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Alex Thorn, caput of probe astatine Galaxy Digital, shared a ‘policy scorecard’ based connected the US statesmanlike candidates’ stances toward the crypto industry.
The paper suggests that Vice President Kamala Harris winning the election has constricted downside hazard for the manufacture and would beryllium much favorable than the existent Biden regime. However, erstwhile US President and campaigner Donald Trump presents the astir favorable attack to crypto.
Galaxy Research analysts are “optimistic” that actions truthful acold suggest Harris’ word could beryllium friendlier than US President Joe Biden has been.
Major differences successful taxation and Bitcoin mining policies
The large differences betwixt Harris and Trump erstwhile it comes to crypto aboveground successful 4 retired of 7 issues: taxes, Bitcoin mining, self-custody, and banking regulations.
On taxes, Galaxy analysts described Harris’ run arsenic “extremely hostile,” citing her nationalist pledge to rotation backmost Trump’s taxation cuts for the wealthiest Americans. In contrast, Trump is expected to bring much clarity to integer plus taxation policies.
Bitcoin mining policies amusement a akin contrast. While Biden projected a 30% taxation connected mining, Harris has been overmuch much lenient successful her run rhetoric. The scorecard rates her stance arsenic “slightly better” than Biden’s but inactive somewhat hostile.
Meanwhile, Trump is seen arsenic highly supportive of Bitcoin mining owed to meetings with miners and receiving donations from them. He has besides publically stated that helium considers mining to beryllium portion of “domestic manufacturing.”
Harris and Trump besides disagree wide successful their banking policies. Behind-the-scenes discussions suggest that Harris whitethorn easiness Biden’s “Operation Chokepoint 2.0,” acknowledging the request for the crypto manufacture to person banking access.
Trump, however, is seen arsenic “extremely supportive,” pledging to extremity Operation Chokepoint 2.0 wholly and allowing nationalist banks to prosecute with blockchains. He has besides voiced beardown absorption to a cardinal slope integer currency (CBDC).
On self-custody, the policies of Harris and Trump are comparatively similar. Harris has made nary nonstop statements connected the issue, though immoderate of her run advisors person been hostile toward it successful the past. Trump is “somewhat supportive,” having vowed to support self-custody rights during the Bitcoin Conference successful Nashville.
Galaxy’s investigation is based connected nationalist statements and reports from sources adjacent to some campaigns.
Bitcoin is apt unaffected, altcoins could soar
Bitcoin (BTC) is notably absent from astir regulatory discussions connected the scorecard, suggesting it would stay unaffected careless of whether Harris oregon Trump wins adjacent month’s election. However, the outlook for altcoins is much divided.
A Trump triumph could supply the regulatory clarity needed for altcoins to outperform Bitcoin, portion a Harris medication could airs risks to these assets. Tokens similar Uniswap’s UNI basal to payment if Trump brings long-awaited regulatory reforms to the US crypto industry.
While a Trump presidency has “explosive upside” imaginable for the crypto industry, Galaxy’s caput of probe sees “limited” downside hazard successful a Harris victory, noting that her positions connected crypto are mostly amended than Biden’s.
The station Trump’s crypto policies person imaginable for ‘explosive upside,’ portion Harris shows ‘limited downside risk’ – Galaxy Digital appeared archetypal connected CryptoSlate.
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