US Vice President Kamala Harris has become the leading candidate for the Democratic presidential nomination after incumbent Joe Biden suddenly announced his withdrawal from the presidential race last Sunday.
This development raises the question of how the White House Harris administration will approach Bitcoin and the cryptocurrency sector as a whole.
Bitcoin briefly fell 3% immediately after Biden’s announcement as the market adjusted expectations about the likely victory of cryptocurrency-backed Trump in the November election. The digital asset has since rallied above the $67,000 mark, boosted by anticipation of an upcoming speech by Donald Trump. At Bitcoin 2024 in Nashville, Tennessee.
President Kamala Harris
With the endorsement of Democratic Party leaders this week raising the odds of Harris winning the November election to 29%, crypto market participants are searching for indicators that could suggest how her presidency could impact the industry.
According to analysts at Bitfinex, investors are currently remaining cautious until Harris’ specific crypto policy is revealed. For now, the broad outlines of her crypto stance may be found in her previous policy stances on consumer protection and financial regulation.
“Harris’s political positions suggest a focus on consumer protection and financial regulation, which could signal continued scrutiny of the cryptocurrency market,” the analysts said.
Bitfinex analysts told The Block that Harris’ stance on cryptocurrencies is likely to continue the Biden administration’s cautious approach, saying it “may not be immediately beneficial for the market.” UHodler markets chief Ruslan Lienka agreed, saying, “Since Harris is part of the current administration, we can assume that the policies of the past four years will continue into the next term.”
However, Lienka acknowledged that pre-election pledges could lead to some shifts in favor of cryptocurrencies.
“With Republican candidates competing against each other, who have been actively seeking support from crypto enthusiasts, we may see some shifts in crypto’s favor due to pre-election pledges,” he said.
Could Harris change her stance on cryptocurrency?
Some interest was sparked on Tuesday after Bitcoin 2024 organizer David Bailey said: Harris I was considering speaking at an event currently happening in Nashville.
“We’re in negotiations with the Kamala Harris campaign to have her speak at the conference. It would be very smart for her to reposition the Democratic Party to the fastest growing voter base in the country. They’re making a decision today,” Bailey said on X. postHowever, the next day, Harris said she would not attend the meeting, saying:All eyes are now on Trump.”
This is a sequel to Politico. report An article earlier this week quoted bitcoin enthusiast Mark Cuban as saying Harris “could be much more open to business, artificial intelligence, cryptocurrency and government services.”
Suggesting that Harris could revise current Democratic policy positions, Cuban added that “changing the policies would change the message and let everyone know that she is in charge and that she is literally open for business.”
Crypto industry lobbying for Kamala Harris
Crypto industry advocates are cautiously hopeful that a Harris presidency could lead to a shift from Biden administration policy and a bipartisan agreement to establish a regulatory framework for digital assets in the United States.
On Monday, the prominent cryptocurrency lobbying group, the Chamber of Digital Commerce, reached out to Harris. letter He urged her to choose a vice presidential candidate who supports the digital asset industry and has strong support for cryptocurrencies.
“We respectfully urge the party to include pro-digital asset language in the party platform, select a vice presidential candidate with experience in digital asset policy, and work with industry leaders,” the lobbying group said.
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