Between Donald Trump and Kamala Harris, it is almost the antipode on the question of cryptocurrencies. On the one hand, Trump dreams of making the United States the “crypto capital of the world,” while Harris takes a more cautious stance, although she is more supportive of the industry than Joe Biden. She promises to improve the regulatory framework for American companies in the sector, while remaining wary on issues such as taxation, Bitcoin mining and autonomous portfolio management.
Crypto, a hot topic for 2024 in the USA
Kamala Harris, to whom Ripple had just given a substantial crypto donation, positions herself as an alternative to Biden's tough approach to regulating the crypto market. Since September, it has intensified its efforts to integrate blockchain among emerging sectors where she wants to see the United States maintain its lead.
Behind-the-scenes discussions reveal a potentially more constructive approach than that of its predecessor. However, Harris is not ready to give in on all fronts:
- She remains “very hostile” to the industry in terms of taxationconsidering rolling back Trump-era tax cuts, which could increase the bill for crypto holders;
- Contrary to Trump, who actively supports Bitcoin mining in the United StatesHarris does not undertake to promote this activity;
- There autonomous management of crypto assets does not seem to be a priority for the Democratic candidate either.
As pointed out Alex Thornresearcher at Galaxy, “ Although Trump is undoubtedly more supportive of the sector, we remain optimistic that Harris could be more open than Biden “.
Regulation: relaxation in sight?
Regulatory climate could soften with Harrisparticularly since the departure of Gurbir Grewal, former head of the SEC's enforcement division, in early October. This resignation could herald a shift in current politics.
Nevertheless, Harris and Trump agree on one point : They support financial sanctions against foreign adversaries using crypto. This limits the prospects of supporting decentralized protocols, which escape anti-money laundering and customer identification rules.
For Trump, the vision is clear: he wants “ protect the right to self-management of portfolios “, offering cryptocurrency holders the freedom to manage their BTC without intermediaries. Harris, for her part, remains in reserve, keeping one foot in Biden's line.
Finally, we shouldn't forget that three weeks ago, Harris said she supports emerging digital technologies like AI and cryptos, showing that she is not completely hostile to the sector.
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