Trump and Crypto are back in the spotlight together after a recent hack apparently saw scammers push meme-coins from the Trump family's X accounts. Despite the minor embarrassment (for both Musk’s embattled X and the Trump family), the newly pro-crypto Donald Trump is full steam ahead in his promises of opening up the industry.
But can he be trusted? The self-styled savior of crypto was once scathing of it. These days, in what could be seen as opportunistic at best, he is promising to turn the United States into the crypto capital of the world—just as his family launches their very own crypto-platform. It’s quite the flip-flop, even for a politician.
Meanwhile, on the other side of the aisle, many see Harris as the enemy of the crypto industry. And yet, the Democratic nominee has barely made a statement on the matter. Still, Harris has been a part of an administration that has relentlessly sued and pursued the crypto industry. Why would her administration be any different?
Let’s take a closer look at the promises of a man who can never be guaranteed to keep them, and a woman who promises nothing at all.
Trump’s Flip-Flopping on Crypto
Donald Trump’s stance on cryptocurrency has shifted dramatically. In 2021, he warned Bitcoin was a bit of a scam that could undermine the U.S. dollar. Fast-forward to the 2024 election and Trump's sons are launching crypto projects of their own with the announcement of the DeFi project “World Liberty Financial." According to the white paper seen by Coindesk, the project "highlights the power of blockchain in an accessible way.” Its visionary is apparently an 18-year-old Barron Trump, and its head of operations is Zachery Folkman (a man who posted YouTube videos on how to pick up women and registered a company called Date Hotter Girls).
It's perhaps unsurprising then that Donald Trump advocates for regulatory easing. Of course, he would. He’ll need it to serve his own interests. But then again, don't all politicians do that?
Trump is embracing the industry with open arms, and pro-crypto voters (nb: only 7% of Americans actually hold crypto) will be thrilled to have a presidential front-runner making big promises—ethically dubious or otherwise.
Harris – It’s Anyone’s Guess
Kamala Harris, meanwhile, has been mostly silent on crypto. The official 24 Democratic Party Platform, released at the end of August, did not mention it. In comparison, the Republicans offered Crypto a paragraph.
As Vice President, she has remained aligned with the Biden administration, which has pursued stronger regulations to “protect consumers” and prevent illicit use of digital currencies. Agencies like the SEC have aggressively cracked down on the industry under Biden’s tenure, so why trust her?
Although Harris has not made any public promises, there are some growing whispers of very soft change. Some crypto executives have been talking to the Harris campaign, saying it has shown a willingness to listen to the industry’s concerns. The campaign also recently hired an ex-Binance advisor as a senior strategist, and just this week came the announcement of a Harris campaign fundraiser by crypto-executives.
This frustratingly wishy-washy stance could be seen as strategic. Saying as little as possible could stop Harris from dissuading pro-crypto voters who otherwise like the democratic ticket.
A Choice for the Crypto Community
With a record $119 million in funding rolling in from the crypto industry (most simply going towards any pro-crypto candidate regardless of party), Trump is easily seen as the crypto-friendly horse to back in the Presidential race.
But, others remain cautious of his pro-crypto claims which lack detail and could turn on a dime once in office. Ethereum co-founder Vitalik Buterin recently urged traders not to simply fall for a promise of making money. “If you see a ‘pro-crypto’ politician today, it’s worth it to explore their underlying values and see which side they will prioritize if a conflict does arise,” he said in a long post published around the time of the Republican National Convention.
For crypto advocates, the election boils down to gambling on Trump’s big, self-serving promises or accepting Harris’s cautious regulatory stance, which may or may not soften. It's anyone's guess.
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