Presidential Candidates on Crypto- What Is Their Stance?

The election results could be known as soon as this evening or Wednesday morning, and the outcome will have a definite impact on the cryptocurrency industry.

In recent weeks, Kamala Harris has started to speak out on her stance on cryptocurrency. The democratic party has been notoriously restrictive when it comes to crypto legislation, holding back some of the industry’s progress and permitting the SEC to go after crypto companies that do not toe a very uncertain line. But with Harris offering support for crypto, that is good news for those investors and de-fi companies that were worried about what would happen if she became President.

A recent movement called Crypto4Harris has been making waves, started by Democratic lawmakers who are self-described crypto advocates. They wanted to show that even though Trump and the Republicans have been very vocal about their crypto support and have pumped millions into the crypto industry, Democrats too support crypto. Harris spoke recently about how she would put into place a regulatory framework for cryptocurrency that will encourage accessibility and protection for digital investments.

In September, she spoke about her support for investing in crypto and AI if she wins the election. Many crypto enthusiasts are less excited about her stance on crypto since she has not listed specifics as to how she will support crypto, especially when compared to Donald Trump.

The Trump Stance

Anyone who has been paying attention to the crypto industry over the past year has seen a lot of news stories about Donald Trump promising specific support for crypto. One of his biggest incentives has been the World Liberty Financial initiative, which is designed in part to make crypto more accessible to lower income individuals including those who do not qualify for a bank account.

Trump’s administration has already launched this project as well as a proprietary crypto token. In addition, Trump has promised to work on the regulatory framework surrounding cryptocurrency to make sure he encourages technological growth and industry progress without unnecessary restricting cryptocurrency. This is similar to what Harris has promised, but Trump’s campaign has been much more specific about what he plans to do in regards to decentralized finance.

Crypto companies have spent millions on the election so far because they know how important it is for their future. With plenty of talks of regulating cryptocurrency, there is a vested interest from the industry in making sure that whoever is President is supporting cryptocurrency.