2024 Election Trump Vs Harris: Take Advantage with Gemini
Crypto Takes Center Stage in 2024 Election Campaigns
Crypto’s become a hot topic in this 2024 US election cycle. In fact, it’s got more attention than ever before.
It’s surreal to see crypto becoming such an important campaign point of focus. At the same time, it’s also putting the crypto community on the edge of their seats.
Where’s our industry headed under the new winner’s watch?
The outcome of the 2024 election will have a massive impact on the future of crypto, especially coming off four years of tough regulations under President Biden.
What Comes Next?
The near-term future of crypto hinges on the choices of two key figures:
- Donald Trump: Seen as the clear pro-crypto candidate. He’s recently stepped into the industry, attended Bitcoin conferences, and made his stance unmistakably clear.
- Kamala Harris: Assumed by many to be continuing Biden’s policies. However, a closer look suggests she could offer more flexibility for the sector than the Biden administration.
Read on as we dissect what’s really going on under the surface with each candidate.
We’ll dive right into what each of them might mean for crypto, and how you can use that knowledge to your advantage with Gemini: the secure way to buy, sell, store, and convert crypto.
The Current Crypto Landscape
Before we peek into the future, it’s important to take a look at the recent past and the present.
Over the last 4 years under President Biden, crypto regulation simply became way more intense. To some, that might be an understatement.
From the administration’s point of view, this came from a focus on consumer protection, financial stability, and market integrity. However, their actions have produced a highly cautious industry where legal disputes are common.
From the crypto industry’s point of view, this came at the cost of heavy restrictions and a ton of regulatory uncertainty.
Some of the defining moments of the Biden era include:
- 2022 Executive Order on Digital Assets: The executive order was a big deal for crypto, showing the government recognized its importance. But many felt it stifled innovation and messed with decentralization.
- Aggressive SEC Actions: The SEC, led by Gary Gensler, labeled many digital assets as securities and sued major players like Coinbase and Ripple. This forced some crypto companies to consider moving overseas.
- Stablecoin Oversight: The government considered treating stablecoin issuers like banks to ensure stability, but this made things more complicated for growth in the area.
- Banking Access and “Operation Choke Point 2.0”: Crypto companies struggled to access banking services after some crypto-friendly banks collapsed. Many saw this as a continuation of the controversial “Operation Choke Point.”
- Blocking Bitcoin ETFs: The SEC held up Bitcoin spot ETFs yet again, citing worries about investor protection. This led to Grayscale Investments pushing back in court over the SEC’s inconsistent rules.
From start to finish, it hasn’t been a great time for crypto. For the most part, many players in the sector believe that Biden’s administration left the crypto industry worse off.
With that being said, what do our candidates this year bring? More specifically, how will they influence the government’s stance on crypto over the years to come?
The Obvious Pro-Crypto Choice: Trump
Trump is the obvious pro-crypto choice at this moment in time, going out of his way to make that very clear.
This has been solidified through a combo of public statements, family endeavors, and crypto-related actions in his personal life.
Speaking at Bitcoin 2024
The most direct Trump has been with his proposed approach to crypto came at the ‘Bitcoin 2024’ conference in Nashville, in July.
He wasted no time in getting right to the hard-hitting topics in a speech to the attendees. Trump declared that as president, he would:
- Make a commitment to remove SEC Chair Gary Gensler and bring in leaders who support pro-crypto policies.
- Ensure that the US keeps its Bitcoin holdings as a strategic reserve and never plans to sell them.
- Set up a dedicated crypto task force within the first 100 days, to tackle restrictive regulations and help the industry grow.
- Take steps to stop ‘Operation Choke Point,’ making it easier for crypto companies to access banking services.
His appearance at the conference made a purposeful point of supporting the sector. Not only that, but the content of his speech demonstrated that he’s been listening closely to crypto pain points – and plans to fix them.
A Trump family stake in the industry
The Trump family recently launched World Liberty Financial: a crypto platform led by his sons, Donald Jr. and Eric.
World Liberty Financial aims to offer a variety of financial services like crypto borrowing, lending, and investing, focusing on the advantages of DeFi. Its goal is to move away from traditional banking, allowing users to leverage blockchain technology for their financial needs.
Trump’s involvement means he now has a real interest in pushing for crypto-friendly regulation. He’s likely to support rules encouraging innovation and make it easier for crypto to succeed.
What better reaffirmation than having real skin in the crypto game?
Trump’s Personal Crypto Adoption
Aside from the new business, Trump has a diverse track record for crypto involvement on a personal level.
Here’s just a few of them:
NFT collections
Trump’s involvement with NFTs started back in December 2022 when he launched a collection of NFTs on Polygon. This first drop sold out fast, raking in over $4 million.
Since then, he hasn’t looked back.
He’s rolled out more NFT collections and reportedly made over $7 million from these ventures, including some themed around his “Mugshot” and the recent “America First” series.
2024 Election Campaign Donations
Moving on to fungible tokens, he’s also begun accepting crypto for 2024 campaign donations.
