Essential Insights
- Only 6% of voters surveyed are keen on hearing discussions about cryptocurrency in the forthcoming presidential debate.
- Trump advocates for Bitcoin, whereas Harris has yet to clarify her position on cryptocurrency policy.
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Expectations for crypto policy to emerge as a significant topic may be low as Donald Trump and Kamala Harris engage in their first presidential debate tonight, despite increasing demands for transparency on their respective views.
A recent Benzinga poll showed only 6% of participants were eager to hear candidates discuss digital currencies, while the economy, jobs, and immigration top the list of voter concerns.
Nonetheless, the cryptocurrency sector is lobbying for greater focus, as the advocacy group Chamber of Progress is encouraging debate moderators to clarify where Trump and Harris stand on crypto ahead of the November elections.
Differing Policies
The candidates are bringing distinct histories regarding cryptocurrency to the debate podium. As a sitting president, Trump reportedly urged his Treasury Secretary to “take a hard line” against Bitcoin, later labeling it a “scam” upon leaving office. However, following the announcement of his 2024 campaign, Trump has shifted towards a friendly crypto stance, committing to supporting Bitcoin miners, rejecting central bank digital currencies, establishing a Bitcoin strategic reserve, and planning to dismiss SEC Chair Gary Gensler if he wins.
In contrast, Vice President Harris has largely refrained from commenting on crypto policy during her campaign. Her platform emphasizes fostering innovation and maintaining America’s leadership in emerging sectors without making explicit references to cryptocurrencies or digital assets. A campaign advisor indicated Harris would “advocate for policies that promote the growth of emerging technologies,” but few details emerged.
The ambiguity surrounding Harris has left the crypto sector looking for insights on her potential strategies. Some experts point to reports of Democratic contributors urging Harris to consider replacing Gensler at the SEC if she is elected, interpreting that as a chance for a crypto policy overhaul. Additionally, there have also been unconfirmed rumors suggesting that Harris may consider Gensler for a position in the US Treasury.
“I think it would be crucial for her to respond since she’s relatively undefined on this issue,” referred Ashley Ebersole, general counsel at 0x and a former SEC senior counsel.
The suggestion is that moderators should question Harris about whether she plans to continue what some perceive as the Biden administration’s antagonistic approach towards crypto.
Even if digital currencies aren’t directly addressed, advocates in the crypto space will likely analyze both candidates’ discussions regarding innovation, regulatory leadership, and economic policies for potential implications. Some experts opine that an impressive debate performance by Trump could lead to a brief recovery in crypto markets, considering his recent supportive statements regarding Bitcoin.
With polls indicating a tightly contested race and crypto-fueled PACs ready to impact critical congressional elections, the industry is eager for increased clarity from both camps. However, whether the debate will illuminate the future trajectory of U.S. cryptocurrency policies remains uncertain.
As the debate unfolds at the time of writing, neither candidate appears to have overtly referenced crypto, aside from implications relating to technology and finance.
