Kamala Harris May Be Friendlier to Crypto Than Biden

As the U.S. approaches the November presidential election, analysts suggest that a potential Kamala Harris presidency may adopt a more favorable approach toward cryptocurrency compared to the current administration under President Joe Biden. According to TD Cowen's Jaret Seiberg, while Harris is perceived as more open to digital assets, the industry may still face regulatory challenges. He noted that although Harris might support initiatives to foster crypto growth, she is unlikely to oppose measures aimed at enhancing investor protections, indicating a continued role for the SEC in overseeing the sector. In contrast, former President Donald Trump has recently pivoted to embrace the crypto community, positioning himself as a supporter of the industry. His participation in a major crypto conference in Nashville and the inclusion of crypto in the Republican Party Platform signal a shift in his approach. However, Seiberg cautioned that Trump's past record does not guarantee that his administration would be more accommodating to crypto regulations than during his first term. Despite the challenges, there is a growing bipartisan interest in crypto legislation within Congress. Senate Majority Leader Chuck Schumer expressed optimism about passing crypto-related laws by the end of the year, highlighting a potential shift in the legislative landscape. Historically, Democratic lawmakers have been viewed as less supportive of crypto, largely due to figures like Elizabeth Warren and SEC Chair Gary Gensler. However, recent developments suggest a more collaborative environment may be emerging.