Harris Changes Lukewarm Attitude
Provides Clear Regulations for Investment
Trump Launches Full-Scale Cryptocurrency Sales Business
Bitcoin Surges 5% on Positive Moves by Both Candidates
The United States is increasingly likely to become a ‘cryptocurrency republic’ after this presidential election. On the 14th (local time), three weeks before the U.S. presidential election, even Vice President and Democratic presidential candidate Kamala Harris, who had shown a lukewarm attitude toward cryptocurrencies, promised to provide clear guidelines for investment. On the same day, former President Trump, the Republican presidential candidate who proclaimed himself a ‘pro-Bitcoin president,’ made a gesture that one can prepare for the future through cryptocurrency investment by officially launching a cryptocurrency sales business with his son. Bitcoin prices rose more than 5% on the day amid the positive moves by the two candidates regarding cryptocurrencies.
Harris to Provide Clear Regulations on Cryptocurrency
According to major foreign media such as Bloomberg, Vice President Harris unveiled a tailored pledge for Black men and also prepared a plan for a regulatory framework on virtual assets. The government aims to provide clear regulations on cryptocurrencies to create an environment where virtual assets like cryptocurrencies can contribute to economic growth and serve as financial instruments. Bloomberg explained, “Harris’s recent pledge on cryptocurrencies reflects improvements made after hearing complaints from the cryptocurrency industry that the Biden administration chose enforcement-based regulation rather than providing clarity on cryptocurrency regulations.” This cryptocurrency plan was designed to appeal to Black Americans, among whom 20% have experience owning cryptocurrencies.
Foreign media reported that this cryptocurrency plan indicates that Vice President Harris will not adopt the same regulatory stance as the Biden administration. Last month, at a fundraising event in New York City, Harris stated that “if elected president, I will encourage innovative technologies such as virtual assets.”
Until now, it was widely expected that former President Trump would take a more favorable stance on cryptocurrency policies. In July, Trump said, “If the U.S. does not take the lead as a cryptocurrency-centered nation, China will take over,” and last month he emphasized, “I will make the U.S. the world capital of cryptocurrency.” On the other hand, since the U.S. Securities and Exchange Commission (SEC), responsible for cryptocurrency regulation under the Biden administration, has been filing comprehensive lawsuits against the industry, it was generally speculated that Vice President Harris would be negative toward cryptocurrencies. However, as the election approaches, this binary view is breaking down.
‘Pro-Bitcoin President’ Trump Begins Token Sales
Meanwhile, former President Trump, whose chances of winning have recently increased, announced that on the 15th he will launch the cryptocurrency token ‘WLFI’ associated with the cryptocurrency project business ‘World Liberty Financial’ that he runs with his two sons, Donald Jr. and Eric. Trump tweeted on X (formerly Twitter) that “(WLFI) will help shape the financial future.”
The U.S. has been striving to bring cryptocurrencies into the mainstream by approving Bitcoin spot exchange-traded funds (ETFs) in January and Ethereum spot ETFs, the second-largest cryptocurrency by market capitalization, in July. Considering election votes, even Vice President Harris has turned to a more cryptocurrency-friendly stance, leading to forecasts that the U.S. could establish itself as a superpower in the cryptocurrency sector after the election.
Cryptocurrency Prices Surge
Cryptocurrency prices surged across the board on the day. According to Investing.com, as of 7:40 p.m. Eastern Time (8:40 a.m. Korean time), the price of one Bitcoin was trading at $66,070, up 5.1% compared to 24 hours earlier. This is the highest price since July. The price of one Ethereum also jumped 6.6% from the previous day to $2,628.84. Shares of cryptocurrency mining company Marathon Digital Holdings and cryptocurrency exchange Coinbase closed up 5.6% and 11.32%, respectively.
Some analysts predict that cryptocurrencies will continue their upward rally for the time being, as China’s recently announced economic stimulus measures have fallen short of market expectations. The shift of funds from Bitcoin to Chinese stocks due to the Chinese government’s stimulus measures is considered a factor putting pressure on cryptocurrency prices.
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