Leading Democratic candidate Kamala Harris cannot afford to cede the cryptocurrency issue to Republican nominee Donald Trump in key battleground states ahead of the 2024 U.S. presidential election, according to a report released Thursday by the Official Monetary and Financial Institutions Forum (OMFIF).
Crypto Key for Kamala Harris Ahead of U.S. Presidential Election, OMFIF Says
The independent think tank asserts that Harris “must lay out her own agenda for cryptoassets or she risks ceding the ground entirely to the Republicans,” highlighting her current lack of engagement with the blockchain sector. Despite indications that the current U.S. vice president may be “more open” to crypto than her predecessor Joe Biden, she has remained relatively silent on her stance towards digital assets.
In contrast, Donald Trump has embraced cryptocurrencies, recently proclaiming at the Bitcoin 2024 Conference in Nashville that he would make the U.S. “the crypto capital of the planet.” Harris reportedly declined to attend this prominent digital asset conference.
“It should be no surprise that the crypto community and the Republican party found they had something in common,” OMFIF author Lewis McLellan writes. “Crypto has always flaunted its anti-establishment flavor, so the party of small government, particularly the version crafted in the image of former president Donald Trump, is perhaps its more natural political home.”
Donald Trump Continues Crypto-Friendly Campaign
OMFIF’s commentary arrives at a pivotal moment in this year’s election cycle, with recent data showing that cryptocurrency is a key issue for 20% of voters in swing states. The Biden administration’s stringent approach to digital asset regulation could potentially hurt Harris’ chances of winning over the crypto community. The report cites Democratic opposition to the Financial Innovation and Technology Act for the 21st Century (FIT21) bill and Biden’s veto of the congressional overturn of the United States Securities and Exchange Commission’s (SEC) controversial accounting bulletin SAB121.
Trump, on the other hand, has promised to establish a crypto-friendly regulatory framework if elected.
“While a great many of the criminals and scam artists have been shaken out over the past few years (thanks, in part, to the SEC’s energetic pursuit), it remains a potential vector for criminal activity and a source of new risks to investors,” OMFIF states. “Properly regulated, it can provide economic growth and opportunity. Making it a partisan football would do not just the crypto industry, but the country, a disservice.”
As the 2024 election approaches, both candidates’ positions on cryptocurrency could play a significant role in swaying voters in crucial states.
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