Galaxy Digital has shared key insights on the future of crypto as the US campaign heats up. The analyst noted that the presidential candidates have devised various approaches to convince the people of their suitability to ascend to power. These approaches include changes in legislation suggesting ways to cement America as the world’s largest economy.
Such policies have captivated the interest of key industrial players in assessing how the amendment of rules will impact the digital sector.
Galaxy Digital Compares Trump Crypto Policies Against Harris
A statement from the head of research at leading blockchain firm Galaxy Digital, Alex Thorn, evaluated a policy scorecard on the crypto industry. The scorecard demonstrated that unseating Joe Biden will positively impact the crypto sector.
The analyst noted that current vice President Kamala Harris was more pro-crypto than his boss Biden. Despite Kamala’s pro-crypto stance, Thorn said former US president Donald Trump had more favorable policies.
The executive noted that Kamala and Trump’s leadership will favor the crypto industry over the Biden administration. This demonstrates that the new leadership will support the growth of crypto in the United States.
The Galaxy Digital team further analyzed the policy framework for digital assets shared by the Democrat and Republican presidential candidates. They noted that both candidates would implement new tax policies, Bitcoin mining, banking regulation, and self-custody legislation.
In an earlier interview, Harris vowed to reintroduce tax cuts to wealthy Americans, which was described as highly hostile to the digital space.
Which Regime Will Favor Crypto- Kamala or Trump?
On the contrary, Trump promised to provide regulatory clarity on crypto taxes. Compared to the current taxation approach of a 30% tax on Bitcoin miners, Harris’ policies were better than those of the Biden administration.
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However, the scorecard profiled Trump as a supportive leader for crypto mining. His pro-crypto move encourages high-profile Bitcoin miners to send political support to Trump and assist him in developing policies.
In his manifesto, Trump described crypto mining as domestic manufacturing. Besides crypto mining, the scorecard highlights the proposed rules in the banking sector. Thorn noted that Harris plans to improve banking accessibility to the crypto industry.
This implies that if Harris ascended into office, she would either ease or abolish Operation Chokepoint 2.0, which restricted banks from supporting crypto transactions. Also, the Galaxy Digital team noted that Trump and Harris seem to support the development of self-custody, which has faced regulatory challenges in the US.
How the US Election Affects Crypto
Even though Kamala has not publicly announced his plans for self-custody, Trump told his supporters plans to safeguard self-custody rights at the Bitcoin Conference in Nashville. The analyst backed his analysis with information from sources familiar with the situation and public statements the two presidential aspirants made.
Galaxy Digital noted that Trump and Harris had not regularly mentioned Bitcoin in their public address. This indicated despite the regulatory shifts, Bitcoin might remain unaffected.
However, Thorn projected that if Trump or Harris retake the White House, altcoin will experience dramatic price swings to outperform Bitcoin. The Galaxy Digital team predicted that under the Harris administration, altcoin would witness serious risks that might plunge the crypto into a cold bloodbath.
However, if Trump wins, the Galaxy Digital team projects tokens such as Uniswap (UNI) and BTC will soar exponentially due to the enactment of friendly policies. The analyst concluded that Trump’s leadership will have explosive upside while the Harris administration will have limited downside threats.
Thorn’s analysis shows that the US election and other influential factors, such as macroeconomic events, determine the future of crypto.
For more updates on who will unseat Biden and how his leadership will impact crypto, follow The Bitjournal on X, Telegram, and LinkedIn.
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