Analysts suggest Kamala Harris and Donald Trump are more crypto-friendly, leading to positive impact on crypto policy.

From Investing.com

August 18, 2024 05:03 AM:

The upcoming presidential election has investors debating how the candidates could impact the crypto market. TD Cowen analysts believe Kamala Harris and Donald Trump are more crypto-friendly than Joe Biden. Harris prioritizes investor protections, while Trump seeks industry support but may not relax regulations in a potential second term.

Harris is seen as open to crypto, while Trump competes for industry support. However, historical trends suggest Trump’s advocacy may not lead to looser regulations in a second term. The crypto lobby is gaining political influence in this election cycle, TD Cowen notes.

Biden’s engagement with the crypto sector contrasts with Trump’s newfound support, leading analysts to caution against expecting policy progress based on campaign promises. Harris is perceived as more receptive to the industry and regulatory initiatives that promote growth while also prioritizing investor protections.

Both Harris and Trump are expected to support crypto legislation if approved by Congress, with Harris possibly leaning towards tighter investor protection measures. Trump may be influenced by his appointed regulators, potentially impacting interactions with the banking sector. Harris is expected to proceed cautiously in this area.

Read more at Investing.com: What would a Harris presidency mean for crypto policy? By Investing.com