US presidential candidate Kamala Harris is said to be more crypto-friendly than President Joe Biden, but still not as much as her opponent Donald Trump, according to a report released by Galaxy Research on October 14.
Harris pledged to significantly improve the legal environment for Bit companies in the US. However, she has expressed unfavorable views on some other important issues, such as taxes, Bit mining, and self-custody, according to comments from Alex Thorn, head of research at Galaxy.
"While Trump is clearly more pro-Bit, we remain optimistic that Harris could be more supportive than Biden".
Source: Galaxy Research
The upcoming US presidential election will be between Republican candidate Donald Trump - who has expressed ambitions to make the US the "Bit capital of the world" - and Democratic candidate Kamala Harris, who has remained more silent in this field.
Under President Biden, the US Securities and Exchange Commission (SEC) has implemented a strict regulatory policy towards the Bit industry, with over 100 enforcement actions applied. In contrast, last July, Trump publicly declared that he would "fire" Gary Gensler, who currently leads the SEC.
Since September, Harris has shown more interest in the Bit field, listing Blockchain technology as one of the areas she wants the US to maintain a leading position in. This may suggest a more lenient Bit regulatory stance. Galaxy noted that "behind-the-scenes conversations [...] indicate Harris is leaning towards a more constructive approach compared to Biden."
The resignation of Gurbir Grewal, the head of the SEC's enforcement division, on October 2 may also be a sign of change within the current administration.
3/4 of Bit owners say the presidential candidate's policy will affect their voting decision | Source: Gemini
However, Galaxy also pointed out that Harris still holds an "extremely strict" stance on taxes. Her plan includes "repealing Trump-era tax cuts," which could lead to an increase in Capital gains tax for Bit investors. In contrast, Trump has expressed support for Bit mining, seeing it as a form of production and wanting to promote Bit mining in the US.
Trump also pledged to "protect self-custody," meaning allowing users to hold Bits in their own wallets instead of entrusting them to third-party custodians. Meanwhile, Harris has not clearly supported these issues.
Notably, both candidates have a hardline stance on imposing financial sanctions on Bit transactions related to other countries, which could limit their support for permissionless DeFi protocols that risk violating Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.
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