US Election Sparks Crypto Policy Debate Amid Trump & Harris Campaigns

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As a seasoned researcher with over two decades of experience under my belt, I have seen numerous political shifts and their subsequent impact on various industries, including technology and finance. The ongoing debate between Donald Trump and Kamala Harris regarding crypto policies is an intriguing spectacle to observe.

The US election has fueled the discussion on crypto policies as Donald Trump and Kamala Harris outline contrasting strategies. A former crypto skeptic, Trump has assembled a transition team that appears to have a lot of support for the digital asset industry. On the other hand, Harris, currently serving as the Vice President, is receiving increasing backlash for being linked to the Biden administration’s anti-cryptocurrency policy.

Trump Pro-Crypto Transition Team Ahead of US Election

Based on a post by Alexander Grieve, Vice President of Government Affairs at Paradigm, it’s been noted that some members of Donald Trump’s transition team are supportive of cryptocurrency, whereas Kamala Harris has yet to clearly express her views on digital currencies. This situation could potentially lead to a discussion or debate about cryptocurrencies between Trump and Harris.

According to CoinGape, Howard Lutnick, who is the CEO of Cantor Fitzgerald, has been named as a co-chairman for the team. Notably, this CEO is an advocate for Bitcoin, having recently established a $2 billion Bitcoin financing initiative. Additionally, Linda McMahon, who serves as the chairwoman of the America First Policy Institute (AFPI), will also join the team. The AFPI has expressed opposition to central bank digital currencies (CBDCs) and supports private stablecoins instead.

Ok — with Trump transition announcement this AM, we can do a real head-to-head comparison.

Trump’s opponents argue that while he has recently shown strong support for cryptocurrency, his previous critical remarks about it cast doubt on his administration’s ability to prioritize this sector genuinely.

These same critics…

— Alexander Grieve (@AlexanderGrieve) August 16, 2024

As a researcher, I’m uncovering intriguing connections that hint at potential crypto-friendly policies in a hypothetical future Trump administration. Donald Trump Jr. and Eric Trump are actively participating in the establishment of a cryptocurrency company, suggesting an alignment with the crypto sector. Moreover, JD Vance, the first vice-presidential candidate known to own cryptocurrencies, underscores the candidate’s endorsement of this burgeoning industry, further strengthening this connection during the transition towards the next term.

Harris Advisors and Anti-Crypto Track Record

While some individuals within the cryptocurrency community show little excitement for Kamala Harris’s presidential campaign and potential administration, contrasting it with their support for Donald Trump’s. The divide between Trump and Harris can be traced to Harris’s associations, many of whom have been instrumental in the Biden administration’s strict regulatory actions towards cryptocurrencies.

As an analyst, I’m highlighting two key figures: Brian Deese, who spearheaded the ‘Chokepoint 2.0’ strategy targeting crypto-related businesses, and Bharat Ramamurti, a critic of digital assets and a proponent of ‘Bidenomics’.

Individuals close to Harris also include Brian Nelson, the Undersecretary of the Treasury for Illicit Finance, as well as Gary Gensler who serves as the Chairman of the Securities and Exchange Commission (SEC).

As a result, Gary Gensler’s reappointment as the SEC Chairman, with his term extending to 2026, further fuels concerns. Known for being supportive of cryptocurrencies and having significant power in enforcing regulations, it seems challenging for Harris to displace him from the SEC Chair position if she wins the U.S. election.

A potential choice for confirmation who is being considered by Harris is Caroline Crenshaw, aiming for another term as SEC commissioner. In the past, Crenshaw has expressed criticism towards Bitcoin ETFs due to fears of money laundering. Meanwhile, Christy Goldsmith Romero, an ally of Better Markets and a supporter of Warren, could be appointed as FDIC Chair in the Harris administration.

Crypto4Harris Criticism

Last week’s “Crypto4Harris” gathering aimed at unifying the digital currency community under Kamala Harris elicited criticism and underscored the contrast between her and Trump’s views on cryptocurrencies. The event was marred by Harris’ absence, and the lack of definitive policy proposals left participants dissatisfied. Notable figures in the crypto world, including the Winklevoss twins, voiced their disapproval of the event, with Tyler Winklevoss labeling it as a “circus.”

superb examination by AlexanderGrieve; as personnel significantly influence policy-making, now could be an opportune moment for all parties to make their stance on cryptocurrency policy more explicit. Notably, there are some exceptional Democratic leaders advocating for cryptocurrencies, spearheaded by Senators Schumer and Gillibrand, among others.

— Faryar Shirzad (@faryarshirzad) August 16, 2024

Trump, on the contrary, has shown a favorable stance towards cryptocurrencies, leading many prominent figures in the industry to support him. Faryar Shirzad, Coinbase’s Chief Policy Officer, highlighted that it’s the people who make the policies, stressing the significance of the personalities associated with each candidate.

Donald Trump’s views on cryptocurrency have shifted over time, as he recently disclosed owning between $1 million and $5 million worth of Ether stored offline (cold wallet). This shift from earlier skepticism towards digital assets is a key aspect of his current campaign. Before the US election, Trump has promised to establish a national Bitcoin reserve and promote the U.S. as a leading force in the crypto industry by enacting supportive policies.

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2024-08-16 21:58