In anticipation of the 2024 U.S. presidential election, Galaxy Digital, a prominent cryptocurrency investment firm, has published a policy scorecard evaluating the positions of key presidential candidates on major crypto issues. The scorecard ranks former President Donald Trump as the most favorable candidate for the cryptocurrency industry. Trump’s policies are viewed as having “explosive upside” potential for the digital asset sector, particularly in areas such as Bitcoin mining, taxes, and banking regulations. His stance on mining, in particular, has been praised for seeing it as a crucial component of domestic manufacturing and actively engaging with miners.
Trump’s approach to taxes also sets him apart from his competitors, with his administration expected to offer more favorable and clearer tax regulations for digital assets. In contrast, Vice President Kamala Harris has expressed intentions to roll back some tax cuts introduced during Trump’s presidency, raising concerns about tighter regulations on digital asset transactions. Despite Harris being perceived as more willing to engage in dialogue than President Joe Biden, her potential tax policies pose a risk for the crypto industry, according to Galaxy Digital’s scorecard. Additionally, Trump has pledged to end Operation Chokepoint 2.0, a policy criticized for limiting banking access for crypto companies, and has been a vocal opponent of central bank digital currencies.
Although Trump leads in Galaxy Digital’s scorecard, Vice President Kamala Harris is seen as presenting a relatively favorable outlook for the crypto industry compared to President Biden. Harris’s campaign is perceived as being less hostile towards crypto, particularly in areas such as self-custody and banking regulations. While her stance on Bitcoin mining is less defined, Harris has positioned herself as a candidate willing to explore bipartisan solutions for regulating cryptocurrency. Her emphasis on providing Black-owned businesses access to digital asset markets as a tool for building generational wealth has been noted. While Harris’s policies may not provide the same level of support as Trump’s, they are viewed as not posing significant downside risk for the industry. Her cautious approach to regulation may allow for incremental improvements in areas like self-custody and banking access.
Recent reports show that Trump is leading Harris by 10 points in the presidential race, adding to the support from the crypto community. Trump’s crypto project has garnered over 100,000 signups ahead of the token launch, indicating strong interest and backing from the industry. While Trump remains the preferred candidate for the cryptocurrency sector, Harris’s more open stance towards crypto issues compared to Biden provides hope for potential enhancements in regulation and support for the industry. The upcoming election will play a crucial role in shaping the future of crypto policies in the United States, with both candidates offering differing approaches that could impact the digital asset sector significantly.
