Uphold director thinks a Kamala Harris win will benefit crypto despite the industry’s overwhelming support for Donald Trump.
The events in the United States have happened before. Citizens will go back to the ballot and vote for who takes over from Biden, who chose not to re-run for the top seat in July.
As Napoleon Bonaparte once said, “Nothing is more difficult, and therefore more precious, than to be able to decide.”
Americans will have to decide. There will be no two way around this.
Crypto Is Pro-Trump: But Is This The Correct Take?
Considering the series of decisions made by the Biden administration on crypto matters and especially how the United States SEC has been accused of regulating through enforcement, most folks in this sphere are pro-Trump.
There is so much evidence out there: After the failed attempt on his life, Donald Trump has received millions in donations from crypto founders.
Moreover, the former president even attended a Bitcoin conference, and he promised many goodies if he took over.
One of them is that his administration would consider making Bitcoin a strategic reserve.
Already, there is a bill describing how this will be created.
However, what’s emerging is that not everyone is boarding the Trump ship.
Here’s Why Kamala Harris Makes A Better President
JP Thieriot, the co-founder of Uphold and the current Director, recently took to X to express his support for the Democratic Party presidential nominee, Kamala Harris.
(1/8) 1st posting in 2+ yrs. Biggest prior post: Uphold would be Only US trading venue not dropping XRP in wake of SEC's lawsuit. That decision, born of conviction (& trust in Paul Hastings) drove Uphold's growth and was subsequently proven to be the right decision by the courts.
— JP Thieriot (@JpThieriot) August 1, 2024
Uphold, a crypto exchange which, unlike Coinbase, didn’t delist XRP when the United States SEC filed a lawsuit against Ripple and some of its executives, is a popular ramp, especially after this bold decision in early 2021.
Thieriot is convinced that Kamala Harris, should she take over, could be pivotal in resolving the wrongs the Biden administration committed regarding crypto and helping propel the industry forward.
For this reason, the Uphold director thinks that despite the harsh criticism the industry has on the Biden administration, of which Kamala is the vice president, the best way forward is for crypto players to engage her campaign team so that all misconceptions about crypto and other retrograde policies can be cleared.
The Director argues that this decision could benefit the industry, considering that Kamala is “younger and more technologically adept” than Donald Trump.
Whether crypto players are spreading their bets and mitigating the risk of backing one candidate remains to be seen.
For what’s there, Thieriot thinks,” In a 50/50 game, the only priority is having a seat at the table when policies are being formulated by the next president, regardless of who that is .” He also thinks that “reinforcing a narrative that crypto is hostile to a potential Harris administration is an irresponsible risk.”
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XRP Price Hammered: A “Bud Light” Moment For Uphold?
While Thieriot’s endorsement is bold, he has been heavily criticized.
A pro-crypto and XRP lawyer, though acknowledging how Uphold boosted XRP’s liquidity after the United States SEC lawsuit in late 2021, thinks the decision to back Kamala is premature.
(XRPUSDT)
The lawyer thought it would be best to know her crypto policies before she takes over as president.
Before then, supporting her (and, by extension, the Biden administration, is “questionable.”
Many others echoed the lawyer’s sentiment, saying Thieriot’s decision is a “Bud Light” moment for Uphold–even if Thieriot maintains the exchange is “politically neutral.”
Most critics maintain that Harris and the Democratic Party have not been keen to grow the industry, pointing to actions like “Operation Chokepoint 2.0.”
Still, only time will tell, and the crypto community anxiously awaits November.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
