Trump’s crypto plans sound good on paper — however what’s the catch? Might Harris’ understated method maintain the important thing to a safer, smarter crypto future?
Because the 2024 U.S. presidential race enters its last phases, each Donald Trump and Kamala Harris are ramping up efforts to woo a rising however typically ignored group of voters — crypto voters.
Trump, together with his newly launched World Liberty Monetary (WLF) token and plans for a “Bitcoin (BTC) and Crypto Advisory Council,” has positioned himself as a vocal supporter of crypto and decentralized finance.
Alternatively, Vice President Harris has quietly begun outlining insurance policies aimed toward defending crypto traders, notably in Black communities, by means of her Alternative Agenda.
Let’s dive deeper into what Trump and Harris are providing to the crypto group, how their insurance policies stack up, and what it means for voters who’re hoping to see clearer laws—and perhaps a bit extra digital coin of their pockets.
Trump’s crypto courtship
Donald Trump has reworked his stance on crypto in a approach that speaks on to a key group of voters, a calculated transfer to faucet into the rising affect of the crypto group in America.
It began in Might when Trump’s marketing campaign started accepting crypto donations, a notable change from his earlier skeptical views. This was adopted by a number of strategic strikes aimed toward convincing the crypto group that he’s their candidate.
By June, Trump publicly threw his assist behind Bitcoin miners, expressing his hope that the remaining Bitcoin can be mined “proper right here in America” – a key message for these involved concerning the exodus of mining operations to international locations like Russia and Kazakhstan.
However Trump didn’t cease there. His look on the Bitcoin Convention in Nashville on the finish of July marked a vital second in his crypto marketing campaign.
Standing earlier than a packed room of crypto advocates, Trump not solely promised to determine a nationwide Bitcoin reserve if elected—an unprecedented transfer—however he additionally vowed to fireside SEC Chairman Gary Gensler.
This promise, met with a standing ovation, struck a chord with crypto voters, lots of whom see Gensler as an impediment to the business’s progress as a consequence of his agency stance on regulating digital property like shares and bonds.
The creation of a nationwide Bitcoin reserve, paired together with his pledge to kind a Bitcoin and Crypto Advisory Council, set him other than his opponents, particularly in a political area the place different candidates have remained cautious on crypto.
Past coverage guarantees, Trump has additionally made extremely seen gestures to indicate his assist for crypto. Throughout a marketing campaign cease at Pubkey, a Bitcoin-themed bar in New York, Trump grew to become the primary former U.S. president to make use of cryptocurrency in a transaction, shopping for a dozen burgers utilizing Bitcoin.
On the heart of Trump’s crypto efforts lies his private venture, WLF, a DeFi platform launched in September 2024. Marketed as a crypto financial institution the place customers can borrow, lend, and make investments, WLF is clearly designed to lure crypto voters by providing them one thing tangible.
The platform’s native token, WLFI, was launched with a lot fanfare, aiming to lift $300 million at a valuation of $1.5 billion. But, the venture has struggled to satisfy its bold targets, with solely $12.9 million raised to date.
Extra controversial is the token allocation—Trump and his household are poised to obtain 75% of the web protocol income, elevating questions on transparency and the way a lot of the venture is for the advantage of its customers versus the Trump household.
WLF claims to be apolitical, but the timing and Trump’s heavy involvement make it clear that that is as a lot a political play as it’s a monetary one. The venture’s roadmap consists of daring guarantees, however its gradual progress and the outsized monetary advantages for the Trump household have sparked skepticism.
Nonetheless, Trump’s supporters view the venture as a part of his broader narrative of monetary independence and American financial power, tied neatly to his political messaging.
Harris’s cautious method to crypto
Whereas Trump has taken an aggressive and hands-on method to wooing the crypto group, Kamala Harris has chosen a extra measured path.
Harris, the present Vice President, has not made crypto a centerpiece of her marketing campaign, however current strikes counsel she is conscious of the rising significance of digital property and their affect on voters.
