Democratic presidential candidate Harris is reportedly in contact with the US cryptocurrency industry to ease tensions between the Democratic Party and the cryptocurrency industry. This further highlights the importance of the cryptocurrency industry in this election, as Republican candidate Trump promises to include cryptocurrency in the US strategic reserve.
During Biden's past few years in office, due to the government's strong regulatory attitude towards the cryptocurrency industry, the relationship between the Democratic Party and the cryptocurrency industry has been very cold, and the development of the cryptocurrency industry has been shrouded in uncertain prospects. This indirectly contributed to the fervent support of the cryptocurrency industry for Trump after he announced his presidential campaign and stated that he would support cryptocurrency.
According to comprehensive reports, the Harris team recently contacted some individuals related to major cryptocurrency companies, including well-known enterprises such as Coinbase, the largest cryptocurrency exchange in the United States, stablecoin company Circle, and blockchain payment company Ripple Labs.
The Harris team hopes to engage in more constructive dialogue with the cryptocurrency industry and establish a regulatory framework that is conducive to the development of cryptocurrencies. This is also an important step she takes to garner support from the cryptocurrency industry and weaken Trump's strong momentum in the industry.
Establish a pro business image
The Harris team stated that re establishing connections with the cryptocurrency industry is not to gain more campaign donations, but to pave the way for a reasonable regulatory framework.
In addition, this effort has also been promoted as an important component of the Democratic Party's reshaping of business leaders' expectations of it, emphasizing that the Democratic Party has no anti business political stance. This doubt stems from the Biden administration's continuous style of conducting antitrust investigations on technology companies, which has also been exploited by Trump as leverage to win the support of many business elites.
The Harris team has recently shifted their campaign focus to policies that ensure a healthy business environment in order to eliminate these negative impacts. Compared to Biden, Harris' statement may have a better chance of winning the trust of Wall Street and Silicon Valley.
At the same time, Trump, regarded as the "savior" of the cryptocurrency industry, announced last Saturday that if elected, he would ensure that the US government retains 100% of his Bitcoin holdings and list it as a strategic reserve asset of the United States.
Surprisingly, cryptocurrency investors believe that Trump's plan is still not radical enough and falls short of the industry's expectations of him.
At the same meeting, independent presidential candidate Robert Kennedy promised that if elected, the government would purchase 550 bitcoins per day until a total of 4 million were reached. Based on the current market value of Bitcoin, Kennedy's plan is expected to hold $280 billion in Bitcoin, equivalent to the total amount of Biden's Chip Act.
Nevertheless, Trump's speech is still seen as a big positive for the cryptocurrency industry. In return, Fairshake, the super political action committee supporting Trump, has raised over $200 million in funding from Coinbase, Ripple, and venture capital Andreessen Horowitz.