Former President Donald Trump and current Vice President Kamala Harris are both vying for support from the crypto community, which has emerged as a key voting group.
During his speech at the Bitcoin 2024 Conference in Nashville Tennessee, Trump said that he would fire the chairperson of the US Securities and Exchange Commission (SEC) on his first day if re-elected. “On day one, I will fire Gary Gensler,” promised Trump.
Meanwhile, Harris is also courting the crypto vote. Her advisers have reached out to major crypto companies in an effort to “reset” the relationship between the Democratic party and the crypto industry.
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Trump Pledges Strategic Bitcoin Reserve
The former president outlined his vision for the cryptocurrency sector, promising to make the US the global hub for digital currencies. He also accused the Democratic Party of being “against crypto.”
The market predicts that Gensler, who brought lawsuits against Ripple, Binance, Coinbase and more, will be fired if Trump wins.
During his 45-minute address, Trump revealed his intention to create a “strategic Bitcoin stockpile” for the US. He also revealed that he would prevent the government from selling its stash of BTC acquired from seizures.
“As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the USA, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future,” Trump said.
Trump warned that the regulatory challenges faced by crypto companies under the Biden administration would persist if his likely Democratic challenger, Kamala Harris, were elected. “If [the Democrats] win this election, every one of you will be gone,” he told the attendees.
Donald Trump called Kamala Harris's low IQ at a crypto investor conference.
“People with high IQs are sitting in this room. I'm in a race against someone with a low IQ. It's about her [Harris]. I won’t even talk about him [Joe Biden],” Trump said. #Election2024 #Bitcoin2024 pic.twitter.com/zyHwCZTHvb
— Lakshminarayanan (@narayanagl) July 28, 2024
On a social media post, Trump said that he is determined to position the US as a global leader in the cryptocurrency field. He insisted that there is no room for second place in the crypto industry.
Trump also promised to grant a presidential pardon to Ross Ulbricht, the creator of the Silk Road darknet marketplace, if he secures victory in the upcoming November election.
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Harris’ Advisors Reach Out To Coinbase, Circle, Ripple Labs
According to a Financial Times report, Team Harris has contacted representatives from leading firms like Coinbase, Circle, and Ripple Labs to discuss potential collaborations.
Per the report, advisers to the Harris campaign emphasize that the goal is not merely to secure electoral contributions, but to forge a constructive regulatory environment conducive to the growth of the cryptocurrency industry.
They assert that Harris aims to shift the narrative that Democrats are anti-business. In fact, she intends to portray the party as supportive of “responsible business.”
As reported, billionaire investor Mark Cuban said that Harris is emerging as a potentially more favorable figure for technological innovation and cryptocurrencies, compared to President Joe Biden.
“The feedback I’m getting, although not confirmed by the VP, is that she will be far more open to business, artificial intelligence, crypto, and government as a service,” Cuban said.
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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.
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