Kamala Harris finally talks about crypto – but is it enough?

09/24/2024 00:49
Kamala Harris finally talks about crypto – but is it enough?

The crypto industry has clamored to hear from Harris on crypto, but many are still waiting for details.

On Sunday, Vice President Kamala Harris made her first reference to cryptocurrency as a presidential candidate, vowing to promote “innovative technologies like [artificial intelligence] AI and digital assets” under her economic plan if elected.

However, unlike opponent Donald Trump, Harris has not outlined specific policies supporting the crypto industry. Harris’ “opportunity economy” plan for everyday Americans includes a bevy of policy proposals, such as extending the child income tax credit to $6,000, offering $25,000 grants to first-time home-buyers, and providing $50,000 tax deductions to small businesses. Notably absent from her proposals is any reference to bitcoin or crypto.

In contrast to this, Trump appeared as a headline speaker at this year’s Bitcoin conference in Nashville, Tennessee, promising to depose the head of the U.S. Securities and Exchange Commission, Gary Gensler – a move that drew exuberant claps from industry members. Last week, Trump also showed up to a New York City burger joint where he paid for a burger with bitcoin to highlight his support for the industry.

The contrast was stark for some members of the crypto community. “The reality is that we didn’t hear any details from [Harris] on how exactly she plans to offer this support,” Tim Kravchunovsky, CEO of the decentralized telecom network Chirp, told TheStreet Crypto.

“Unless I hear something concrete from Harris, I will take it as hot air,” Kravchunovsky said. “Plus, in the past, Hillary Clinton, who remains an influential figure within the Democratic party, has expressed that crypto is a threat to the U.S. dollar. So who’s to say that the attitude towards digital assets will change under a Harris presidency?”

Kravchunovsky pointed out that Trump has explicitly outlined crypto policies like creating a strategic bitcoin reserve, though the idea for one has been called premature by some analysts. “I’d like to hear more specifics from the Harris campaign, too,” Kravchunovsky said. “But even if both presidential candidates promise the moon, let’s not forget that it’s politics. There’s no guarantee either of them will truly deliver on their promises.”

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