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Trump’s Crypto Play Faces New Challenge from Harris

Trump's push for pro-crypto policies faces potential disruption from Kamala Harris as the 2024 election looms. Will her tech-friendly background sway Democrats towards a softer stance?

1 min 58 secJuly 26, 2024
Trump’s Crypto Play Faces New Challenge from Harris

Former President Donald Trump's bid to secure the cryptocurrency industry’s backing for his 2024 campaign is encountering a new hurdle: Vice President Kamala Harris. How will her ascent impact the crypto landscape?

 

Trump's appearance at the Bitcoin 2024 conference in Nashville highlights his commitment to policies favorable to digital asset firms. Major crypto companies are preparing to invest millions in this year's elections. They anticipate Trump's support for boosting U.S. bitcoin mining and opposing a Federal Reserve digital currency.

 

Trump’s speech is expected to align with the GOP's recent platform. He may advocate for a strategic Bitcoin reserve. “It gives the Trump embrace of crypto increasing bona fides,” says J. Christopher Giancarlo, former chair of the Commodity Futures Trading Commission under Trump. However, Harris' rise presents a potential shift.

 

Though she hasn’t yet taken a stance on digital asset regulation her tech-friendly California roots give crypto advocates hope. "I think she understands the space, being from California," says Rep. Josh Gottheimer, a pro-crypto Democrat.

 

 

Ron Conway venture capitalist and prominent Democratic donor, supports Harris. He cites her longstanding advocacy for the tech ecosystem. Harris is expected to run on Biden’s record. However, her position on crypto remains speculative.

 

Democrats are divided on the issue. Sen. Elizabeth Warren, a top crypto skeptic criticized the bill supported by Senate Majority Leader Chuck Schumer. Conversely, some Democrats hope Harris will adopt a softer approach. This would contrast with Biden's regulatory stance. Crypto critics urge Harris to maintain the Biden administration's position.

 

Rep. Brad Sherman a leading crypto opponent, encourages Harris to use crypto as a point of attack. Trump once called Bitcoin a "scam."

 

 

Trump's newfound crypto support has garnered backing from crypto billionaires. The Winklevoss twins and venture capitalists Marc Andreessen and Ben Horowitz are notable supporters. Since accepting digital asset donations in May Trump's campaign has raised millions.

 

Ahead of his Nashville speech, Trump will host a fundraiser. VIP tickets cost $844600. As the campaign heats up, how will Trump leverage crypto against Harris?

 

As Trump pushes for pro-crypto policies Kamala Harris' potential shift could redefine the landscape. Will her tech-friendly background influence Democrats? Could it lead toward a softer stance?

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