As a seasoned analyst with over two decades of experience in the financial sector, I can confidently say that the crypto community’s expectations from Democratic presidential candidate Kamala Harris are not only justified but also essential for the growth and stability of the digital asset market. My career has been marked by navigating the complexities of regulatory environments, and I firmly believe that clear, actionable policies are crucial in fostering innovation and investor confidence.
Supporters of cryptocurrency are urging Democratic presidential contender Kamala Harris to take a stronger position and offer practical solutions, as suggested by U.S. investment bank Bernstein.
Clearer Stance Toward Digital Assets Expected From Harris
On September 23, 2024, analysts at Bernstein explained in a client memo several factors that contributed to the recent surge in digital asset prices during the weekend.
One reason for this is the possibility of cross-party endorsement for the digital economy sector. At a recent gathering in Wall Street, Harris stated that her administration aims to foster cutting-edge technologies such as artificial intelligence and cryptocurrencies, all the while ensuring consumer and investor protection.
As a researcher, I found it intriguing that for the first time, during her speeches, Harris employed the term “digital assets.” According to Bernstein analysts’ observations, this marked a significant shift in her discourse.
Instead of promoting “America as a leader in cryptocurrency” directly, Trump’s stance was characterized by specific policy proposals such as a favorable SEC chair, a national bitcoin reserve, encouragement for Bitcoin mining within the U.S., regulation of stablecoins, and so on. Despite some differences, the crypto community found solace in both candidates expressing support for the sector.
Nevertheless, the crypto community is hesitant to change its position until they see clear actions and commitments from the Harris camp. The Democrats are finding it difficult to persuade this community away from the pro-crypto Republican candidate, Donald Trump, as the Biden administration has been under fire for being critical of the growing industry.
In the month of July 2024, Democratic U.S. Senator Elizabeth Warren garnered backing from prominent Wall Street banks concerning her proposed legislation. This legislation required digital asset mining companies, validators, and digital wallet providers to implement Know-Your-Customer (KYC) regulations.
Crypto Sentiment Likely Stronger Under Trump Presidency: Bernstein
Bernstein indicates that if Trump wins, it could lead to a more favorable outlook on digital assets within the U.S. For quite some time, the nation has been dealing with unclear regulations concerning digital assets, leading numerous businesses to move to countries with more established regulatory systems. The memo suggests this issue:
As a crypto enthusiast, I firmly hold the conviction that a Trump victory could potentially strengthen the overall crypto market sentiment. This is because a new administration might signal a fresh policy direction, which could include more extensive regulatory support for decentralized finance (DeFi), asset tokenization, and Non-Fungible Tokens (NFTs), moving beyond just Bitcoin.
Recently, it’s been reported that Trump purchased hamburgers at a New York City bar using Bitcoin (BTC), prior to a campaign rally. It’s noteworthy that Trump’s stance on cryptocurrency hasn’t always been positive. However, in the run-up to the 2024 presidential elections, the former U.S. President has shifted from being skeptical about crypto to becoming a strong advocate for it.
Despite the general belief among experts that a Trump victory could be advantageous for the digital assets market, others argue that Bitcoin’s lasting value remains favorable, regardless of the election outcome in November. Currently, Bitcoin is trading at $63,213, marking a slight 0.7% increase over the past day.
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2024-09-24 04:11