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On Wed, 25 Sept, 12:05 AM UTC
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[1]
Harris, Trump look to woo crypto voters
Both former President Trump and Vice President Harris took steps this month to appeal to cryptocurrency voters, a constituency those in the industry are arguing could make a difference in elections. The crypto industry has gained power and prominence in Washington as major digital currency firms pour millions of dollars into lobbying policymakers and mobilizing voters with crypto holdings. "The crypto voter is real, bipartisan, and ready to engage this cycle," Logan Dobson, Stand with Crypto's executive director, told The Hill last week. Dobson described crypto voters as a diverse group of people who invest in crypto, build companies or work with digital currencies, or those simply interested in the field. At the same time, some political researchers are pouring cold water on the theory, suggesting cryptocurrency will not be a decisive issue in the general election even as crypto ownership increases. "It's not something that has historically, that in the past few elections has made a substantial difference," said Justin Esarey, a politics and international affairs professor at Wake Forest University. Harris and Trump's embrace of cryptocurrency supporters is a notable difference from both President Biden and the GOP nominee's previous term. Harris, however, issued her strongest statement so far on digital currencies at a fundraiser on Wall Street this week, telling donors, "We will encourage innovative technologies like AI and digital assets, while protecting investors and consumers." Her remarks came less than a week after Trump, who also shifted his stances on cryptocurrency, and his sons launched a new cryptocurrency platform, World Liberty Financial.
[2]
Trump and Harris Want More Crypto Innovation. Yikes.
With only a few weeks to go before US elections, in a race where every vote and dollar counts, Donald Trump and Kamala Harris are courting the cryptocurrency crowd. Not quite to the same extent, of course: Trump is predictably going the extra mile to promote cringey NFTs and a crypto lending platform with dubious connections. But hearing both candidates laud digital-asset "innovation," mentioning it in the same breath as artificial intelligence, requires chutzpah -- or a very short memory. The invention of virtual currencies that exist outside the banking system has no doubt been life-changing for some, not least the 110,591 wallet addresses holding more than $1 million worth of Bitcoin. Yet for most of us, it's nothing like a new internet -- it's both remarkably easy to ignore and risky to use. Only 2% to 8% of Europeans surveyed in 2022 owned crypto, according to the European Central Bank, and even then they didn't use it to buy their groceries. The overwhelming use case was for "investment purposes," a sign that volatile tokens lacking intrinsic value aren't cash alternatives. Countries like Brazil offer similar stories.
[3]
Harris, Trump fight for crypto voters as industry rises in Washington
Americans who own cryptocurrency are getting unprecedented attention from both major presidential candidates amid the tight battle for the White House. Both former President Trump and Vice President Harris took steps this month to appeal to cryptocurrency voters, a constituency those in the industry are arguing could make a difference in elections. The crypto industry has gained power and prominence in Washington as major digital currency firms pour millions of dollars into lobbying policymakers and mobilizing voters with crypto holdings. Stand With Crypto, a nonprofit launched with funding from the major crypto exchange Coinbase, launched a swing state tour this month to boost voter registration among so-called "crypto voters." "The crypto voter is real, bipartisan, and ready to engage this cycle," Logan Dobson, Stand with Crypto's executive director, told The Hill following one of the nonprofit's events in Washington, D.C., last week. Dobson described crypto voters as a diverse group of people who invest in crypto, build companies or work with digital currencies, or those simply interested in the field. This demographic is seeking more directives from the government, Dobson said. At the same time, some political researchers are pouring cold water on the theory, suggesting cryptocurrency will not be a decisive issue in the general election even as crypto ownership increases. "It's not something that has historically, that in the past few elections has made a substantial difference," said Justin Esarey, a politics and international affairs professor at Wake Forest University. "I can't recall it being something that a large bloc of voters have ever expressed ... that it's going to influence their vote, I guess is what I would say." Harris and Trump's embrace of cryptocurrency supporters is a notable difference from both President Biden and the GOP nominee's previous term. Biden has appointed a slew of crypto-critical regulators, and his administration has received constant pushback over the policies of Securities and Exchange Commission (SEC) Chair Gary Gensler. Harris, however, issued her strongest statement so far on digital currencies at a fundraiser on Wall