For her part, Harris has left most questions unanswered on the campaign trail. It was only at the end of September when she said, “We will encourage innovative technologies like AI and digital assets while protecting consumers and investors.” Referring to cryptocurrency as digital assets (a common term in government circles), her statement offered little insight into how that plan would work. One proposal appeared in mid-October when her campaign announced support for “a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.” Yet, for many people, that seemed to have only prompted more questions.
Trump’s Recent Embrace of Cryptocurrency Stands in Contrast to Harris’ Wariness.
With Election Day just over the horizon, where do Vice President Kamala Harris and former President DonaldTrump stand on cryptocurrency policy? Based on available information, a Harris-Walz administration would be unlikely to stray from the Biden-Harris administration. However, Trump has carved out a radically different stance from his previous presidency.
However, given that Harris later said she would not change a thing about the last four years and that she was part of most of President Joe Biden’s decisions, turning to the Biden-Harris administration’s record may offer some insights. Over the past four years, the administration has repeatedly proposed a 30 percent tax on cryptocurrency miners, called for a central bank digital currency to “crowd out the ecosystem of crypto,” and increasingly pressured banks to deter any involvement with cryptocurrency. This only scratches the surface, but it’s likely these policies will appear again under Harris.
In contrast, Trump has spoken out both in opposition to and in favor of cryptocurrency. “I am not a fan of Bitcoin and other Cryptocurrencies,” he said while in office. On the campaign trail this year, however, Trump paid for food in bitcoin at the bitcoin-themed dive bar known as Pubkey and his family launched its own cryptocurrency platform.
But what about tangible policies? Based on Trump’s recent statements and the 2024 Republican Party platform, the current crackdown is likely to end. In addition to ending everything described above, changes could also include the creation of safeguards for cryptocurrency mining and self-custody options as well as broader measures to strengthen financial privacy and prevent the creation of a central bank digital currency. During his speech at the Bitcoin 2024 Conference, Trump even went so far as to say he would create a strategic bitcoin reserve.
So, where do the two candidates stand? At the moment, it seems Trump is now ready to welcome cryptocurrencies with open arms. Harris, on the other hand, is most likely to continue the crackdown that’s taken place over the last few years. What happens in practice, however, is still yet to be seen.