As the United States presidential election is nearing the corner and the candidates are trying to cover every key area, addressing concerns, and answering questions, one such topic a large section of the population is curious about is the candidates’ stance on Bitcoin and cryptocurrency adoption.
While Donald Trump, one of the presidential candidates is revealing where he stands on the subject with a proposition for a “Bitcoin and crypto advisory council”, trading Bitcoin, and accepting cryptocurrencies as campaign donations, Kamala Harris, the other prominent candidate has been mostly silent about the topic.
Although “Crypto4Harris” a group of cryptocurrency supporters advocating for Kamala Harris has been trying to support this particular cause on behalf of the former Vice President, people are waiting for more of a direct response from the candidate to be sure of what would be her take on the matter.
Kamala Harris: Crypto Policy
A press release stating that Kamala Haris’ “Opportunity Agenda for Black Men” published on 14 October is the latest and the only direct stance the presidential candidate has taken on the crypto industry and its future.
As per this release that talks about her intentions to provide tools to black men for building wealth, supporting families, and leading in their communities, she aims to offer protection to digital assets black men own by supporting a regulatory framework for cryptocurrency and other digital assets.
She is making headlines with this proposal, but for what reason? How does this statement reflect on the crypto community?
Although election campaigns started a couple of months ago, Harris hasn’t been very forthcoming about her intentions with crypto until now. With an already strained relationship with crypto supporters during the Biden period, Democrats have been taking measures to be seen as pro-crypto ever since the campaign started.
Even though no official statements have been made concerning this matter, the leaders have been urging the Democratic National Committee to reset the party’s relationship with the industry. However, the ignorance on the part of Harris and Democrats in general about the cryptocurrency world, which has been obvious from the beginning, is in no way doing any good for the campaign.
The latest statement Harris made in this regard is proof of this ignorance. Statistics show that over 20% of black men in the US are active participants in the crypto space, owning and trading digital assets.
Being an online space with assured anonymity, Blockchains and digital assets including cryptocurrencies do not discriminate among traders based on their class, creed, color, or gender.
For this reason alone, Harris’ recent statement seems to have infuriated Bitcoiners and other crypto enthusiasts, which could make or break the election results considering their influence in US politics.
Kamala Harris v/s Trump: The Future of Crypto.
While Kamala Harris is raising concerns with her controversial statements on the future of crypto if she wins the election, Trump is gaining followers with his obvious pro-crypto stance.
The former President who openly criticized cryptocurrency on social media platforms half a decade ago for its potential illegal associations, has turned out to be the biggest crypto supporter of the industry by accepting Bitcoin donations and promoting meme coins.
Besides the earlier mentioned press release, it is her choices of economic advisors that have become a matter of concern. It has been reported that Bharat Ramamurti, Brian Deese, and Brian Nelson, who have held responsible positions during the Biden administration, comprise the council of experts preferred by Harris as well to advise her on decisions concerning the US economy.
Considering they are all strong crypto criticizers who have opposed acts and measures aiming at the growth of the industry in the past, there is not much hope left for crypto holders in the Harris administration.
Between a former President who is declaring to transform the United States to be the “crypto capital of the planet”, and a former Vice President who still isn’t sure whom to side with when it comes to crypto regulations, there is not much of a question left regarding who would the crypto holders support.
Although according to surveys, Harris has been leading over Trump for some time, her stance on a prominent industry is sure to have a serious impact on the whole situation, leaving Republicans more hopeful about the final results.
Also Read: How To Spot And Avoid Cryptocurrency Scams?
Conclusion
Latest reports suggest that crypto supporters and digital asset holders are not entirely satisfied with Kamala Harris’ cautious approach to the matter and are worried that it might hamper the growth of the crypto space, especially considering her recent statement.
Unnecessarily bringing up the race card in a situation where it practically has zero relevance instead of making a logical decision that would benefit everyone hasn’t been sitting well with the crypto community, and considering nearly half of the campaign donations are from the crypto industry, its impact would be less likely be in favor of her.
