The 2024 U.S. Presidential Election Has Made One Thing Abundantly Clear: Politicians Can No Longer Ignore Crypto

For years after the publication of the Bitcoin (BTC-USD) whitepaper in 2008, cryptocurrencies struggled to gain universal adoption and acceptance as an alternative to fiat currencies.

The 2024 U.S. presidential election has brought crypto to the forefront of political discourse, with candidates vying for the support of an industry valued at over $1 trillion.

From Donald Trump sharing posts about Bitcoin (BTC-USD) to Kamala Harris considering an appearance at the Bitcoin Conference, the candidates’ stances on crypto are shaping up to be a key factor in determining the future of digital assets in the U.S.

Here’s a look at Trump’s crypto policy vs. Harris’ and what candidates should prioritize to help build a strong economy that includes growth driven by crypto.

Trump’s Crypto StanceThe official policy platform of the Republican National Committee includes an initiative centered around championing crypto. This includes promises to protect self-custody rights and to transact “free from government surveillance and control.” Another key item in the platform is the RNC’s opposition to central bank digital currencies (CBDCs) — under the premise that CBDCs will allow for greater government scrutiny.

Trump himself is employing his typical “American First” mentality when it comes to crypto, as evidenced by his desire to have Bitcoin be entirely mined in the U.S. In his June Truth Social post, he added that such a measure would help the nation become energy dominant.

Trump, who is accepting campaign donations in cryptocurrency, has also previously supported digital assets via launching his own non-fungible token (NFT) collection.

Although experts have poked holes in some of his proposals — such as how feasible it would be to onshore Bitcoin mining activity that happens largely in countries like Kazakhstan and Russia — Trump has made himself the “crypto president” at this point in the election cycle.

Harris’ Crypto StanceSince Harris’ campaign is much newer than Trump’s, she hasn’t laid out any formal policy proposals yet. But when it comes to crypto, she may not be as hostile as other members of her party.

In fact, Fortune reports that Harris gave “serious consideration” to attending the Bitcoin Conference after she received the same invitation as Trump. An unnamed lobbyist told the outlet that Harris is more likely to support digital assets because her husband is a “crypto guy” and her tech advisor also supports crypto.

“Harris fostering a more open-minded stance on crypto and blockchain technology compared to Biden would be consistent with her career representing California in the U.S. Senate, where she regularly advocated for Silicon Valley,” Niamh Rowe wrote.

This could be a huge positive for Harris.

President Joe Biden has faced criticism from the GOP for his administration’s crypto stance, which includes a proposal to implement a 30% tax on energy used to mine Bitcoin.

If Harris wants to sway voters, it will make sense for her to differentiate herself from Biden on the issues that made him unpopular. Fortune’s sources expect Harris will share more information about her cryptocurrency agenda after Aug. 7 when she names a running mate.

What Candidates Should PrioritizeWhat should both candidates be prioritizing if they want to help build a strong economy that includes growth driven by crypto?

Johnny Gabriele, who serves as the head of decentralized finance at CryptoOracle Collective, says there are three key areas investors will be looking to see Trump and Harris support: the right to self custody of digital assets, the ability to freely transact and the freedom to run nodes, validators, and miners.

Gabriele also notes that it would make sense for either candidate to prioritize ending what some have called Operation Choke Point 2.0, a series of regulatory decisions seen as a means of de-banking the digital asset industry. This could include replacing Securities and Exchange Commission Chair Gary Gensler and ending lawsuits against exchange platforms such as Coinbase (NASDAQ:COIN) and Uniswap, as well as pushing the Senate to pass the Financial Innovation and Technology for the 21st Century Act (FIT21). This legislation would rework existing regulatory statutes to include digital assets.

“^FIT21 will pave the way for greater regulatory clarity as well as divide the powers of regulation between the SEC and CFTC who have been jockeying for power over crypto for years,” Gabriele told InvestorPlace. “With greater regulatory clarity comes the ability for new companies to form around this technology, companies that have up until now been forced off-shore.”

Miles Paschini, PDG de FV Bank, insiste sur l'idée selon laquelle les investisseurs veulent un homme politique au pouvoir qui apportera de la clarté juridique et réglementaire. Il affirme que l’établissement d’un cadre clair pour les actifs numériques favorisera la croissance de l’emploi, fera des États-Unis un leader en technologie financière et réduira également les risques de fraude associés aux crypto-monnaies.

"La communauté crypto valorise les personnalités politiques qui sont prêtes à s'engager et à comprendre les nuances des actifs numériques", a déclaré Paschini à InvestorPlace.

À l’approche du mois de novembre, il est difficile de savoir quel candidat cochera finalement le plus de cases décrites par Gabriele et Paschini. Pour l’instant, les investisseurs devraient s’efforcer de rester informés et de plaider en faveur de politiques qui stimuleront la croissance économique grâce à l’innovation aux États-Unis et au-delà

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