Trump vs. Harris: Who’s Better for Crypto?
Alex Moschina|September 7, 2024
There’s a long-held belief that a Trump-helmed GOP is better for crypto than the Democratic Party.
Well, “long-held” in crypto years, anyway.
President Biden’s appointment of Gary Gensler as Chair of the SEC was arguably the Democrats’ biggest offense.
In the years since Gensler took on the role, his continuous framing of crypto as a hot bed for “frauds and scams” has cemented him as a villain in the sector. At the Bitcoin Conference in July, the (frequent) utterance of his name drew jeers from attendees.
Former President Trump, on the other hand, spoke at the conference about establishing a U.S. Bitcoin reserve. He called for the U.S. to be the new “crypto capital of the planet.”
Anticipation for his speech was considered one of the factors that drove up the price of Bitcoin in mid-July.
But are the reputations of “conservative crypto bulls” and “liberal crypto bears” truly earned?
As we move closer to Election Day, the lines are getting blurrier.
Take, for example, this Reuters headline from Tuesday…
Tickets to the fundraiser will run between $500 and $5,000 a pop. The organizers – including the co-chair of a blockchain-focused law firm and a crypto/AI startup founder – are aiming to raise at least $100,000 for the Harris campaign.
And let’s not forget about the passage of the FIT21 Act.
Spelled out, that’s the Financial Innovation and Technology for the 21st Century Act. It’s the closest thing yet to a legislative framework for cryptocurrencies.
The crypto industry championed the legislation, and it was brought to a vote by the GOP. A whopping 71 Democrats voted in favor of the legislation.
That’s hardly the militant anti-crypto stance folks have come to expect.
In many ways, this all highlights the continuation of a familiar theme in Washington – for any budding industry.
In the words of Rep. Maxine Waters (D-CA)…
[Crypto advocates] have done what these special interest groups do: They lobby, and they convince people, and that’s what’s happened.
It’s happened again and again, across myriad industries.
Defense spending is a good point of comparison.
Similar to crypto, the general consensus has been that conservative administrations are friendlier to defense companies. And yet, as Robert Ross pointed out in this week’s Breakout Fortunes update, it is actually rare for any administration to cut defense spending… as it’s considered “politically toxic.”
Former President Obama’s defense budget was nearly $100 billion higher than that of former President Bush. And while it’s no apples-to-apples comparison given the multiple geopolitical conflicts going on right now, President Biden’s defense budget has been higher than former President Trump’s.
All of that is to say…
If you’re looking to gauge the likelihood of success for an industry – any industry – the answers don’t lie on Pennsylvania Avenue…
They’re on K Street.
Always have been.
Alex Moschina
Alex Moschina is the associate publisher of Manward Press. A gifted writer, editor and financial researcher, Alex’s career in publishing began more than a decade ago when he worked at one of the world’s leading providers of academic research and reference materials. Alex first cut his teeth in the realm of investing when he joined the team at White Cap Research in 2010. There he was charged with covering emerging market trends and investment opportunities. A stint as senior managing editor and editorial director at the prestigious Oxford Club followed. A frequent speaker at conferences and events, Alex has led educational workshops across the U.S. and Canada.
