Kamala Harris is now the presumptive Democratic presidential nominee after incumbent President Joe Biden abruptly withdrew from the race last Sunday.
These developments raise questions about how the Harris administration in the White House will approach Bitcoin and the cryptocurrency sector in general.
Immediately after Biden’s announcement, Bitcoin briefly fell 3% as the market adjusted its expectations for a pro-crypto Trump victory in November’s election. The digital asset then broke back above $67,000 on the back of anticipation surrounding Donald Trump’s upcoming speech. In ~ Bitcoin Bitcoin
+1.71%
Nashville, Tennessee, 2024.
Kamala Harris Presidency
With Harris’ odds of winning the November election rising to 29% this week on the back of support from leading Democratic figures, crypto market participants are looking for indicators that could suggest what impact a Harris presidency would have on the industry.
According to Bitfinex analysts, investors are taking a cautious approach so far until Harris’ specific policies on cryptocurrencies become clearer. For now, a tentative outline of her stance on cryptocurrencies can be found in her previous policy positions on consumer protection and financial regulation.
“Harris’ political stance suggests a focus on consumer protection and financial regulation, which could mean continued oversight of the cryptocurrency markets,” the analysts said.
In an interview with The Block, Bitfinex analysts suggested Harris’ stance on crypto is likely to continue the Biden administration’s cautious approach, which “may not be immediately positive for markets.” YouHodler Markets Director Ruslan Lienkha agreed, saying, “Since Harris is part of the current administration, we can assume that the policies of the last four years will continue into the next term.”
However, Rienka acknowledged that there may be some changes in favor of cryptocurrencies due to pre-election promises.
“The race with the Republican candidate could give crypto support a slight boost, as his pre-election platform is actively seeking support from crypto enthusiasts,” he said.
Could Harris Change His Stance on Cryptocurrencies?
An interesting thing happened on Tuesday after Bitcoin 2024 organizer David Bailey said: Harris I’m considering speaking at an event currently taking place in Nashville.
“We are campaigning to have Kamala Harris speak at the conference. It would be very wise for her to reset the Democratic Party’s stance on the fastest-growing voter bloc in the country. They are making up their minds today,” Bailey said in a post to X. But a day later, he said Harris would not attend the conference, saying, “Now all eyes are on Trump.”
This is according to a Politico report from earlier this week, which quoted prominent Bitcoin supporter Mark Cuban as saying Harris could be “much more open to corporations, AI, cryptocurrencies, and government as a service.”
In a hint that Harris might shift her current Democratic policy stance, Cuban added, “If she changes her policy, the message changes and everyone knows that she is in charge and she is literally open for business.”
Crypto Industry Reaches Hands to Kamala Harris
Crypto industry advocates are cautiously hopeful that a Harris presidency will lead to a bipartisan consensus on establishing a regulatory framework for digital assets in the United States, departing from the Biden administration’s policies.
On Monday, the Chamber of Digital Commerce, a prominent cryptocurrency lobbying group, sent a letter to Harris urging her to pick someone who supports the digital asset industry and has a strong background in cryptocurrency advocacy as her running mate.
“We respectfully urge the party to include supportive digital asset language in its platform, select a vice presidential candidate who is well-versed in digital asset policy, and engage with industry leaders,” the lobbying group said.
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