There is a lot of talk in the crypto community as the US presidential election approaches. Both Democratic and Republican candidates have expressed their intentions to pursue pro-crypto policies, leading to a surge in US political betting. Polymarket’s trading volumes broke records in July 2024, surpassing $380 million, and the platform’s monthly user count has grown to nearly 44,000 traders from roughly 4,000 in January.
During a campaign event in Milwaukee, Vice President Kamala Harris promised to focus on cutting bureaucratic red tape regarding cryptocurrencies if she were to become the US president-elect. This promise came amidst Donald Trump’s longstanding support for the crypto industry, raising suspicions within the community about Harris potentially continuing Biden administration’s strict regulatory policies.
The main area of contention for both candidates revolved around digital finance, leading up to the anticipated September 2024 debate between Trump and Harris. Despite Trump’s claim that the US would become the “crypto capital of the planet” under his leadership, both candidates lacked a clear stance on digital currencies during their discussion, leaving the crypto community frustrated.
The question remains whether Harris and Trump are seeking votes or genuinely aiming to integrate cryptocurrency into everyday life. With a significant percentage of adult Americans owning or using cryptocurrency, the community’s influence on election results cannot be underestimated.
In terms of crypto regulation, Harris has shown alignment with Biden’s executive order emphasizing concerns about consumer protection, criminal activity, and financial innovation. Her potential appointment of Gary Gensler, a known crypto critic, as Treasury Secretary raises doubts about her promise to simplify cryptocurrency regulations.
On the other hand, Trump’s evolving stance on cryptocurrency, marked by public endorsements and proactive support for the industry, has garnered significant backing from the crypto-friendly electorate. His personal involvement in crypto-related activities, such as selling NFTs and accepting crypto donations, has shifted his perspective on the industry.
While Harris’ promises to ease crypto regulations lack detail and credibility due to her connections to anti-crypto politicians, Trump’s proactive measures and support from the crypto community suggest a more favorable environment for cryptocurrencies under his leadership. Financial analysts predict a positive impact on the value of Bitcoin if Trump is elected president.
Overall, the competition between Harris and Trump in the 2024 US presidential election highlights their differing approaches to cryptocurrency regulation. Harris is seen as a continuation of the Biden administration’s strict policies, while Trump’s evolving stance and support for the crypto industry have gained him significant backing from the crypto-friendly electorate. Predictions for Bitcoin’s growth remain optimistic regardless of the election outcome, providing hope for mass crypto adoption in the near future.
