FameEX Hot Topics | Harris Leads Biden but Trails Trump on Cryptocurrency Policy

U.S. presidential candidate Kamala Harris is more supportive of cryptocurrency than President Joe Biden, but not as pro-industry as her rival Donald Trump, according to an October 14 report by Galaxy Research. Harris seeks to enhance the regulatory environment for U.S. crypto firms, though she maintains less favorable positions on issues such as taxes, Bitcoin mining, and self-custody.

Alex Thorn, head of research at Galaxy, shared his views on X (formerly Twitter), stating, "While Trump is undoubtedly more favorable for the industry, we’re optimistic that Harris could be more supportive than Biden has been." This suggests Harris might adopt a more balanced approach to cryptocurrency regulation than the current administration, which has been criticized for its strict stance on the sector.

In the upcoming November presidential election, Republican candidate Trump has pledged to transform the U.S. into "the crypto capital of the world." In contrast, Harris has been relatively quiet on crypto issues, especially compared to the aggressive regulatory actions taken by Biden’s administration. The U.S. Securities and Exchange Commission (SEC) under Biden has initiated over 100 regulatory actions against crypto firms. Trump, on the other hand, has promised to fire SEC Chair Gary Gensler if elected, signaling a potentially more lenient regulatory approach.

Since September, Harris has been increasing her focus on blockchain technology, listing it among several emerging technologies where she wants the U.S. to maintain dominance. Galaxy Research noted that this could indicate a more favorable stance toward crypto under her leadership. Additionally, the October 2 resignation of SEC head of enforcement Gurbir Grewal has led to speculation about a potential policy shift within the Biden administration.

However, Harris remains "extremely hostile" toward the crypto industry on tax policies. According to Galaxy Research, her plan to roll back Trump’s tax cuts could result in higher capital gains taxes for crypto holders, which may dampen her appeal among crypto investors.

In contrast, Trump has expressed strong support for Bitcoin mining, equating it with manufacturing, and has pledged to protect self-custody rights, allowing individuals to manage their own crypto assets. Harris has not made similar commitments, and both candidates remain focused on imposing financial sanctions on foreign adversaries using cryptocurrency, as noted by Galaxy Research.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.