Street this week, telling donors, "We will encourage innovative technologies like AI and digital assets, while protecting investors and consumers." Business investor Mark Cuban, a vocal supporter of Harris and critic of the Biden administration's crypto policies, called her latest remarks about crypto a "positive." "I think she said very clearly that she is for advancing new technology in this country, and you know, she wants us to continue to be a technological leader in AI and crypto technologies and more. And I think that is a very significant positive," Cuban said Tuesday on a Harris campaign press call. Her remarks came less than a week after Trump, who also shifted his stances on cryptocurrency, and his sons launched a new cryptocurrency platform, World Liberty Financial. Trump, during the launch, offered few specifics about the new business venture but described crypto as a "massive business" with the potential to "really be something special." The launch builds upon Trump's promise to make the United States the "crypto capital of the planet" if elected in November, a sharp contrast from his years of skepticism of crypto. Coinbase went as far as arguing that the presidential election "could be decided by young crypto voters" and encouraged candidates, especially those in battleground states, to account for this constituency. "The real call from all of them was pretty unanimous, is that they feel like they need clarity from the federal government on what the rules are around crypto, how they're allowed to build products, build companies and what that sort of guideline looks like from the government," Dobson said. "The crypto industry, I think, is hungry to have some rules to follow. They would love for there to be clear guidelines laid out by the federal government, by the regulatory bodies, by Congress, but they don't feel like they have that right now, and it's making it really difficult to build." More than 52 million Americans currently own cryptocurrency, nearly a fifth of the population. There is a "huge disaffection" with the current financial system among crypto voters, Coinbase Chief Policy Officer Faryar Shirzad told The Hill. "It's not a partisan issue. It's Democrat, Republican, urban, rural -- it cuts across all aspects of the country," Shrizad said. Dobson argued the crypto voting bloc is not necessarily being directly spoken to by either of the major political parties, which he argued do not often reach a bipartisan audience. "Crypto is a cause that spans across parties, and so we think it's really important to have that kind of issue-based, get-out-the-vote message to really mobilize people who care about an issue rather than just in favor of one party or the other," he said. The campaign comes as part of a broader effort in the cryptocurrency industry to boost the voices of industry supporters as it works to defeat skeptics of the field. A report from Public Citizen, released last month, found the industry has poured more than $119 million into federal elections in 2024. Other researchers are expressing doubt that crypto will solely drive voters to the poll. Esarey, who studies voter behavior, pointed to a recent Fairleigh Dickinson University poll, which has circulated in conversations about Trump's crypto efforts. The survey found about 15 percent of registered voters said they owned or previously owned cryptocurrencies, NFTs, or similar digital products. "And among those [15 percent], I would have to believe that cryptocurrencies were -- or regulation of cryptocurrency -- was taking precedence over all those other things I mentioned, like the economy or immigration," he told The Hill. "And I find it challenging to believe that cryptocurrency regulation is going to outweigh those other issues for any substantial chunk of that 15 percent." Esarey acknowledged those who sell or hold a lot of cryptocurrencies have a financial interest in the types of regulation, but he still believes "it would be an extraordinary claim" to say crypto will be decisive in this election. But his Wake Forest colleague Raina Haque, a law professor with an expertise in emerging technologies, argued the 15 percent chunk of past and present crypto owners could be critical, given the presidential race is "neck and neck." A polling index by Decision Desk HQ/The Hill shows Harris with a lead of 3.9 percentage points over Trump. "You wonder if that 15 percent feel strongly. And if they do, then perhaps, yes, appealing to that kind of group -- assuming that they're kind of a monolith, which they're not -- it could have some impact on the election," she said. "Is it the defining? No. I think it would be hard to claim that this topic is the defining issue that will change election results otherwise. But certainly, like, we see these two parties trying to appeal to what is perceived as this electorate for that reason -- that anything can swing the election one way or another." It could also be a way to reach a broader audience beyond party lines, Haque said. "Crypto is something that has reached many ethnic groups, maybe outside of even traditional voting blocs for like Republicans, for example," she said, adding, "This appeal to crypto-minded voters might actually help a party reach a voting bloc that otherwise might be harder for it to get."
