Former President Donald Trump is working to solidify his presidential bid by appealing to the crypto industry and attracting campaign donations. However, a new dynamic has emerged with the rise of Kamala Harris. Trump’s presence at the Bitcoin (BTC) 2024 conference in Nashville indicates that a second term for Trump could bring favorable digital asset policies. Meanwhile, major crypto companies and investors are gearing up to spend significant sums to sway this year’s elections.
Industry insiders anticipate Trump will use his speech to advocate for increased BTC mining in the United States and to oppose the Fed’s potential creation of a digital currency — both positions that align with the GOP’s recently released platform. Some cryptocurrency backers anticipate that Trump will go one step further and accept a proposal to create a strategic reserve for Bitcoin held by the government.
However, Harris’s growing influence poses a potential challenge. Trump has positioned his procrypto stance as a counter to President Joe Biden, whose administration has been tough on the industry. With the campaign landscape shifting, Democrats who support crypto are optimistic that Harris could adopt a more lenient approach. Although she hasn’t explicitly addressed digital asset regulation as vice president, her age and background in tech-savvy California offer reasons for optimism among crypto enthusiasts.
It may be premature to speculate about Harris’s position on cryptocurrencies, as she is likely to align with the record of the Biden administration. Before Biden exited the race, his team appeared more open to addressing crypto concerns, as evidenced by senior adviser Anita Dunn’s meetings with industry executives in Washington.
Within the Democratic Party, opinions on cryptocurrency remain divided. This week, prominent crypto-skeptic Senator Elizabeth Warren criticized a bill that Chuck Schumer, the Senate majority leader, expressed interest in advancing. Crypto skeptics are putting pressure on Harris to stick to her principles in the face of a potential change.
Trump’s embrace of cryptocurrency isn’t a sudden development. Since Trump’s departure in 2021, the GOP has been advocating for procrypto policies more and more. However, Trump has significantly benefited from his new support for crypto, with crypto billionaires such as the Winklevoss twins, Ben Horowitz and Marc Andreessen backing Trump. His campaign has also received millions in cryptocurrency donations since it started accepting crypto in May.
Before his address in Nashville, Trump is scheduled to host an $844,600 per person fundraiser that includes a roundtable, a VIP reception and photo opportunities with him. An entry-level ticket that costs $60,000 for an individual or $100,000 for a couple gets you into the reception and a picture with Trump. Trump is anticipated to use his procrypto position against Harris.
Industry actors such as Bit Mining Ltd. (NYSE: BTCM) and the entire crypto industry hope that the campaign period helps to draw attention to the need to formulate regulations that foster innovation and growth in the industry while protecting customers.
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