The 2024 US election is heating up, with a new president to be elected in under 2 months. The crypto community is closely monitoring the outcome, as it will impact the fate of the web3 markets. We’ve gathered the policies and stances of both Donald Trump and Kamala Harris that can affect the crypto market based on our findings in open sources and candidates’ manifestos.
Crypto Regulation
Donald Trump has been a clear supporter of cryptocurrencies, promising to ease regulations and make the US the “crypto capital of the planet.”
Kamala Harris has never been explicit about cryptocurrencies, but their regulation in the United States hasn't been very favourable during her VP term at the Biden administration.
Changes in Taxation
Corporate Tax
Wall Street likely favours Trump's platform, which proposes to slash the US corporate tax rate from 21% to 15% for companies that make their products inside the country. On the other hand, Harris plans to increase the corporate tax rate from the current 21% to 28%.
Capital Gains Tax
Trump calls for cutting the capital gains tax from 20% to 15%, while Harris, on the contrary, plans to raise it to 28%. For unrealised gains tax, Harris wants to set a minimum of 25% for individuals with a net worth of $100 million and more, whereas Trump criticised this proposal as “the craziest idea.”
Crypto Advisors
Trump's selection of J.D. Vance, a recognised crypto advocate, for the Vice President role is certainly good news for the crypto community. Harris, on the other hand, selected advisors David Plouffe, J.P. Thieriot, and Brian Nelson to “reset” relations with the crypto sector and shape out clear regulations.
Both teams organised events intended to display their good intentions towards crypto. Trump met with Bitcoin miners in June 2024, while Harris’s supporters, including Congressmen from both parties and the billionaire Mark Cuban, gathered on August at the town hall dubbed “Crypto4Harris” to discuss how the “formal reset” of relations between the crypto industry and authorities might look like.
Security and Exchange Commission (SEC)
The question of who would lead the SEC during the next president’s term is critical for the crypto industry.
Trump pledged to fire SEC chair Gary Gensler and pick someone more crypto-friendly if he returns to the White House.
When it comes to Harris, there are various speculations about how she would handle Gensler if she were to become the new president. One recent rumour claims she even considers him for the head of the US Treasury Department, which was, however, taken with a grain of salt.
Bitcoin and Central Bank Digital Currency (CBDC)
Trump openly backs Bitcoin and crypto, which is also a part of the Republican Party’s platform he uses in his campaign. The document says: “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets.” However, Trump unquestionably negates the idea of a CBDC in the United States, which he sees as a universal threat to privacy.
Harris didn't disclose her stance on these matters.
Are Trump or Harris Personally Involved in Crypto?
Not only does Trump support more favourable crypto regulation, he is actively involved in the business related to digital assets. In particular, Trump launched the NFT collection based on his political personality. Furthermore, in August 2024 he officially disclosed his cryptocurrency holdings worth more than $1 million.
Harris or her campaign did not explicitly reveal if the current vice-president has any crypto holdings, or is involved in the crypto business somehow.
Harris vs. Trump: Overall View of Crypto
Although Donald Trump used to say cryptocurrencies were “potentially a disaster” and “scam”, he eventually embraced the web3 industry, promising to nurture it in his current presidential campaign. We consider his stance on crypto to be supportive.
Kamala Harris hasn’t shown a clear stance on crypto, although her team made a few steps towards creating a better public image. At the same time, higher taxes she proposes could place a stranglehold on the web3 industry. In our opinion, she has an ambiguous stance on cryptocurrencies.
Disclaimer
This communication is intended for informational purposes only and does not constitute an endorsement of any particular candidate or political party. We do not take responsibility for any final decisions made by the candidates. Please verify details independently.