As the 2024 U.S. presidential election approaches, the cryptocurrency market is increasingly impacting candidates. Former President Donald Trump stands out with policies supportive of cryptocurrencies, while his opponent, Kamala Harris, has not taken a definitive stance, creating uncertainty among Democrats. With the backing of influential donors and companies, election campaigns funded with millions of dollars have the potential to significantly influence cryptocurrency regulations.
The Role of Cryptocurrency Donors in Elections Grows
While Harris does not adopt an official attitude toward cryptocurrencies, the Democratic Party is making efforts to engage in this field. The SEC‘s lawsuits against crypto companies over the past two years and the collapse of major exchanges like FTX have heightened concerns in the sector.
Under pressure to take a crypto-friendly position amid criticisms from the cryptocurrency sector, Harris indicated support for “new digital technologies” in a statement in New York in September, but did not present a detailed plan. This ambiguity has raised questions about Harris’s approach within the industry.
Trump’s Promises on Cryptocurrency Resonate in the Sector
In 2019, Trump reversed his stance on cryptocurrencies during his 2024 campaign. He is now known for his pro-crypto rhetoric, promising to make the U.S. “the Bitcoin 
$72,418 superpower of the world.” At an event in Nashville, he announced plans to establish a “presidential advisory council” for Bitcoin and other cryptocurrencies, while vowing to increase individuals’ control over cryptocurrencies by opposing the Federal Reserve’s efforts to create its own digital currency.
Trump’s stance has attracted the attention of major players in the cryptocurrency industry. His campaign is the first presidential campaign to accept donations in Bitcoin, generating significant interest due to its pro-crypto policies. However, it remains unclear whether these promises will materialize within a concrete regulatory framework. As elections draw near, the cryptocurrency sector has become a decisive factor for both Trump and Harris’s campaigns.
