Where Do Kamala Harris and Donald Trump Stand on Crypto?

Neary 65 million Americans have already cast their votes ahead of next week’s election—and the race between the two candidates is tightening up.

Cryptocurrency has been a significant issue in the presidential race, with former president and Republican nominee Donald Trump pivoting from a skeptic to a self-proclaimed crypto candidate, while current Vice President Kamala Harris—who took over for President Joe Biden as the Democrats' pick in July—has signaled an intent to break from the anti-crypto policies of the current administration in which she serves.

At Decrypt, we've been covering the ins and outs of the role of cryptocurrency in American politics throughout the entire election cycle. But with just three days left until Election Day, here's a primer on where Trump and Harris stand on crypto, and what you might expect if either secures the win next week.

Donald Trump

Ex-President Donald Trump has been far louder than Harris on the topic of crypto. 

Previously anti-Bitcoin and skeptical of the crypto space, the business and real estate mogul has taken a sharp U-turn on the topic, coming out as an advocate for the industry and picking up ample support and donations along the way.

Fast-forward to 2024 and Trump has released multiple sets of NFT collectibles, called for the Americanization of Bitcoin, and even has backed a decentralized finance (DeFi) project called World Liberty Financial alongside his sons. World Liberty hasn't gotten off to a great start with prospective investors, though sources tell Decrypt that it plans to issue a stablecoin.

Trump Crypto Project World Liberty Plans to Issue Stablecoin, Sources Say

Donald Trump’s controversial crypto project, World Liberty Financial—which recently raised $14 million in an initial token sale—has plans to create and issue its own stablecoin, sources familiar with the matter told Decrypt.  The stablecoin, a type of cryptocurrency designed to hold a steady value that is often pegged to the U.S. dollar, is still in development and could take some time to launch. The World Liberty team is still determining how to make the financial product safe before bringing i...

Like some other Republicans, Trump has railed against central bank digital currencies (CBDCs), or digital dollars—effectively government-backed cryptocurrencies that don’t yet exist in the U.S., but frighten the libertarian wing of the GOP and large parts of the digital asset space due to fears of increased government surveillance.

His promise to help Bitcoin mining—a big business formerly dominated by China, but now with a lot of American players—perfectly fits Trump’s fiery protectionist brand. As does his desire to fire crypto bogeyman Gary Gensler, the crypto-targeting U.S. Securities and Exchange Commission chairman.

All of Trump's Crypto Promises, From Boosting Bitcoin Mining to Firing Gensler

Former President Donald Trump has pitched big plans for crypto on the campaign trail, folding several promises into his reelection bid while trying to make inroads with digital asset owners. When it comes to the nascent industry, crypto isn’t listed among 20 core goals that make up the Republican Party’s official 2024 platform—and the topic didn't come up during his interview with Elon Musk in August. Still, in a draft document released in July, crypto was mentioned alongside artificial intellig...

Top executives in the crypto space have since backed Trump for his apparent passion for the industry, or at least his willingness to publicly engage with an industry that most politicians have avoided.

If elected to a second term, will Trump live up to his promises to protect crypto in the U.S. and advance the industry?

Kamala Harris

Democratic nominee Kamala Harris was initially quiet on the topic, and unlike Trump, certainly hasn't been seen tossing burgers to Bitcoiners at a BTC-themed New York City bar.

But crypto is a part of the former attorney general’s agenda. 

In October, Harris said she had plans for the space when a part of her “Kamala Harris Will Deliver for Black Men” platform included a commitment for specifically for the African American community. 

Kamala Harris Reveals Explicitly Pro-Crypto Stance in Bid to Win Over Black Men

After months of tiptoeing around the subject of crypto, Kamala Harris’ campaign came out swinging on Monday with an explicitly pro-digital assets agenda, as part of a platform targeting Black male voters.  The platform, “Kamala Harris Will Deliver for Black Men,” includes a commitment from the Vice President that if elected, she would support “a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”  The document goes furt...

A document for the campaign said it was for “supporting a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”

The framing proved controversial, particularly since it was arguably her most specific comments to date about crypto. But a spokesperson later clarified that such plans were intended for all Americans, and wouldn't be limited by race.

That isn’t the only evidence that the crypto industry will fit into her presidential plans, however. Harris has said that blockchain, AI, and other emerging technologies will be innovated upon in America, and before that told donors at a fundraising event that she would encourage growth for the digital assets space in the country.

Billionaire businessman and crypto enthusiast Mark Cuban previously told Decrypt in July that the Harris campaign reached out to the former Dallas Mavericks owner with questions about digital assets. He later said the Harris camp was “far more open” to the space than the Biden administration—and he's not the only crypto heavyweight who's optimistic about Kamala.

Edited by Andrew Hayward