The crypto industry within the US might even see more support under Kamala Harris’ leadership in comparison with the present Joe Biden administration.

Harris More Supportive Than Biden, Trump ‘Undoubtedly’ More Favorable

Alex Thorn, Head of Research at Galaxy Research, recently shared an in depth policy scorecard on X, juxtaposing the Biden administration’s crypto and blockchain policy stances, the potential Kamala Harris-Tim Walz administration, and the Donald Trump-JD Vance administration.

Thorn noted that while a Trump victory would undoubtedly be more favorable for the broader crypto industry, a Harris win could still offer higher support than the present Biden regime. He described the downside risk of a Harris presidency as ‘limited.’

For example, regarding classifying digital assets as securities, the Biden administration has maintained an ambiguous regulatory stance, leaving the U.S. Securities and Exchange Commission (SEC) to handle issues case by case. 

In contrast, the Harris/Walz administration is anticipated to be ‘barely positive,’ based on Harris’ recent statements supporting modern technologies like AI and digital assets. Then again, Trump has pledged to fireside SEC Chair Gary Gensler and appoint a more pro-crypto alternative.

One other parameter is the difference in stance toward Bitcoin (BTC) mining. While the Biden administration has proposed a 30% tax on mining, Harris is anticipated to be ‘barely higher’ than Biden resulting from her connections in Silicon Valley. 

Notably, Trump highly supports Bitcoin mining, viewing it as domestic manufacturing and pledging that Bitcoin will probably be “made in America.”

While neither the Biden nor Harris administrations are expected to take a covert stance against crypto self-custody, the US Treasury under Biden has attempted to label non-custodial wallet providers as money transmitters. In contrast, Trump has explicitly vowed to guard self-custody rights, as highlighted in a speech in Nashville in July 2024.

The Biden administration has shown interest in formalizing rules regarding stablecoins regulation, proposing that banks hold exclusive authority to issue stablecoins. 

Harris is prone to follow Maxine Waters’ approach, advocating for stablecoins to be backed by protected reserves like short-term T-bills, with the Federal Reserve and massive banks playing a job in issuance. Trump, nonetheless, favors allowing non-bank entities to issue stablecoins.

Harris Leaving No Stones Unturned To Woo Crypto Voters

Although the consensus seems that a Trump victory would vastly profit digital asset prices and the broader industry, Harris has tried to draw crypto voters. 

She recently shared her economic proposal, promising to support crypto regulation and digital assets. Moreover, Harris has received $1 million value of XRP in political donations from Ripple co-founder Chris Larsen.

Echoing Thorn’s evaluation, trading firm QCP Capital stated that a Harris victory is probably not as bearish for crypto investors as some might imagine. BTC trades at $66,412 at press time, up 0.8% prior to now 24 hours.