The crypto group is asking for a clearer stance and extra actionable insurance policies from Democratic presidential candidate Kamala Harris, in keeping with US funding financial institution Bernstein.
Clearer Stance Towards Digital Belongings Anticipated From Harris
In a memo shared with purchasers on September 23, 2024, analysts at Bernstein highlighted a number of causes for the transient rally witnessed in digital belongings over the weekend.
One of many causes is the prospect of bipartisan assist for the crypto-economy. At a Wall Avenue fundraiser over the weekend, Harris remarked that her regime will “encourage revolutionary applied sciences like AI and digital belongings whereas defending customers and traders.”
Notably, this was the primary time Harris used the phrase digital belongings in her speeches. Bernstein analysts wrote:
That is clearly in distinction to Trump’s overt ‘America as crypto capital’ stance with particular coverage guarantees — pleasant SEC chair, bitcoin nationwide stockpile, assist for Bitcoin mining in America, stablecoins regulation, and many others. Regardless, the crypto group did really feel some aid with each candidates signaling assist.
Nonetheless, the crypto group desires concrete steps and follow-through from the Harris camp earlier than reconsidering its political stance. The Democrats face a big problem in swaying the group away from pro-crypto Republican candidate Donald Trump, particularly because the Biden administration has been criticized for focusing on the rising business.
As an illustration, in July 2024, Democratic US Senator Elizabeth Warren acquired assist from Wall Avenue banks for her laws that mandated digital asset miners, validators, and pockets suppliers to implement Know-Your-Buyer (KYC) insurance policies.
Crypto Sentiment Probably Stronger Underneath Trump Presidency: Bernstein
Bernstein provides {that a} win for Trump would probably pave the way in which for a stronger sentiment about digital belongings within the US. The nation has grappled with ambiguous digital asset laws for years, forcing many companies to relocate to international locations with extra mature regulatory frameworks. The memo mentions:
We proceed to consider, the crypto market sentiment underneath a Trump win can be stronger, since it will point out a recent coverage begin and certain broader regulatory assist for DeFi/asset tokenization/NFTs, past bitcoin.
In current information, Trump was seen utilizing Bitcoin (BTC) to pay for hamburgers at a New York Metropolis bar forward of a marketing campaign rally. It’s price highlighting that Trump hasn’t at all times been pro-crypto. Solely within the lead-up to the 2024 presidential elections did the previous US President remodel from a crypto-skeptic to a staunch supporter.
Though most pundits count on a Trump win to be extra helpful for the digital belongings market, some posit that Bitcoin’s long-term outlook stays optimistic no matter who wins the elections in November. BTC trades at $63,213 at press time, up a marginal 0.7% up to now 24 hours.
Featured Picture from Unsplash.com, Chart from TradingView.com
