The 2024 U.S. Presidential election will conclude during November 2024, and as candidates Donald J. Trump and Kamala Harris campaign across the nation, crypto has been a topic of discussion for both. That won't be surprising to many given the industry's continued march into mainstream consciousness and its disruption of financial conventions, making it a talking point that's tough to ignore.
Meanwhile, with Anthony Scaramucci — former White House communications director during the previous Trump administration — claiming that crypto users could decide the election, it's understandable why Trump and Harris would want to put crypto in the spotlight. So, what has each candidate said about their potential crypto policies should they be elected? Let's take a look.
What's Trump said about crypto?
Let's look at the facts on Trump's public comments surrounding crypto and his potential plans if elected.
A U.S. Bitcoin reserve?
"If elected, it will be the policy of my administration to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future," said Trump at the Bitcoin 2024 convention held in Nashville, Tennessee during July 2024, as Reuters reported.
Although it's reportedly not clear what a potential U.S. Bitcoin reserve would be used for, the move would see the government 'HODL' and possibly add to its current pool of Bitcoin tokens. According to CoinGecko, the U.S. government holds 213,346 BTC — worth more than $14.5 billion at the time of writing.
Bitcoin mining in the U.S.
Republican nominee Trump also stated in a post on his Truth Social platform that all remaining Bitcoin should be minted in the U.S., seeing the asset as a form of protection against central bank digital currencies. Other research shows that today, the U.S. is responsible for around 40% of the global Bitcoin mining hashrate, making the nation a major hub for BTC mining. According to the same report, Texas and New York in particular are major locations for Bitcoin mining in the U.S..
The "crypto capital of the planet"
Speaking more broadly in a video posted to X, the former U.S. President stated in August 2024 that he'd drawn up plans to make the U.S. the "crypto capital of the planet." Details of the plan weren't shared in the video, but the post did tag @wordlibertyfi, a crypto platform backed by Trump. Despite the uncertainty around the details of Trump's crypto plan, his election in November and wider comments on Bitcoin mining and a potential Bitcoin reserve suggest further pro-crypto policies through his potential four-year term.
A reshuffle for the Securities Exchange Commission?
In a move that could influence the U.S.' crypto regulatory framework, Trump has been vocal about plans to change the leadership of the Securities and Exchange Commission (SEC) — the federal body responsible for regulating crypto in the country. As Bein Crypto reports, the move is part of wider efforts from Trump to "tame crypto regulation" in the U.S. and create a different regulatory environment for the industry. Other reports have suggested that any immediate replacements to the SEC's leadership wouldn't be straightforward. Nevertheless, Trump has made it very clear that he isn’t a fan of the current SEC leadership.
What's Harris said about crypto?
Trump aside, what of his opposition this election, the Democratic nominee for the 2024 U.S. presidential election, Kamala Harris? Unlike Trump, Harris hasn’t announced any specific details on her plans for digital assets if elected President.
Greater investment in AI and digital assets
Cointelegraph reports that one of Harris' first public statements revealing her stance on crypto was in favor of encouraging greater investment in artificial intelligence (AI) and digital assets. “We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” Harris reportedly commented during a September 2024 fundraising event in New York City.
Consistent regulation
The same Cointelegraph commentary linked above also pointed to Harris' perspective on regulation. “We will create a safe business environment with consistent and transparent rules of the road,” said Harris at the same New York fundraiser. According to Politico, these comments might signal a more supportive stance towards crypto from the current Vice President when compared to outgoing president Joe Biden. Supporting this claim, Politico also reports that American pro-crypto businessman Mark Cuban — who has campaigned for Harris — revealed that the Democratic nominee's team are "not fans of regulation through litigation."
Stronger crypto policy?
Soon after her New York fundraiser comments, Harris repeated her stance on emerging technologies during a speech at The Economic Club of Pittsburgh, according to Decrypt. "We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, [and] expand our lead in clean energy innovation and manufacturing," she commented, "so the next generation of breakthroughs — from advanced batteries to geothermal to advanced nuclear — are not just invented, but built here in America by American workers." QZ reports that the comments suggest blockchain, AI, and other emerging technologies could play a central role in her administration if elected.
How do Trump and Harris compare to Biden on crypto?
As crypto traders absorb the proposed policies and narratives from Trump and Harris on digital assets, it's wise to consider each stance in the context of current policy. How do the presidential nominees compare to President Joe Biden when it comes to crypto? Digital asset and blockchain company Galaxy Digital has released a policy scorecard comparing the crypto policies and legislative proposals of the trio. Read on for some of the key takeaways.
Trump is considered by some to be the most crypto-friendly candidate
On the policy scorecard results, Alex Thorn, Head of Research at Galaxy Digital, noted on X that the company sees "explosive upside...in the case of a Trump victory", with "downside risk of a Harris victory as limited." In eight of the nine areas analyzed for comparison by Galaxy Digital, Trump fared better when compared to Harris. However, Harris was considered better than Biden in six of the same nine areas. This included the SEC, banking regulators, stablecoin legalization, and Bitcoin mining.
Crypto taxation could be more favorable under Trump
One key area of perceived difference between the Trump campaign and the Harris and Biden camps is crypto taxation. According to the Galaxy Digital scorecard, Trump is "somewhat supportive" in the area of tax issues. More specifically, the research notes that, should Trump win, "there will likely be some clarity on tax policy for digital assets." Meanwhile, Biden and Harris are considered "extremely hostile", with a Democrat win potentially leading to capital gains tax and crypto taxation as a way of raising revenue.
Stablecoin legislation is an area of competition
There was less separating the trio when comparing their stance on stablecoin legislation. All are considered supportive of a stablecoin regulatory framework, with the Galaxy Digital research spotlighting Biden's involvement in a Presidential Working Group on the topic. The research also noted how Democrats have "rallied behind" a bill to regulate U.S. stablecoin issuers. Trump and other Republicans, meanwhile, have supported the formalization of stablecoins "but want issuers to include non-banks." That's considered more supportive than the position taken by Democrats, according to Galaxy Digital.
Harris could reset the SEC's stance
Both Trump and Harris are considered to be more pro-crypto when compared to Biden, particularly regarding regulation and their expectations of the SEC. Notably, Galaxy Digital's research defines Biden's position as being "extremely hostile to current crypto industry" in this area, in contrast to Harris' position which "leans in a direction that is positive." As Biden's Vice President in the current administration, the research points to a potential shift in the Democratic Party's relationship with the SEC and how the body approaches crypto regulation. Trump, meanwhile, has made clear his plans to reshuffle the SEC's leadership should he secure the presidency in November 2024.
The final word
The impact of the 2024 U.S. presidential election on crypto has grabbed plenty of headlines in industry media and beyond. Although the results of the election are far from certain, traders would be wise to expect added volatility from the market in the days leading up to and following November 5, 2024, when voters head to the polls to determine America’s future.
Want to be fully prepared? Read our guide on what causes crypto market volatility, and check out six essential tools for navigating crypto market volatility.
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