Kamala Harris Crypto Stance: How Does it Affect Market Prices?
Industry News
Cryptos have become a hot topic in the ongoing race to the White House, with candidates making allies with crypto investors, developers and users. Almost every week, we track a remarkable growth in Bitcoin prices or Ethereum activity attributed to the ongoing US presidential debate.
The latest Kamala Harris crypto promise created a new buzz, triggering responses from leading blockchain developers and companies. The Trump camp has held the crypto torch for many months in the race, but will the new Kamala Harris stance on crypto change the game?
US Elections and Crypto: What is Happening?
Since the US presidential race commenced, blockchain has emerged as a pivotal point in candidates’ agenda. The Republican party was keen on bringing DeFi advancements, crypto mining, and blockchain development to the US, as led by the candidate Donald Trump’s many statements.
The ex-president is vigorously promoting blockchain, releasing a new NFT collection, accepting donations in Bitcoin, and calling for the United States to be the leading hub of crypto developments and mining.
On the other hand, the Democratic party was cautious regarding the fast adoption of Web3 elements, prioritising investor protection and economic well-being over a massive introduction of cryptocurrencies.
The crypto community is frustrated with the current administration’s aggression towards decentralisation. The SEC is cracking down on exchanges, suing DeFi platforms and pushing crypto brokers outside the country.
The Democratic candidate, Kamala Harris, was yet to make any comment to raise investors’ confidence until the recent Kamala Harris crypto comments, promising a better blockchain future.
Kamala Harris Crypto Future: What Changed?
In a recent fundraising dinner in New York, the vice president and presidential candidate addressed the crypto situation for the first time. Harris stated that her administration will bring investors, developers, small businesses and startups together to promote the country’s crypto future.
Kamala’s comments also touched on relevant tech innovations, including artificial intelligence, blockchain, decentralised finance, and more.
Leading crypto companies reflected on the Kamala Harris crypto policy, expressing their confidence in the potential of blockchain in the US. Coinbase’s Chief Policy Officer posted on the X platform that this can be a good starting point despite the difference between Harris and Trump and crypto promotions.
How Does it Affect The Crypto Community?
Such a statement instils confidence between investors, brokers and exchange platforms.
First of all, prices are more likely to experience an uptick. As such, leading coins witnessed an increase in trading volume and valuation. Bitcoin spanned massive attention after Trump’s BTC payment at a burger restaurant as the coin price rests well above the $60k mark.
Secondly, it motivates more crypto exchanges and brokerage firms to increase their investments in DeFi and Web3, such as wallet security, network scaling solutions, blockchain security and other innovations.
The CEO of Uniswap expressed his confidence in the promise of Kamala Harris on crypto, and his support for the VP. Therefore, this works both for the community and the presidential candidate.
Third, more traditional banks and financial institutions will adopt crypto instruments to their trading desks. Such an expansion would be senseless if there is a chance of deregulation by the SEC or if the institution would be fined for doing so.
Therefore, more interest in crypto ETFs, digital wallets, and crypto/fiat transactions will only drive higher prices.
How Does it Change Trump’s Odds?
For months now, Donald Trump has been relying on his pro-crypto approach to increase his odds at the presidential race. Kamala Harris’s crypto speech might have been unforeseen for Trump, which may sway the odds in the Vice President’s favour.
Others argue that Kamala’s address is too late and a gimmick to gain votes rather than a firm belief in blockchain and that the US elections and crypto have already been on Trump’s side.
Conclusion
The US presidential race has taken a new direction after the recent Kamala Harris crypto speech at a fundraising event in Manhattan. The VP touched on the blockchain topic for the first time, promising to give a “rules of the road” for developers and exchange platforms.
These comments spread confidence between investors and crypto companies who currently struggle with the SEC’s aggression towards digital assets and decentralisation. Have the odds changed now?
Disclaimer: This article is for informational purposes only. It is not finance advice and should not be relied upon for investment decisions. Always do your own research and consult a financial advisor before investing.
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