The primary actual indicators of Harris’ method got here throughout a roundtable occasion on the Democratic Nationwide Conference in Chicago, the place her senior marketing campaign adviser, Brian Nelson, shed some gentle on her potential insurance policies.
Nelson made it clear that Harris intends to assist insurance policies that enable rising applied sciences like crypto to develop whereas guaranteeing they’re adequately regulated. Although the message was obscure, it marked the primary public stance from Harris’ camp on the matter.
This cautious dance grew to become extra obvious when Harris lately launched her “Alternative Agenda”, a broader financial plan aimed toward enhancing monetary inclusion.
One key side of this agenda is the safety of crypto traders, notably Black Individuals, a demographic the place over 20% personal or have owned digital property.
Harris has promised to construct a regulatory framework to make sure that the advantages of crypto will be loved safely with out the dangers of fraud, volatility, or market manipulation.
Nevertheless, whereas Harris has began laying out her views on paper, her direct engagement with the crypto group has been rocky at greatest.
A digital city corridor hosted by the ‘Crypto For Harris’ marketing campaign was alleged to be a second to rally assist from the digital asset house, however the occasion fell flat.
Missing interplay and with Harris herself notably absent, the city corridor left distinguished figures like Tyler Winklevoss and Jake Brukhman annoyed.
Winklevoss went so far as to name it a “clown present,” whereas Brukhman criticized the format for failing to seize the essence of a city corridor—engagement and dialogue.
The occasion, as an alternative, relied on pre-recorded speeches from political allies like Senators Gillibrand and Schiff, making it really feel extra like a lecture than a dialog.
Regardless of the misstep, Senate Majority Chief Chuck Schumer, a serious Democratic determine, did his greatest to fill the hole, rising as a shock ally for crypto. Schumer promised that crypto is “right here to remain it doesn’t matter what” and pledged to push for smart regulation earlier than the top of the yr.
Curiously, Harris’ marketing campaign has additionally acquired quiet assist from notable crypto figures. Chris Larsen, the co-founder of Ripple (XRP), has donated over $1 million in XRP to Harris’ marketing campaign, expressing confidence that she would deliver a “extra pragmatic method and clear guidelines” to the crypto business — one thing he believes is lacking underneath the present administration led by SEC Chairman Gensler.
Whereas Harris hasn’t gone so far as Trump in embracing crypto, she’s additionally made delicate strikes to distance herself from the extra anti-crypto voices throughout the Democratic Social gathering, reminiscent of Senator Elizabeth Warren.
Her cautious method won’t generate standing ovations like Trump’s guarantees to fireside Gensler or create a Bitcoin reserve, nevertheless it gives a path for crypto that leans towards stability and investor safety — interesting to voters who search progress with out the chaos.
What are the chances?
Because the 2024 presidential race intensifies, the chances of every candidate successful have shifted dramatically prior to now few days, and the crypto market’s bullish sentiment is likely to be taking part in a task.
Based on a preferred betting contest on Polymarket, which has attracted over $2.06 billion in bets, Trump at the moment holds a 60.1% probability of victory, in comparison with Harris’ 39.8%.
This can be a stark distinction to only a few weeks in the past when the 2 had been neck and neck at practically 50% every. The truth is, in mid-September, Harris was main with a 52% edge over Trump’s 46%.
Loads has modified prior to now few days, notably within the crypto market. The newfound bullishness in digital property, notably Bitcoin, appears to be influencing voter sentiment.
As of Oct. 18, Bitcoin is buying and selling simply shy of $70,000, hovering round $68,700, its highest ranges in months, reflecting the rising affect of the crypto market on political outcomes.
As we head nearer to Election Day, the tides might shift once more, relying on the efficiency of the crypto market and any last-minute developments from each campaigns. The approaching days will probably be essential in defining each the race and the way forward for crypto coverage within the U.S.