris. It seems their actions might not be in our best interests.
— Ryan Selkis (d/acc) (@twobitidiot) September 22, 2024
In April, the Securities and Exchange Commission (SEC) announced its intention to initiate a lawsuit, known as a Wells notice, against Uniswap.
ETF Store President Nate Geraci also saw the irony in a crypto founder supporting the Democrats.
Current state of crypto regulation in two tweets…
— Nate Geraci (@NateGeraci) September 23, 2024
Previously, it was disclosed last week by CryptoPotato that Anthony Scaramucci, the head of investment firm SkyBridge Capital, has been collaborating with Kamala Harris in developing cryptocurrency policies as part of her election campaign.
Trump All-In on Crypto
In a bid to gain support from the cryptocurrency sector, Trump’s opposing candidate from the Republican party, Trump himself, has publicly shown interest. He pledged to dismiss current Securities and Exchange Commission (SEC) Chair, Gary Gensler, and replace him with regulatory figures more favorable to the industry.
Previously, he was the initial ex-president to employ Bitcoin as a form of payment, using it to buy burgers for his supporters at a New York bar last week.
Based on Polymarket’s election prediction, Joe Biden (or Harris as Vice President) currently holds a substantial advantage at approximately 52%, while Donald Trump trails behind slightly at 47%. However, according to the most recent CBS News polling, Biden appears to have a narrow yet significant edge in the crucial battleground states, with a lead of about 4 points over Trump on a national scale.
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2024-09-23 11:23