Single-issue crypto voters overwhelmingly support Donald Trump for good reason. The Biden administration’s hostile stance on digital assets is now being attributed to Kamala Harris, and Trump has overwhelmingly embraced the industry in recent months. If you are purely looking at what the candidates publicly say (or don’t say), it is logical to believe Trump will do more for the industry. However, if you look more closely at the broader platform of each candidate, I believe it becomes clear that a Harris administration will create a better long-term environment for crypto to thrive. Kamala Harris finally broke her silence on digital assets in recent days. At a New York City fundraiser Sept. 22 she said she would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” On Sept. 25 in Pittsburgh, she said that she wants the U.S. to be “dominant in blockchain.”
These comment comes more than a month after Democratic cryptocurrency industry leaders coalesced to form the Crypto4Harris movement which hosted a Town Hall advocating for a Democratic “reset” on digital asset policy. And I acknowledge they were modest comments in comparison to Trump’s 180 degree pivot from skeptic to supporter. For many, they were the first clear signs of her willingness to support the industry. But those of us who have been following the paper trail and reading the tea leaves saw this coming. Her advisors and surrogates have made supportive overtures, her campaign staff have participated in thoughtful dialogue, Democratic Congressional leaders including Senate Leader Chuck Schumer (D-NY) and House Financial Services Committee Ranking Member Congresswoman Maxine Waters (D-CA) have made it clear where they stand, and her own comments, platform, and tagline have hinted at a departure from the Biden administration’s restrictive crypto policies. Industry insiders are confident that a “reset” is coming under a potential Harris administration. I argue that, despite the contrast in public statements made by each candidate on crypto, a Kamala Harris presidency would be more beneficial for our future digital economy. First I will highlight ways in which the former President’s words don’t match his actions, and the many ways he has lied or exaggerated to gain an advantage. Then I outline why Harris’ vision of an “Opportunity Economy” will benefit our industry more broadly. Here are some reasons to be skeptical of Trump:
No Presidential Action: Joe Biden was certainly no crypto champion, but neither was Trump. Trump did nothing to support the industry during his four years in office. In fact, he started the Treasury Department’s Operation Hidden Treasure which served as the precursor to Chokepoint 2.0. He also openly called cryptocurrency a scam — making him the only presidential candidate to do so.
Uneducated & Impractical Policy Proposals: Many of the policy proposals that Trump has made are little more than vague platitudes and empty promises. His statement that crypto should be “made in America” highlights his ignorance on the decentralized nature of validating the technology, his promise to “fire” SEC Chair Gary Gensler is formally outside the power of presidential authority, and his claim that bitcoin could offset our national debt is simply silly.
He is only following the money: Trump’s pivot to supporting the industry can be closely tracked by following the paper trail of mega-donors to his campaign. Starting with Andressen Horowitz and the Winklevii brothers, his increased engagement comes in direct correlation to donors expressing support for his campaign. For better or worse, the crypto industry accounts for almost half of all corporate political donations this cycle. Additionally, his recent business venture World Liberty Financial has made contradictory claims: first announced as accessible to accredited investors, but later introduced a public token (of which 20% of the total supply is reserved for Trump family members). This has raised ethical concerns and led many experts to believe his interest only lies in lining his pockets.
While Trump admittedly has made very specific policy recommendations for crypto, his general economic policy is starkly vague. In comparison, Harris has outlined a detailed strategy for creating what she calls an “Opportunity Economy,” a vision that re-introduces the long lost concept of social mobility and addresses the core structural failures of the American economy. By addressing policy issues of education, small business development, and ensuring a strong rule of law, our economy — and digital economy — is poised for a rebound after decades of middle class stagnation.
Here’s how a Harris ‘Opportunity Economy’ will encourage digital asset innovation:
Child tax credits, education policy, and technical job training: Harris’s Opportunity Economy places a strong emphasis on reinvigorating the middle class through a combination of child tax credits, improved education policies, and expanded access to technical job training. These programs are crucial for digital asset innovation. By creating an educated and skilled workforce, the Harris administration would foster the kind of talent necessary to sustain and expand the blockchain and crypto ecosystem. This focus on human capital directly benefits the decentralized technologies of tomorrow.
Emphasis on Small Business Support through the $50K Startup Credit: One of the key pillars of Harris’ platform is the $50K startup credit, designed to empower small businesses to take off. This policy is essential for blockchain entrepreneurs who need early-stage capital to launch their businesses. Crypto thrives in an environment that supports grassroots innovation. Small businesses are the backbone of a healthy economy, and competition in the blockchain ecosystem will encourage growth. Harris’ experience in Silicon Valley and SME policies reflects an understanding that the next wave of decentralized technology will not come from large corporations but from small, agile players.
The Importance of the Rule of Law for Functioning Markets: Most importantly, as a former District Attorney, we can be confident that the rule of law will be stronger under a Harris administration than that of a convicted felon. Stable, transparent, and predictable regulations and institutions foster trust in the system, enabling local businesses to thrive without fear of abrupt legal changes. This not only secures U.S. investors but also sends a strong signal to global markets, reassuring foreign investors that the U.S. is a safe and innovative place to do business. By instilling confidence through rule of law, Harris’ economic plan will bolster both local and international interest in digital assets, creating a stable environment for growth.
Harris’s holistic and pragmatic approach to economic reform driven by data and inclusive tent of varied and various viewpoints, will lead to broader national benefits. A thriving middle class is key to sustainable growth, and her plan emphasizes redistributing opportunity by supporting those historically left behind. Her focus on education, workforce training, small business innovation, and the rule of law creates an economy that serves everyone, not just the wealthy elite — a core value of the crypto community. Her commitment to regulatory transparency enhances market stability, crucial for long-term growth. This balanced approach will ensure all Americans benefit from economic prosperity.
Harris’s broader economic policies are well-researched and detailed. Now that she’s endorsed the industry, I believe her digital asset policies will follow suit. I hope we hear more measured comments from the VP on this topic before the election — unlike Trump’s unpredictable tactics. I am certain the United States will be stronger under a Harris administration, and am confident the digital asset industry will be, too.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.