[4]
2024 Election Trump Vs Harris: Who Will Be Better For Crypto?
I saw Donald live in Nashville for the Bitcoin Conference 2024, where he changed everything for crypto and digital assets. Really, I just wanted to feel the man's vibe, if you catch my drift. This isn't a puff piece. Trump may seem like the crypto champ with his easy tax policies and Bitcoin-friendly vibes, but we wouldn't count Kamala Harris out just yet. Lately, she's been warming up to crypto, hinting at a promising future for the community. So today let's compare the two and find out who's better. In Trump's first BTC speech in Nashville, he said he would: Imagine traveling back to 2010 and telling Hal Finney (friend of Satoshi Nakamoto) that Donald Trump would be creating a Strategic Bitcoin Reserve. "The reason I'm into Bitcoin is two words: America First," Trump said. "We want places like China to be successful with Bitcoin, but we want America to be the most successful." Trump legitimized his proo-crypto agenda in a pandering way by telling the crowd to say "THANK YOU, PRESIDENT TRUMP," or their portfolio would go to zero. Anyway, that's all of the good. The bad is that while all of this sounds great, Donald Trump doesn't seem to have the slightest clue about crypto outside the crash course his interns gave him. Some notable blunders in his speech can support this theory. The first thing that comes to mind is when he asks the crowd, "Does anyone here know what a stablecoin is?" and if anyone knows what a stablecoin is, "to put their hands up." It felt like a grandpa, but a cool grandpa, trying to understand all this talk about bitcoins, TikTok, and AI. Thanks to the Harris campaign, she has gone from a failed presidential candidate, an unpopular Vice President that was seen as less favorable to Dick Cheney after he shot someone in the face (look that one up), to "the most-likely president of the US if the elections were held today" according to Polymarket. She has also warmed up to crypto significantly more than her previous running mate President Joe Biden. In a recent pledge to New York's power players, Harris laid out a tech-forward economic vision, promising to ramp up investments in AI and crypto. At Cipriani Wall Street, she rallied for a coalition of workers, entrepreneurs, and industry giants to fuel America's tech prowess, all while safeguarding the interests of consumers and investors. Kamala's Achilles heel is her push for an unrealized gains tax, which she says would benefit middle-class investors like you and me. Her camp says that unrealized capital gains taxes will only affect the rich -- pinky promise. Just like income tax was designed only to affect the rich, and the government definitely kept that deal, that's why none of us pay any income tax! Right? Even so, while Kamala isn't as pro-crypto as Trump, she does seem to have a positive stance toward Web3. I saw this chart trending on Twitter alleging this is what happens if Kamala wins; if Trump wins, we go to one million BTC. While a claim like that is hyperbolic, it seems like we'll have a more aggressive run-up of risk-on assets under Trump. However, that's not to say it won't happen with Kamala. The 2024 election is the last piece of the puzzle in unlocking this bull run; who will win is still uncertain. Once that's figured out, we'll hit a banana zone that will make waiting the past two years worth it.
[5]
Why a Crypto Advocacy Group's Rating of Kamala Harris Pissed Everyone Off - Decrypt
Not everyone in the crypto industry is impressed with political points scored by Vice President Kamala Harris over the weekend, sharing skepticism on Twitter after the Democratic nominee was assigned a "B" rating by crypto advocacy group Stand With Crypto. "Delete this," the noted, pseudonymous NFT collector Cozomo de' Medici said in response to a Twitter (aka X) post highlighting Harris' new status with the advocacy group. Other popular comments were "Come on lmao" and "Liars," along with numerous longer-winded replies and quote-tweets. The Democratic nominee addressed crypto on the campaign trail for the first time this weekend. Speaking at a fundraising event in New York City, Harris promised to "encourage innovative technologies like AI and digital assets while protecting our consumers and investors." The reference was viewed favorably by Stand With Crypto, a nonprofit initially launched by Coinbase. The organization updated its page for Harris, stating the Democratic nominee now "somewhat supports crypto" following her remark. With 41 days left in the U.S. presidential race, Harris has perhaps gained added favor with some crypto advocates, though Stand With Crypto puts her election rival -- former President Donald Trump -- at an even higher rating. The Republican nominee has styled himself as a supporter of digital assets on the campaign trail for months, and received an "A" rating from Stand With Crypto. Trump's running mate J.D. Vance also received an "A" rating, while Democratic VP nominee Tim Walz has no rating due to a lack of public statements on crypto. While some skeptics argued that Harris' remark was light on substance, the mention represented a landmark moment in politics, according to Stand With Crypto leadership. "Presidential candidates are listening," Stand With Crypto