Trump's cryptocurrency plan looks perfect on paper - but what's hiding behind it? Is Harris' low-key strategy the key to a more stable and smarter cryptocurrency future?

As the 2024 US presidential election enters its final stages, both Trump and Harris are intensifying their efforts to win over a rapidly growing but often overlooked voter group - the cryptocurrency voters.

Previously, Trump launched a token called "World Liberty Financial (WLF)" and plans to establish a "Bitcoin and Cryptocurrency Advisory Council", positioning himself as a staunch supporter of cryptocurrencies and DeFi.

On the other hand, Harris has quietly begun to outline policies aimed at protecting cryptocurrency investors, particularly the "Opportunity Agenda" targeting the Black American community.

We will delve into Trump and Harris' proposals for the crypto community, analyze how their policies compare, and what this means for voters who hope to see clearer regulations or even more digital currencies in their wallets.

Trump's Crypto Overtures

Trump's shift in stance on cryptocurrencies has been a carefully orchestrated move to appeal to a key voter group, leveraging the growing influence of the crypto community in the US.

It started in May this year when Trump's campaign began accepting cryptocurrency donations, a significant departure from his previous skepticism towards digital assets. He then took a series of strategic steps to convince the crypto community that he is their candidate.

By June, Trump publicly supported Bitcoin miners and expressed his desire for the remaining Bitcoin to be "mined on American soil" - a key message to voters concerned about mining farms moving to Russia and Kazakhstan.

Trump's crypto activities reached a critical moment at the Nashville Bitcoin Conference in late July. He promised to establish a national Bitcoin reserve - an unprecedented move - and vowed to fire SEC Chair Gensler, which was met with enthusiastic applause from crypto voters who see Gensler's strict regulation of crypto assets as hindering the industry's development.

Trump's promises also include forming a "Bitcoin and Cryptocurrency Advisory Council", setting him apart from other candidates who have remained cautious about cryptocurrencies.

Beyond policy commitments, Trump has also taken some high-profile actions to demonstrate his support for cryptocurrencies. At a campaign stop at the Bitcoin-themed bar Pubkey in New York, Trump became the first former president to transact using cryptocurrency, purchasing a dozen burgers and paying with Bitcoin.

The core of Trump's cryptocurrency moves is his personal WLF project, a DeFi platform slated for launch in September 2024. The platform is being marketed as a cryptocurrency bank where users can borrow, lend and invest, clearly aiming to attract crypto voters with a project they can directly participate in.

The platform's native token WLFI has debuted with much fanfare, targeting to raise $300 million at a $1.5 billion valuation, but has so far only managed to raise $12.9 million.

More controversially, the token distribution - with Trump and his family expected to receive 75% of the protocol's net revenue - has raised questions about transparency, leaving people to wonder if the project is truly for the users' benefit or the Trump family's.

While WLF claims to be "non-political", the timing and Trump's deep involvement suggest it is both a financial initiative and a political maneuver. The project's roadmap is full of bold promises, but its slow progress and the Trump family's massive stake have raised external skepticism.

However, Trump's supporters view the project as part of his grand narrative, tightly linking financial independence with the strength of the American economy, complementing his political messaging.

Harris' Cautious Crypto Strategy

In contrast to Trump's active, direct overtures to the cryptocurrency community, Harris has opted for a more cautious approach. The current Vice President has not made cryptocurrencies a core part of her campaign, but recent actions indicate she is also aware of the growing importance of digital assets to voters.

Harris' policy intentions first surfaced at a roundtable discussion at the Democratic National Convention in Chicago, where her senior campaign advisor Brian Naylor revealed the policies she might adopt towards cryptocurrencies.

Naylor explicitly stated that Harris plans to support policies that allow emerging technologies like cryptocurrencies to develop, while ensuring they are properly regulated. Though relatively vague, this marked the first time the Harris camp has taken a stance on the issue.

This cautious attitude is further reflected in her recent "Opportunity Agenda", an economic plan aimed at improving financial inclusion.

A key aspect of the agenda is protecting cryptocurrency investors, particularly Black Americans, as over 20% of this group have owned or currently own digital assets.

Harris has promised to establish a regulatory framework to ensure people can enjoy the benefits of cryptocurrencies without suffering losses due to fraud, volatility or market manipulation.

However, despite Harris' efforts to articulate her views on paper, her direct engagement with the crypto community has been rocky.

A virtual town hall organized by the "Crypto for Harris" campaign team was meant to be an opportunity to court support from the digital asset space, but the event fell flat.

The town hall lacked interactivity, and Harris herself did not attend, disappointing prominent figures like Tyler Winklevoss and Jack Brockman. Winklevoss even called it a "fiasco", while Brockman criticized the lack of the interactive and dialogic atmosphere expected of a town hall.

Despite this misstep, Chuck Schumer, the influential Senate Majority Leader, has unexpectedly emerged as a crypto ally for the Democrats, promising to push for sensible regulatory policies by the end of the year.

Interestingly, Harris' campaign has also quietly garnered support from some prominent figures in the crypto realm. Ripple co-founder Chris Larsen donated over $1 million worth of XRP to Harris' campaign, stating his belief that she will bring a "more pragmatic approach and clear rules" to the industry, which he sees as lacking under the current SEC Chair Gensler.

While Harris has not embraced cryptocurrencies as openly as Trump, she has also quietly distanced herself from anti-crypto voices within the Democratic party, such as Senator Elizabeth Warren.

Her cautious strategy may not generate the same fervent response as Trump's promises to fire Gensler or establish a Bitcoin reserve, but it offers a path towards greater stability and investor protection for cryptocurrencies, appealing to voters who want progress without the chaos.