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Takeaways by BetterChecked
- Kamala Harris hasn't made any clear statements about crypto policy yet.
- Harris' campaign is working with Coinbase, Circle, and Ripple Labs.
- Trump's crypto-friendly policies are drawing in big names from the industry.
- Joe Biden's crypto crackdown is getting pushback from the industry.
First published 7/28/2024 on BetterChecked• last updated 7/28/2024
Although she has not made any definitive statements, her campaign's talks with prominent figures in the crypto industry, including:
- ->Coinbase
- ->Circle
- ->Ripple Labs
suggest that they are working to establish a clear position on crypto. The industry's significance and size make it an important consideration.
Her background from California is a strong indicator she's about technical innovation - exactly what the crypto industry needs.
Kamala Harris's crypto reset: linking with industry giants
By engaging directly with previous mentioned industry leaders, Harris is demonstrating her desire to gain a better understanding of the crypto environment. She can learn from past mistakes, such as the SEC's struggle to classify digital assets under Biden and causing lots of hate from popular figures within the industry.
At the time of this writing, Kamala seems to take a different path.
Recommendation by BetterChecked
By talking with top crypto leaders, Kamala Harris shows she might set up a fair and smart set of rules. Keep an eye on her policy updates.
Donald Trump: crypto’s hands-off advocate
Donald Trump has taken a different approach to crypto, referring to himself as the "crypto president" and capitalizing on Biden's regulatory crackdown.
In the 2020 election, 51% of crypto fans liked Trump's policies, which advocated for less government involvement, a stance the digital asset community appreciated.
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The Winklevoss twins, famous for investing early in Bitcoin, contributed significantly to Trump's campaign, demonstrating a substantial portion of the $2.4+ trillion crypto market backing him.
Recommendation by BetterChecked
Trump's hands-off approach boosts creativity but could lead to more fraud. Think about the pros and cons.
Trump's stance may again boost innovation, but it could also make the market more volatile and prone to fraud, creating uncertainty in financial planning.
Joe Biden & SEC: the regulator-in-chief
Joe Biden's administration had a significant impact on the crypto industry with its tough regulations.
The SEC's lawsuit against Ripple Labs for an unregistered securities offering worth $1.3 billion sent shockwaves through the industry, causing Ripple's value to plummet by almost 50%. These actions demonstrated the administration's focus on consumer protection and reducing fraud.
However, Biden's policies faced criticism for creating a regulatory environment that was too strict. The global crypto market cap plummeted from $2.5 trillion in May 2021 to about $1.8 trillion by the end of the year, largely due to the unclear regulatory guidelines that created uncertainty and upset industry leaders.
Biden's administration also failed to clarify the status of stablecoins, which slowed their acceptance into traditional finance.
These moves resulted in the U.S. missing out on technological advancements and capital inflow, unintended consequences of Biden's tough policies.
Recommendation by BetterChecked
Biden's strict rules have protected consumers but also pushed creativity overseas. Stay updated on the changing regulations. Because, who doesn’t love some regulatory drama?
While the administration's efforts did help to keep fraudulent activities at bay (partly, looking at you FTX), they also had a profound impact on the industry's growth and development.
Kamala Harris is at a point where she's learning from Biden's strict rules and Trump's hands-off style, and her team's talks with big companies hint at a middle ground, with clear rules that still encourage innovation.
By passing fair laws and giving tax breaks, Harris could attract Blockchain startups back to the U.S.
In short, Kamala Harris has a significant opportunity to reform America's approach to cryptocurrency, leveraging her active talks with industry leaders and her husband's knowledge of crypto to lead to balanced and forward-thinking policies.
While Trump's approach appeals to libertarians but risks chaos, Biden's strict rules stifle innovation and drive investment away.
Harris is poised to find a balance between these extremes, promoting innovation while protecting consumers, and has the potential to win over the crypto community and guide the future of digital assets towards stability and growth.
Recommendation by BetterChecked
Kamala Harris's balanced approach might change U.S. crypto policy. Keep an eye on her for possible good changes in the industry. (No pressure, Kamala. Just the whole future of crypto on you.)