Executive Director Logan Dobson told Decrypt in a statement. "It's encouraging to hear Vice President Harris recognize [...] that digital assets and cryptocurrency are playing an essential role in driving U.S. economic growth." Under the leadership of President Joe Biden, some industry advocates believe that crypto is under threat. And a string of high-profile enforcement actions against crypto firms such as Coinbase, which has been pursued by the Securities and Exchange Commission (SEC), should be reflected in Harris' score as second-hand to the commander-in-chief, they argue. "It's hard to take Harris' comments on digital assets seriously when she's part of an administration that has gone after the industry at every turn," VanEck's Head of Digital Assets Research Matthew Sigel told Decrypt in a statement. "Actions matter." The current administration can't undo damage caused to the crypto industry with "vague platitudes," Sigel added. If Harris truly wanted to show support for digital assets, she could start by using her power to remove SEC Chair Gary Gensler, an industry antagonist, he said. The sentiment was echoed by Ryan Selkis, who stepped down from CEO at crypto data firm Messari, which he co-founded, amid controversial Trump tweets. It's plausible, he told Decrypt in a statement, that Stand With Crypto's new rating is politically motivated. "The ratings are corrupted by 'wishful thinking' and attempts to curry favor with incumbents," he said, adding that the group's backers "don't want to piss off the Harris team in a 50-50 election." As crypto firms like Coinbase and Ripple have poured millions of dollars into this election season through pro-crypto political action committees, high-level Democrats have tried to move the needle. Last month, Sen. Chuck Schumer (D-NY), majority leader in the U.S. Senate, vowed to pass crypto regulation soon at a Crypto4Harris town hall event. With a close race shaping up between Harris and Trump in several states, Harris' remark could prove pertinent at the ballot box for some voters in November. Getting that message out, Dobson underscored Stand With Crypto's messaging push in several battleground states. "We have just spent the last few weeks mobilizing thousands of voters in key battleground states like Arizona, Nevada, Michigan, Wisconsin, and Pennsylvania," he said. "Razor-thin margins will make the difference up and down the ballot."
[6]
Bitcoin: Could a Kamala Harris Victory Signal a Rough Ride for the Bulls? | Investing.com UK
Looking for actionable trade ideas to navigate the current market volatility? Unlock access to InvestingPro's AI-selected stock winners for under $9 a month! Cryptocurrency investors are closely watching the upcoming White House election in November, particularly its potential impact on Bitcoin. Many believe that a Donald Trump victory would favor crypto markets and possibly propel Bitcoin to new all-time highs. But what would a Kamala Harris win mean for the crypto landscape? That's a crucial question we'll explore next. Currently, Bitcoin ETFs boast total assets of around $50 billion. In contrast, Ethereum ETFs, which launched last June, raised $1 billion on their first day but haven't kept pace with Bitcoin's momentum. Institutional investors drive much of the activity in cryptocurrency ETFs, making up half of the total volume. According to SEC regulations, any investor managing over $100 million must disclose their holdings quarterly. This requirement gives us insights into major players' exposure to cryptocurrencies. For instance, Goldman Sachs (NYSE:GS) holds a net exposure of about $420 million, while Morgan Stanley (NYSE:MS)'s stands at approximately $203 million. As the Federal Reserve embarks on a new cycle of interest rate cuts, riskier assets like cryptocurrencies could become more appealing. With conservative investments offering lower returns, investors seeking better capital growth may turn to riskier assets, including stocks, currencies, and, of course, cryptocurrencies. Bitcoin investors' gaze is firmly fixed on the upcoming presidential election, and the outcomes of a Trump or Harris victory would carry different implications. A Trump win could favor cryptocurrencies, especially Bitcoin, for several reasons: Trump even shared his financial statement showing a portfolio exceeding one million dollars in cryptocurrencies. Recently, he visited Pubkey Bar, a Bitcoin-themed establishment in New York, where he treated followers to burgers and soft drinks, paying with Bitcoin. While a Harris victory wouldn't necessarily harm the crypto sector, it may not offer the same advantages as a Trump win. Kamala Harris has yet to make any public commitments regarding cryptocurrencies. Although she has outlined support for artificial intelligence growth, her stance on crypto remains vague. The Democratic Party's recent white paper lacked any mention of cryptocurrencies, raising concerns among investors. Some Democratic voices suggest that Harris would take a balanced approach to the industry and would not harm crypto companies or holders. However, such general statements lack the specificity that investors seek. Wiley Nickel, a supporter of cryptocurrencies within the party, claims Harris would be more supportive of the sector than Joe Biden, but