Author: Alex O’Donnell, CoinTelegraph; Compiler: Deng Tong, Golden Finance
On October 14, Galaxy Research said that US presidential candidate Kamala Harris is more friendly to cryptocurrencies than her boss, President Joe Biden, but far less friendly than her rival Donald Trump to the cryptocurrency industry.
In an article published on the X platform by Alex Thorn, head of Galaxy research, Harris promised to significantly improve the regulatory environment for cryptocurrency companies in the United States, but she took an unfavorable stance on other related issues such as taxation, Bitcoin mining and self-custody.
Thorne said: "While Trump is undoubtedly more favorable to the industry, we are optimistic that Harris may give more support than Biden."
Source: Galaxy Research
11 The US presidential election in February will pit Republican candidate Donald Trump, who has said he wants to make the US the "crypto capital of the world," against Democratic candidate Harris, who has been relatively silent on the cryptocurrency industry.
Under Democrat Joe Biden, the SEC has taken an aggressive regulatory stance on cryptocurrencies, taking more than 100 regulatory actions against companies in the industry.
In July, Trump promised to "fire" current SEC Chairman Gary Gensler.
Beginning in September, Harris doubled down on cryptocurrencies, listing blockchain technology as one of several emerging technologies she wants the US to "maintain a dominant position in."
This could mean a softer stance on cryptocurrency regulation. Galaxy said that "behind-the-scenes conversations […] suggest Harris is aiming for a slightly more constructive approach than Biden."
On October 2, SEC enforcement chief Gurbir Grewal resigned, which could signal a shift within the current administration.
Three-quarters of cryptocurrency holders said a candidate’s cryptocurrency policy would influence how they vote. Source: Gemini
According to Galaxy, Harris remains “extremely opposed” to the industry on tax issues. Galaxy said her plan includes “undoing Trump’s tax cuts,” which could result in increased capital gains taxes for cryptocurrency holders.
Meanwhile, Trump has expressed support for bitcoin mining, conflating it with manufacturing. Trump reportedly wants more bitcoin to be “made in the U.S..”
Galaxy said Trump also pledged to “protect the right to self-custody,” meaning keeping crypto assets in owner-managed wallets rather than with a third-party custodian.
Harris has not taken a similarly favorable stance on bitcoin mining or self-custody.
Notably, Galaxy said both candidates are tough on imposing financial sanctions on foreign adversaries for crypto transactions.
This could limit both candidates’ support for “permissionless” decentralized finance protocols that violate “know your customer” or anti-money laundering rules.
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