Why Trump is more crypto-friendly than Harris, per Galaxy Digital

As the 2024 U.S. presidential election approaches, Alex Thorn, Head of Firmwide Research at Galaxy Digital, took to X (formerly Twitter) to share a policy scorecard.

This card evaluated the crypto positions of the presidential candidates—Kamala Harris and Donald Trump. As per the analysis, 

“Downside risk of a Harris victory as limited, with explosive upside possible in the case of a Trump victory.”

This hinted at the broader industry potential if the former president returns to the White House.

Trump vs. Harris: Who is better for crypto?

AMBCrypto took a closer look at the scorecard to reveal that out of the nine core points highlighted, Trump performed better in seven.

While Harris presented some hope for improvement over President Joe Biden’s crypto stance, Trump’s policies were viewed as more supportive towards the crypto sector.

Source: X

Trump’s campaign favored pro-Bitcoin [BTC] mining policies, pledging, “Bitcoin will be made in America.” This contrasted with Harris’ focus on measures against large electricity consumers.

The former also made his opposition to CBDCs clear and remains committed to ending restrictive banking practices like Operation Chokepoint 2.0. 

On the other hand, Harris showed some openness toward easing Operation Chokepoint 2.0 yet raised concerns with her intent to reverse Trump-era tax cuts, which could tighten regulations for digital assets. 

In addition, the VP did not make any specific commitments regarding self-custody rights. At the same time, Trump has pledged to protect the right to self-custody.

With these variations in policies, Thorn noted: 

“Bitcoin should fare well regardless of outcome. Altcoins face risk from Harris and could see outperformance with Trump.”

Thus, the election will be critical in determining the fate of altcoins.

Evolving stances: From skepticism to support

Interestingly, both Trump and Harris have exhibited changing positions on digital assets. In a 2021 interview with Fox Business, Trump called crypto a “disaster waiting to happen.”

However, he rebranded himself as a crypto advocate at the Nashville Bitcoin Conference 2024.

Similarly, after months of tiptoeing around the subject, Harris also made a shift toward supporting crypto innovation.

Impact of crypto on the 2024 election

This evolution in candidates’ crypto stances reflected the growing significance of digital assets in U.S. politics. As noted by AMBCrypto, nearly 50% of U.S. voters viewed a pro-crypto stance as a critical factor in the upcoming election.

With millions of Americans owning digital assets, crypto voters are becoming a key demographic.

Therefore, the election outcome could have a lasting impact, as both candidates’ policy paths carry profound implications for the digital economy.