Bitcoin
What is Trump and Harris’ stance on cryptocurrencies?
Former president Donald Trump told the audience in a cryptocurrency conference in Nashville, Tennessee, over the weekend, that he wants to turn the US into the “crypto capital of the planet.”
The remarks put digital currency at the forefront of a presidential agenda campaign in which both major candidates are trying to create contrasts on controversial issues. The political attention comes during a rise for bitcointhe most popular cryptocurrency, which has increased 60% in value this year.
Trumpwho opposed crypto as president, has recently undertaken a campaign blitz in support of digital assets. In contrast, the likely Democratic nominee Kamala Harris has remained silent on the matter since President Biden ended his re-election bid more than a week ago and endorsed the vice president instead.
“This is a really timely issue,” Aaron Klein, a senior fellow in economic studies at the Brookings Institute, told ABC News, pointing to key groups that disproportionately trade cryptocurrencies, such as young voters.
In response to ABC News’ request for comment, the Trump campaign praised the candidate’s support for cryptocurrencies and the technology industry in general.
“While the Bitcoin “As the conference demonstrated, President Trump wants our nation to regain global leadership in technology, innovation and manufacturing. That includes crypto and other sectors,” senior adviser Brian Hughes told ABC News in a statement. “Crypto and other innovators in the technology sector are under attack from Kamala Harris and the Democrats who have placed unnecessary obstacles and burdens in the way of our nation’s next generation of industry leaders.”
The Biden campaign did not immediately respond to ABC News’ request for comment on the matter.
Here’s what you need to know about Trump and Harris’ stance on cryptocurrencies:
What is former President Donald Trump’s stance on cryptocurrencies?
While in office, Trump has been a vocal critic of cryptocurrencies. In 2019, he ridiculed digital assets in a publish about X as “highly volatile and based on thin air.”
“Unregulated crypto assets can facilitate illegal behavior, including drug trafficking,” Trump added.
Lately, however, Trump has been vocal in his support for crypto. Speaking at the annual Bitcoin Conference on Saturday, Trump promised to ease cryptocurrency regulation and establish the federal government’s first-ever Bitcoin National Strategic Reserve.
Trump also said he would replace Securities and Exchange Commission Chairman Gary Gensler, who many crypto advocates dislike for his robust approach to cryptocurrency regulation.
“Trump seems to have changed his mind and is going all-in on cryptocurrencies,” Eswar Prasad, a Cornell University professor who studies digital assets, told ABC News.
In recent weeks, Trump has received support from some prominent Silicon Valley figures who support cryptocurrency, including Tesla CEO Elon Musk, a prominent cryptocurrency supporter. Other Trump supporters include Cameron and Tyler Winklevoss, billionaire cryptocurrency entrepreneurs who rose to prominence in the early 2000s after suing Facebook CEO Mark Zuckerberg.
On a publish At X on Monday, Cameron Winklevoss said, “We’re going to make America and Bitcoin bigger than ever.”
Vice President Kamala Harris delivers remarks at a campaign event in Pittsfield, Massachusetts, on July 27, 2024. Stephanie Scarbrough/AP
Prasad said Trump’s about-face on cryptocurrencies is in line with his effort to woo Silicon Valley donors and signal a deregulatory approach to business.
“He appears to view the cryptocurrency industry as a source of funding for this campaign and also as aligned with his anti-big government message,” Prasad said.
What is Vice President Kamala Harris’s stance on cryptocurrencies?
It’s still difficult to discern exactly where Harris stands on cryptocurrencies, experts told ABC News.
The Biden administration has been widely perceived as tough on cryptocurrencies, they noted, citing the federal lawsuit by the FTX founder Sam Bankman-Fried and cryptocurrency regulations imposed by Gensler. However, experts told ABC News that it is unclear how closely Harris intends to align with Biden on the issue.
Democrats are divided on cryptocurrency policy, said Klein of the Brookings Institute. Progressive Sen. Elizabeth Warren, D-Mass., has been a vocal critic of cryptocurrencies, for example, while tech entrepreneur and Harris supporter Mark Cuban has sought a friendlier stance on digital assets, Klein noted.
“The Democratic Party is divided,” Klein said.
Harris may ultimately seek to soften the Biden administration’s stance on cryptocurrency, experts said. Harris’ campaign has reached out to major crypto companies in an effort to “reset” relations between the industry and the Democratic Party, the Financial Times reported on Saturday.
“I suspect the Harris campaign will have some level of strategic ambiguity between the Biden administration’s line and what the cryptocurrency industry wants,” Klein told ABC News.