Key Points
- Kamala Harris made her first public comments on the crypto industry on Sunday.
- During a NYC fundraiser, she promised to encourage innovative technologies like AI and crypto, if elected.
Yesterday, September 22, Kamala Harris made public comments on the crypto industry and AI in a vision for the US economy.
She addressed her economic agenda during a fundraising event in New York City, vowing to help grow investment in AI and digital assets while protecting consumers and investors with new regulations if elected as US President.
Harris Encourages Investment In AI and Crypto
As reported by the Singaporean financial newspaper, The Business Times, Kamala Harris promised to bring together labor, small business founders, and innovators, along with major companies.
During a fundraiser event at Cipriani Wall Street in Manhattan, Harris also said that, if elected as the US President, she would support investment in America’s competitiveness and future.
She reportedly vowed to encourage innovative technologies such as AI and digital assets while protecting US consumers and investors.
Crypto has become a significant focus regarding the 2024 US Elections, with Donald Trump showing strong support for the industry throughout 2024.
Harris’ comments mark the first time when she addressed the crypto industry, allowing enthusiasts to learn the details about her potential approach and overall opinion on digital assets.
VanEck Analysts Weigh In Potential Election Results
A recent analysis from VanEck’s Matthew Sigel and Nathan Frankovitz suggested that the outcome of the 2024 US Elections could be a “mixed bag” for crypto.
Regarding which outcome could be better for the digital asset industry, VanEck offers interesting information.
Head of digital assets research, Matthew Sigel, and digital asset Investment analyst, Nathan Frankowitz noted that while Harris and Trump are both bullish for Bitcoin, each presents more nuanced implications for the markets.
According to them, both administrations will likely maintain fiscal spending, if not further accelerate them. This could lead to more quantitative easing, especially if the process is exacerbated by anti-business policies.
VanEck believes that if Harris retains SEC Chair Gary Gensler, whom Trump said would fire, and aligns her financial policy with the one of Senator Elizabeth Warren that features a tighter regulatory environment, such a move would result in a dampening institutional adoption of crypto.
Harris vs. Trump Administration’s Impact on Bitcoin and the Crypto Industry
Regarding Bitcoin alone, a Harris presidency might be better for the coin compared to a second term for Trump, as it would accelerate many structural issues that drive Bitcoin adoption in the first place, VanEck believes.
Under a Harris administration, Bitcoin’s unique regulatory clarity will probably make it more competitive than other digital assets.
However, the crypto industry as a whole would flourish more under a Trump presidency, as it would likely trigger more deregulation and business-friendly policies.
The trend of growing fiscal deficits and rising national debt in the US will likely continue, regardless of the election’s outcome, VanEck believes.
The final result would be a further weakening of the US dollar, a macroeconomic environment in which Bitcoin has historically thrived.
They also mentioned the US Fed’s money printing spree from 2020, and the fact that Bitcoin has been persistently negatively correlated with the US dollar.
As we already mentioned, the highest impact of US rate cuts on Bitcoin’s price was in 2020 when the pandemic debuted and the Fed cut rates, prompting a BTC rally between 2020 and 2022.
Harris’ Vision For the Economy
Today, the Reuters press agency reported that Harris will release new economic proposals this week on the US wealth creation.
They noted, citing familiar sources, that the US Vice President plans to roll out a new set of economic business policies this week that aim to help Americans build wealth and set economic incentives for businesses to aid that goal.
Harris reportedly confirmed to Reuters that this week she would outline her vision for the economy in a speech.
In her 2020 campaign, Harris proposed important pay hikes for millions of public school teachers and forced companies to disclose their pay gap between men and women, penalizing those who are not narrowing it.
Campaign spokesman James Singer reportedly told Reuters that Harris will continue to present her opportunity economy agenda to lower costs, make housing affordable, and ensure economic growth in America.
During the NYC fundraising event, her largest so far, Harris raised $27 million, according to ABC News.
