Crypto has increasingly become a focal point in U.S. politics, influencing both legislative agendas and campaign strategies. This influence extends to campaign finances, with crypto lobby groups now among the most powerful. Notably, Fairshake PAC has raised over $200 million to support bipartisan pro-crypto candidates.
In the presidential race, Trump has emerged as the most pro-crypto candidate. He has become increasingly bullish on crypto, announcing a Bitcoin reserve fund at a recent Bitcoin conference in Nashville and releasing NFTs to raise campaign funds. However, his track record on delivering campaign promises has been inconsistent.
Harris, on the other hand, has had a mixed stance on crypto. As Vice President, she has been part of an administration that has been largely anti-crypto, with critics dubbing the crackdown “Operation Choke Point 2.0,” where the government pressured banks to restrict crypto companies’ access to USD banking services. As a presidential candidate, Harris has promised to “reset” her relationship with the crypto industry, aiming for more constructive engagement with leading crypto firms. However, the industry remains sceptical given the current administration's (and SEC's) hostile approach.
In terms of who is likely to win, as of July, Harris's popularity has surged, and according to Polymarket, the race between the two candidates is now a toss-up.
Regardless of the outcome in November, the crypto industry is positioned for significant growth. The shift in political attitudes, with both candidates recognizing crypto as a new asset class worth engaging with, marks a significant change from 2020 when Trump attempted to ban it, and Biden maintained a hostile stance. This new openness from both sides of the political spectrum suggests a bright future for crypto, helping it grow and gain recognition through the next administration.
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