Potential regulations under Harris presidency may bring clarity but also pose challenges for crypto industry
From Nasdaq
August 25, 2024 07:01:05 AM:
Vice President and Democratic presidential nominee Kamala Harris is gaining momentum in the crypto industry as the election draws near, following her opponent Donald Trump’s vocal stance on the matter.
Crypto4Harris, a network of crypto advocates, recently hosted an event with high-profile speakers like Adam Schiff, Mark Cuban, and Senator Kirsten Gillibrand, showing Harris’s increasing interest in the industry.
Senate Majority Leader Chuck Schumer expressed full support for the crypto industry during the event, stating that the U.S. Senate will pass a crypto bill before the end of the year.
Coinbase Chief Policy Officer, Faryar Shirzad, had productive discussions with the Harris team on advancing innovation, jobs, and consumer protection in the U.S.
Harris’s senior campaign adviser, Brian Nelson, announced that Harris plans to support policies that allow emerging technologies to thrive and is considering implementing protections for the industry.
Experts speculate that a Harris administration could continue the “regulation by enforcement” approach and implement higher taxes on crypto holders, which might hinder the growth of the U.S. crypto industry.
Alexander Blume from Two Prime believes that a Harris presidency would offer clearer rules on what constitutes a security in relation to cryptocurrencies, providing more clarity for U.S. companies operating in the industry.
The potential reset with the crypto industry suggested by Harris could bring positive change to the industry, as federal agencies have the opportunity to create clear and fair regulations for builders and users in the U.S.
Some experts anticipate that a Harris administration may support a green energy tax on bitcoin mining firms, potentially adding more challenges for U.S. mining operations.
Stricter compliance regulations for American crypto exchanges might be on the horizon under a Harris administration, following the collapse of several exchanges and the need for more robust regulations to protect users.
Read more at Nasdaq: What Crypto Regulations Could Look Like Under a Harris Presidency