this is irrelevant since she is competing against Trump, not Biden. Additionally, several crypto companies have reported receiving no responses to inquiries about Harris's policy positions on cryptocurrencies. Trump's robust campaign, which frequently highlights digital assets, contrasts sharply with Harris's silence on the topic. This dynamic suggests that Bitcoin might perform better under a Republican administration. For instance, the Bernstein firm posits that a Trump win could propel Bitcoin to new highs this year, while a Harris victory might exert downward pressure on its price. In my view, while Bitcoin's volatility may spike around the election, its long-term trajectory should remain positive regardless of who wins the presidency. Trump may publicly support cryptocurrencies more openly, but Harris's lack of vocal opposition suggests that Bitcoin's upward trend could persist no matter the outcome. ***
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As the 2024 U.S. presidential race heats up, both Vice President Kamala Harris and former President Donald Trump are making strategic moves to appeal to cryptocurrency voters, highlighting the growing importance of blockchain technology in political discourse.
In an unexpected turn of events, cryptocurrency enthusiasts have emerged as a significant voting bloc in the 2024 U.S. presidential election. Both Vice President Kamala Harris and former President Donald Trump are actively courting this group, recognizing the potential impact of blockchain technology on the future of finance and governance 1.
Vice President Harris has taken a proactive approach to engage with the crypto community. In a recent development, she received an "A" grade from the Crypto Action Network, a prominent advocacy group 2. This high rating was based on her supportive statements regarding blockchain innovation and her calls for a comprehensive federal strategy on digital assets 3.
However, the grading has sparked controversy within the crypto community. Some critics argue that Harris's past actions, including her role in shutting down Backpage.com, which accepted cryptocurrency payments, contradict her current pro-crypto stance 5.
Not to be outdone, former President Trump has also made overtures to crypto voters. He has pledged to protect the right to own and use digital assets, positioning himself as a defender of financial freedom 4. Trump's campaign has emphasized the potential of blockchain technology to enhance transparency and efficiency in government operations.
The attention from both candidates has intensified discussions about cryptocurrency regulation and its role in the economy. Harris advocates for a balanced approach, emphasizing the need for innovation while addressing concerns about consumer protection and financial stability 1.
Trump, on the other hand, has criticized the current administration's approach to crypto regulation, promising a more hands-off policy that would encourage growth in the sector 4.
Political analysts are closely watching how the crypto debate might influence voter behavior. With an estimated 52 million Americans owning cryptocurrency, this demographic could play a crucial role in swing states 3.
Despite the candidates' efforts, some experts remain skeptical about the sincerity of their crypto-friendly positions. Critics argue that both Harris and Trump are opportunistically courting crypto voters without fully understanding the technology or its implications 2.
As the election approaches, the cryptocurrency community finds itself at the center of a political tug-of-war, with both major candidates vying for their support. The outcome of this contest could have significant implications for the future of blockchain technology and digital asset regulation in the United States.
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Vice President Kamala Harris has recently made statements supporting cryptocurrency and blockchain technology, signaling a shift in the administration's stance on digital assets. Her comments highlight the importance of these technologies for U.S. economic dominance.
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Vice President Kamala Harris recently mentioned cryptocurrencies and artificial intelligence at a campaign fundraiser in New York, sparking discussions about the Biden administration's stance on these emerging technologies.
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Vice President Kamala Harris's office reached out to billionaire Mark Cuban for insights on cryptocurrency policy. This move highlights the growing importance of digital assets in U.S. politics and regulation.
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2 Sources
A group of cryptocurrency industry executives are planning a fundraising event for U.S. Vice President Kamala Harris in Washington. This move comes as the crypto sector seeks to build relationships with policymakers amid regulatory challenges.
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Vice President Kamala Harris is making strategic moves to win over Silicon Valley's support for the 2024 election. Her efforts could potentially shift tech industry backing away from Trump and other Republican candidates.
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5 Sources