Harris Beats Biden, Delays Trump on Crypto Policy – Galaxy Research
US presidential candidate Kamala Harris is no closer to pro-industry than her boss, President Joe Biden, Galaxy Research said on October 14.
Harris has promised to meaningfully improve the regulatory environment for US crypto companies, but she holds negative positions on other related issues such as taxes, Bitcoin (BTC) mining and self-regulation, according to an article by Alex Thorne, head of research at Galaxy, of X platform.
“While Trump is more favorable to the industry, we hope that Harris can provide more support than Biden,” Thorne said.
Source: Galaxy Research
Related: US Election Result Won't Stop Bitcoin Hitting 100K: Dan Tapiero
How Trump and Harris stack up on crypto policy
Trump, the Republican candidate for November's US presidential election – who has said he wants to make the US “the cryptocurrency capital of the world” – has been quieter on the industry compared to Democrat Harris.
Under Democrat Biden, the US Securities and Exchange Commission has taken a tough regulatory stance on crypto, bringing more than 100 regulatory actions against industry companies.
In July, Trump promised to “fire” Gary Gensler, who currently heads the SEC.
Since September, Harris has upped her crypto game, listing blockchain technology among several emerging technologies that America needs to “remain dominant.”
That could translate into a softer crypto regulatory stance. Galaxy “Behind the scenes discussions […] They suggest that Harris is aiming for a more constructive approach than Biden.
In the year On October 2, SEC enforcement chief Gurbir Grewal stepped down, perhaps signaling a departure from the current administration.
Three out of four crypto holders say the candidate's crypto policy will influence how they vote. Source: Gemini
According to Galaxy, Harris remains “extremely hostile” to taxes on the industry. Her plans “include rolling back Trump's tax cuts,” according to Galaxy.
Meanwhile, Trump expressed his support for Bitcoin mining, which conflicts with manufacturing. Trump wants more bitcoin to be “made in America” in report
Trump has promised to “protect the right to self-custody,” which means keeping crypto assets in a wallet managed by the owner rather than with a third-party custodian, Galaxy said.
Harris has not taken the same favorable positions on bitcoin mining or self-governance.
In particular, both candidates remain aggressive in imposing financial sanctions on foreign opponents of crypto transactions, Galaxy said.
This likely limits both candidates' support for decentralized financial protocols that violate your client's or anti-money laundering laws.
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot' for hackers and governments: Trezor CEO
