Kamala Harris Likely to Be 'More Supportive' of Crypto Than Joe Biden: Galaxy Research

By Vismaya V

A new policy scorecard compares the positions of U.S. presidential candidates Donald Trump, Kamala Harris, and current President Joe Biden on cryptocurrency and blockchain regulation, with Trump emerging as the most favorable candidate for the crypto industry.

Alex Thorn, Head of Galaxy Research, wrote on Twitter, “Trump is undoubtedly more favorable for the industry,” while also expressing optimism about Harris’ potential to improve on Biden’s record.

Kamala Harris has shown a pro-digital assets stance that could offer more support than Biden’s policies, particularly in terms of innovation and financial inclusion, as per the report.

The report is based on public statements, intelligence from campaign insiders, and both public and private signals, offering a detailed view of how each candidate may impact the future of the crypto industry, Thorn said.

While Harris may not match Trump’s aggressive support for crypto, her approach shows limited downside risk for the industry, he added.

The report sees Harris as a more moderate candidate on Bitcoin, with potential for greater regulation around altcoins, but with policies expected to be more favorable than Biden’s.

Trump’s stance on cryptocurrency centers around deregulation and innovation. His plan to replace SEC Chair Gary Gensler is a major talking point, as Gensler’s tough enforcement has rattled crypto firms and advocates, the report shows.

It should be noted that U.S. presidents don’t actually have the authority to unilaterally “fire” the heads of agencies, like the SEC. That hasn’t stopped Trump from promising to do it.

A key differentiator in Trump’s platform is his strong backing of Bitcoin mining. Unlike Biden, who has remained neutral, and Harris, who has raised environmental concerns, Trump supports deregulating BTC mining to expand domestic operations.

The former president is now pushing his pro-crypto platform further with the launch of World Liberty Financial, a DeFi project that promises to help make the U.S. the “crypto capital of the world.”

The project, aimed at accredited investors, will offer services on the Ethereum blockchain, and the public sale of tokens is expected to begin soon.

While Kamala Harris has been less vocal about crypto until recently, her latest campaign signals indicate a shift.

On Monday, Harris revealed an agenda targeting Black male voters, pledging to introduce a regulatory framework to protect American crypto holders.

Last month, the Democrat candidate vowed to keep the U.S. “dominant in blockchain,” alongside other emerging technologies like AI and quantum computing.

Meanwhile, Joe Biden remains the least favorable candidate for the crypto industry, according to the report.

The Biden administration has been criticized for its aggressive stance on regulatory enforcement, particularly through the Treasury’s Bank Secrecy Act (BSA) expansions and sanctions on blockchain firms.

Per the report, his failure to clarify taxation and IRS-related issues has further distanced him from the crypto community, making Trump and Harris better options for crypto enthusiasts.

As the election draws near, both candidates are bringing out their best game to win over voters, with 56% of voters supporting Trump’s pro-crypto stance, as per a recent Consensys survey.

The poll revealed that 85% of crypto owners want presidential candidates to adopt pro-crypto policies, noting how the crypto vote could play a decisive role in the 2024 race.

Edited by Stacy Elliott.

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