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With just 63 days remaining until the US presidential election and early voting commencing in September, cryptocurrency enthusiasts face a crucial choice between Kamala Harris and Donald Trump. Both candidates have made efforts to engage with the crypto industry, but their approaches differ significantly.
In a September 3 interview with Bloomberg, Paul Grewal, Chief Legal Officer at Coinbase, provided insights into the candidates’ positions on digital assets. Grewal noted that while the current administration under SEC Chair Gary Gensler has been known for a stringent regulatory stance, the Harris campaign has shown a willingness to explore new approaches to crypto regulation. Harris’ team has reached out to discuss potential policy directions, indicating an openness to reevaluating the regulatory landscape for digital assets.
On the other hand, Grewal mentioned that Trump's campaign has been "explicit" about its support for pro-crypto policies, a notable shift from the former president's earlier remarks, which described {Bitcoin} (BTC) as a “scam” and “based on thin air.” Despite these past criticisms, Trump's 2024 campaign has embraced more favorable stances toward the crypto industry.
As the election approaches, Congress is also racing against the clock to advance legislation that could impact the industry. The Financial Innovation and Technology for the 21st Century (FIT21) Act, which has passed the House, awaits Senate consideration. This bill aims to provide a clearer regulatory framework for digital assets and could influence how the next administration addresses crypto policy.
Recent polling by Fairleigh Dickinson University suggests that Trump might have more support among crypto holders compared to Harris. Despite this, Harris has not been silent on the issue; her campaign has engaged in discussions with crypto industry advocates, hinting at potential supportive policies if she is elected.
With the possibility of a shift in congressional control in January 2025, the outcome of the presidential election could also shape future crypto legislation. As the election nears, both candidates' positions on digital assets are crucial for voters in the crypto community.
