Former President Donald Trump said that he would make the U.S. the “global hub for cryptocurrency” at a conference in Nashville, Tennessee. That is one bold remark, putting digital currency at the very front of the presidential campaign, in which both nominees are vying to outline their differences on issues at stake.
Bitcoin, the best-known crypto, has risen so much this year and is lending further attention to this space. Although Trump has changed his position regarding crypto from what it was when he was in office, Democratic nominee Kamala Harris remained overwhelmingly silent on the issue since President Biden picked her to succeed him.
All attention toward cryptocurrency is of particular relevance to younger voters involved in disproportionate digital asset trading. The Trump campaign has been touting the candidate’s support for crypto and technology, pitting it against Democrats and their purported obstacles for this industry.
So far, there has been no response from the Biden campaign on this issue, again underscoring how cryptocurrency increasingly became an important factor in the political world. Here’s what to know about where Trump and Harris stand on cryptocurrency:
Where does former President Donald Trump stand on cryptocurrency?
Former President Trump initially criticized cryptocurrencies, calling them highly volatile and based on thin air, and raised concerns about their potential to facilitate illegal activities like drug trade. However, at the recent Bitcoin Conference, Trump expressed strong support for crypto, promising to relax regulations and establish a National Strategic Bitcoin Reserve.
He also announced plans to replace SEC Chair Gensler, known for his strict crypto regulations. This shift in Trump’s stance has been attributed to his desire to appeal to Silicon Valley donors and promote a deregulatory approach to business.
Silicon Valley figures like Elon Musk and the Winklevoss twins have endorsed Trump, with Cameron Winklevoss even stating, “We’re going to make America and Bitcoin greater than ever before.”
Cornell University professor Eswar Prasad believes Trump’s newfound enthusiasm for crypto is a strategic move to gain financial backing and reinforce his anti-big government image.
Where does Vice President Kamala Harris stand on cryptocurrency?
In fact, experts have a hard time reading Harris’s position on crypto, with the harsh stance that the Biden administration has taken, as evidenced by the prosecutions of FTX founder and regulations from Gensler. It is uncertain, however, whether Harris will have taken very much after Biden on this issue.
Democrats are divided on crypto policy, with Sen. Elizabeth Warren railing against it as Harris supporter Mark Cuban seeks a friendlier stance, so it’s an issue that splits the Democratic Party.
Harris may look to soften the stance of the administration concerning cryptocurrency, given that her campaign has reached out to top crypto firms to improve relations. Strategic ambiguity may be a tactic employed by Harris to balance between the administration’s stance and industry desires.