U.S. election campaigns are approaching a climax ahead of November’s elections. The crypto industry, which has long been foiled by legislators, now faces a glimmer of hope as both Democratic and Republican candidates have promised to endorse it.
Upcoming presidential elections strongly touch on crypto and digital assets. Democrat and Republican candidates are appealing to the industry to get a share of the 50 million Americans who are actively engaged in the crypto industry. Serving U.S. Vice President and Democratic presidential candidate, Kamala Harris has had her stance on crypto murky and unclear since the campaigns started until recently.
Kamala Harris’s campaign promises a crypto regulatory framework for black men
Kamala Harris just uploaded her 5-part "pathbreaking" plan for black men. It includes legalizing recreational marijuana, helping black men invest in crypto, launching a "National Health Equity Initiative," loans, and training black men to become teachers. https://t.co/NEEOsbQ8st pic.twitter.com/5P6JPeQ676
— Tiana Lowe Doescher (@TianaTheFirst) October 14, 2024
Kamala’s campaign has announced she will ensure crypto investors benefit from a regulatory framework so that black men and others are protected. The announcement comes as the presidential candidate bids to woo black male voters to support her presidential bid. About 20% of Black Americans own or have owned digital assets in the past.
The campaign comes after polls reveal that some black men may be pulling towards voting for Republican candidate Donald Trump or not cast the ballot at all. Harris also promised to legalize recreational marijuana, 1 million forgivable loans of up to $20,000, and investments in black male teachers to enhance opportunities among black people.
She also promised a national health equity initiative narrowed among black people with health complications such as mental health, prostate cancer, sickle cell disease, and other health challenges.
Trump’s charisma might help him win the election
On the other hand, Republican candidate and former president Donald Trump may use his charisma to win the upcoming elections. While Kamala Harris has centered her campaign on a more formal setting, Trump’s strategy has taken a more social approach. The candidate has attended talks, shows, and podcasts for informal interviews. He recently appeared on the Flagrant podcast, which has an audience that is from a different demographic lens.
The candidate has publicly endorsed crypto throughout his campaign. Despite an assassination attempt days before the Bitcoin Conference 2024, Trump went on to speak at the gathering held in Nashville, Tennessee, on July 27th.
The candidate promised not to sell the Bitcoin held by the US government once he assumes office. The U.S. government has the largest Bitcoin holdings. According to Bitcoin treasuries, The U.S. holds 203,239 Bitcoins at the time of this publication. Trump also promised to establish a committee of experts in the crypto space to help come up with regulations for the industry.
Trump also promised to fire Gary Gensler, the chair of the U.S. Securities and Exchange Commission. Gensler’s approach to crypto regulations has raised concerns. In September, Congress summoned him to testify at a hearing, where he was questioned about the U.S. SEC’s crackdown on digital assets over the years under his leadership.
Trump also promised to end Operation Choke Point 2.0, a coordinated campaign by the Biden-Harris administration to deny crypto-oriented companies access to traditional financial services.
A recent report by Jefferies Investment Banking termed the forthcoming elections the “Bitcoin elections.” The report indicated that crypto will likely win regardless of which candidate wins the elections. However, the crypto community is skeptical about Kamala Harris’s stance on crypto since she is part of the Bidden administration, which has held crypto by the neck for the last four years.
