Harris vs. Trump on Cryptocurrency Policies

Kamala Harris presents a more favorable view on cryptocurrency compared to President Joe Biden, yet she is less supportive than Donald Trump, according to findings from Galaxy Research.

Harris aims to enhance the regulatory framework for cryptocurrency firms in the U.S. However, she holds challenging perspectives on issues like taxes, Bitcoin (BTC) mining, and self-custody. This information was highlighted in a post by Galaxy’s research lead, Alex Thorn, on the X platform.

Thorn remarked, “While Trump is certainly more favorable for the industry, there is potential for Harris to be more supportive than Biden has been.”

Comparison of Crypto Policies: Trump vs. Harris

The upcoming presidential election in November features Republican nominee Trump, who aims to position America as “the crypto capital of the world,” against Democrat Harris, who has taken a more subdued stance on cryptocurrency topics.

The Biden administration has adopted a rigorous regulatory approach regarding cryptocurrency, with the SEC pursuing over 100 regulatory actions against industry participants.

In a statement made in July, Trump expressed intent to “fire” Gary Gensler, currently serving as SEC chair.

Since September, Harris has ramped up her engagement with the crypto sector, listing blockchain as one of several technologies she wants the U.S. to lead in.

This shift could indicate a more lenient regulatory approach from Harris compared to Biden. Galaxy Research noted that “informal discussions suggest Harris aims for a somewhat more constructive regulation approach.”

On October 2, Gurbir Grewal, the SEC’s enforcement head, stepped down, which might suggest a change is on the horizon within the current administration.

According to Galaxy Research, Harris maintains a severe stance against the industry concerning tax policy. Her proposals include reversing Trump’s tax cuts, which could result in increased capital gains taxes for cryptocurrency investors.

In contrast, Trump has shown support for Bitcoin mining, linking it with manufacturing and expressing a desire for more Bitcoin production to occur in the United States.

Trump has also committed to “protecting the right of self-custody,” enabling individuals to hold their crypto assets independently rather than relying on third-party custodians. Harris, however, has not expressed similar support for either Bitcoin mining or self-custody practices.

Notably, both candidates are steadfast in their support for implementing financial sanctions against foreign adversaries regarding cryptocurrency transactions, a stance that may restrict their endorsement of “permissionless” decentralized finance protocols that ignore Know Your Customer or Anti-Money Laundering regulations.