Donald Trump vs. Kamala Harris: Crypto regulations in the United States
The 2024 United States presidential election is around the corner. The top contestants in the race are the current vice President Kamala Harris and former president Donald Trump. Although the two have agreed and disagreed on several matters, where do they stand on crypto regulations in the United States?
Kamala Harris� view of crypto regulations in the United States
Harris has indicated a possibility of shifting from the way the current President, Joe Biden, regulates crypto in the country. In their advice to the vice president, the Official Monetary and Financial Institutions Forum (OMFIF) asked the vice president to chart her own path on crypto laws for her to win the hearts of the virtual currency masses.
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In July, her team reached out to top firms in the crypto assets landscape like Circle and Coinbase in what was seen as a step towards involving the executives in formulating friendly crypto regulations if she assumed office as the president of the United States.
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Some crypto investors have even expressed interest in funding the Harris campaign. Harris has, however, not directly declared her stand on cryptocurrencies even during the recent debate with Trump.
Trump�s view on crypto regulations in the US
Trump has over the years cultivated a relationship with the crypto community. As such, he has declared his support for the space, including pushing for softer crypto laws if he becomes president. Trump has vowed to make America a crypto hub, including being the preferred destination for Bitcoin mining.
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The former president has even criticized Biden for supporting stifling crypto regulations claiming that the current president wants crypto to �die a slow and painful death.� Generally, Trump supports blockchain technology and has previously launched non-fungible tokens or NFTs.
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His latest NFT collection, America First Edition, promises collectors extra perks like getting a �piece of his knockout debate suit� and having �a gala dinner� with him. The crypto community has invested roughly $3 million into the former president�s campaign.
Trump and Harris� impact on the crypto market
The crypto market is closely following how Trump and Harris treat cryptocurrencies during their campaigns and public debates. In their latest debate held on September 10, for example, crypto and Bitcoin-mining linked stocks experienced a dip in prices but later recovered after opinion polls showed that Harris beat Trump in the debate. Harris continues to lead Trump in such polls.
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The two, however, didn�t mention crypto during the debate despite the crypto community wanting them to at least recognize the revolutionary nature of crypto and blockchain technology.
What does the current state of crypto regulations in the United States look like?
The United States has somewhat vague crypto and digital asset regulations plus it�s still unclear who between the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) has the right to regulate crypto.
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Although the SEC has taken the front seat, it has in some cases, failed to provide a clear outline of what in the crypto and digital assets scene is considered a security. This has seen the securities watchdog take crypto entities like Ripple and Binance to court over engaging in the sale of securities.
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With over 50 states, crypto regulations in the United States vary across state lines. The most crypto-friendly states in the US are Arizona, Colorado, Florida, Kentucky, New Hampshire, Texas, and Wyoming. Texas has already placed itself as a destination for Bitcoin miners.
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Colorado recognizes crypto as money and has allowed its citizens to pay taxes with crypto. New Hampshire and Florida don�t require crypto businesses to apply for a money transmission license. Wyoming is also known for being the first state to recognize decentralized autonomous organizations or DAOs.
Donald Trump vs. Kamala Harris: What next for crypto regulations in the US?
Crypto regulations in the United States are likely to remain as they are for some time. Why? Although Trump has openly declared support for the blockchain and crypto sector, even releasing four NFT collections so far, turning his support into law requires a nod from Congress. As such, his crypto love may not automatically translate into crypto-favorable laws.
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Harris, on the other, is taking a calculated move into the sector and has avoided publicly endorsing crypto despite gaining support from crypto companies and executives. However, her cautious approach doesn�t mean that she won�t push for crypto-friendly regulations if she becomes president because, again, Congress must approve crypto bills before they become law.
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In conclusion, whether Trump or Harris becomes the 47th president of the United States, a shift in the crypto regulation landscape will depend on Congress.