Kamala Harris does not hate cryptocurrencies but she does want them regulated. The Vice President and presidential candidate wants regulations that protect consumers and investors and are clear and predictable for those working in the broader cryptocurrency industry. When Harris spoke recently about her views on regulation the crypto market jumped up in price. The prospect of a clear and fair regulatory framework for decentralized finance, crypto investors, and those trading crypto derivatives would be a boon for the industry and solve many of the issues that became so clear during crypto winter and the skullduggery at higher echelons which became clear at that time.
What Did VP and Presidential Candidate Harris Say About Crypto Regulation?
Bitcoin and others jumped in price recently due to a couple of factors. One was whether or not China is going to use further stimulus for its sagging economy. The other was a set of remarks by VP Kamala Harris when she pledged to support a fair and clear framework for regulating cryptocurrencies and businesses based on crypto. Complaints about crypto regulation years ago were basically that this was a new and independent industry and that the government should keep its nose out of everyone else’s crypto business. That attitude essentially evaporated when crypto winter led to the discovery of widespread fraud, mismanagement, and blatant stupidity in far too many crypto businesses. Subsequently it has become clear with things like approval of spot price Bitcoin and Ether ETFs that the SEC and others are interested in protecting investors and not in simply stamping out all of cryptocurrency simply because they could. The indication by Harris that she would likely follow through with a rational approach to crypto regulation is a breath of fresh air for many in the crypto world. The stock market, insurance companies, and banks all do business in regulated environments and do quite well, thank you. So can cryptocurrencies and all related endeavors.
Image of Harris Campaign Courtesy of Bloomberg
Harris Versus Trump on Crypto Regulation
Donald Trump has been courting the crypto sector in his quest to return to the Oval Office. However, his pitch seems like he would want to go back to pre-crypto winter, FTX follies and the rest. The crypto world does not need to be scammed again by hidden business dealings within a new generation of robber barons. Rather it needs regulations that provide clarity to crypto businesses while giving protection to folks investing their hard earned money in crypto tokens, trading derivatives, or creating decentralized finance businesses that have the potential to change the world we live in.
Who do you believe when they talk about cryptocurrencies? Which candidate is likely to have a better grasp of the issues and not be likely to be flattered or even bought off by those seeking to return to the heyday of FTX and the like? Stories about Haitian immigrants eating people’s pets in Ohio (as opposed to breathing life back into an old industrial community) or Venezuelan gangs (that nobody has ever heard of) taking over a town in Colorado are repeated ad nauseum by the Trump campaign. The candidate is generally short on specifics when asked about how he would fix the Affordable Care Act or deport millions of immigrants using the US military. How laws are envisioned, enacted, and carried out matters. The lack of specifics from the former president on multiple subjects leads us to suspect that his promises to the crypto world may be empty with him waiting to see what he can gain personally by handing out favors to the crypto world if he should return to office.
No matter what one thinks about the other issues confronting the country it appears to us that Harris has a better grasp of crypto issues and would be more likely to follow through with regulatory measures that protect investors, traders, and those doing business in the cryptocurrency world to protect all of us from unduly harsh regulations as well as a return to an era of crypto robber barons set on scamming us out of our money.