It’s a smart move, opening access to young and tech-savvy voters – especially those who may have large fortunes in the asset class and want a crypto-friendly president.
The first president to pay in Bitcoin
Last, but certainly not least, Trump made recent headlines by making a transaction in Bitcoin at Pubkey, New York City’s first and only bar dedicated to all-things Bitcoin.
At first, this might not seem like a big deal. However, this event marked the first time a sitting or former US president has publicly used cryptocurrency for an everyday purchase – a pretty cool milestone, if you ask me.
Harris: No Concrete Plans Yet for Crypto
Now, we move onto Kamala Harris.
At first glance, Harris seems as though she may just continue the Biden administration’s stance on crypto. And as we touched on above, this Biden administration has set a tough precedent for Harris to overcome.
But what’s Harris really got planned?
Harris’s questionable advisor choices
Kamala Harris’s recent advisor selections, including Brian Deese and Bharat Ramamurti, probably don’t do her the biggest favor on paper.
Both advisors have previously contributed to crypto-skeptical policies, such as promoting “Chokepoint 2.0” – an unofficial regulatory strategy that restricted crypto-related banking activities.
Deese authored a critical blog on crypto risk mitigation in early 2023, while Ramamurti has extensive experience working with Senator Elizabeth Warren and has been called “the White House’s top crypto critic”.
The good news? These advisors seem to be the only bad news.
In fact, she seems to be attempting to rebuff claims that she would seek a crackdown on the sector.
Signaling support for crypto expansion
In a recent speech about the economy in Pittsburgh, Harris stated it was important for the US to maintain its dominance in blockchain tech.
The very same day, the Harris campaign also released a policy document that said she would “encourage innovative technologies like AI and digital assets.”
She later tripled-down by promising donors in New York City a “safer business environment” for digital assets.
Most recently, Harris said she would ensure that crypto investors and owners, especially black men, would benefit from a regulatory framework.
Walking the democrat tightrope
Although Harris’ statements have been much more vague and less frequent than those of Trump, they could signal the beginnings of a shift from the actions of the Biden administration.
On the other hand, it also looks like Harris is trying to find the middle ground for keeping both the crypto supporters and the crypto-skeptical Democrats on her side.
If she wins, she may still run into challenges from progressives like Elizabeth Warren, known for their stricter views on crypto regulation.
Working with industry leaders
One of the most surprising nuggets of information has come from Anthony Scaramucci, founder of SkyBridge Capital.
Scaramucci revealed that he and other crypto advocates are working with Harris on her campaign’s crypto policies. He believes progress is being made toward more centrist, bipartisan crypto regulations – an area he says is crucial for the US crypto industry’s future.
Although Harris’ campaign has not commented, her actions suggest a quiet shift in policy toward a more industry-friendly approach.
Flipping support from key crypto figures
Another show of confidence comes from Ben Horowitz, co-founder of the venture capital firm Andreessen Horowitz.
Horowitz recently announced that he and his wife plan to make a significant donation to Harris, marking a notable change from his previous support for Trump. While he voiced support for Harris, he also didn’t shy away from criticizing her and Biden, pointing out that their tech policies have been detrimental to the industry.
Just three months ago, Horowitz, along with other tech leaders were planning to support Trump due to hopes for reduced regulations on crypto.
Either Way, Things Are Looking Up For Crypto
All in all, crypto actually looks like it will have room to grow in either scenario: A definite vote of confidence from Trump, and a cautious tone by Harris.
Donald Trump’s stance on cryptocurrency has evolved into a strong pro-crypto position, marked by several public commitments and actions. He’s clearly embraced the industry, from his involvement in World Liberty Financial to accepting cryptocurrency for campaign donations. His participation in events like the Bitcoin 2024 conference highlights his intention to fix the industry’s regulatory environment.
Kamala Harris’s stance on crypto is a little trickier to pin down, since she’s been more cautious about her public statements and specific intentions for policy. She’s made some signaling remarks, however, and behind the scenes she seems to be working with some key crypto figures of influence.
What’s reassuring is, just four years ago, neither candidate really discussed crypto. Now, it’s a key topic that may swing the 2024 election.
Either way, that’s a win in our eyes.
How to Capitalize: Gemini Exchange
Regardless of the outcome of the 2024 election, US-based crypto exchanges that prioritize regulation and compliance definitely aren’t going anywhere.
Exchanges like Gemini have cemented their place in the market, and their focus on following the rules ensures they’ll continue to play a big role in the future of crypto – no matter who wins.
If you’ve never heard of Gemini, it’s a user-friendly, US-based crypto exchange that stands out for its strong security and regulatory compliance. The platform offers bank-level security with FDIC-insured USD deposits, strict NYDFS regulation, and transparent audits, making it a top choice for safety.
On Gemini, you can buy, sell, and store over 70 cryptocurrencies – from $BTC and $ETH to new, up-and-coming tokens.
Here’s some key features that make Gemini a top choice:
- Security First: Gemini is known for its solid security measures, including FDIC insurance on USD deposits and SOC 1 & 2 certifications, which provide peace of mind for users.
- User-Friendly Interface: The platform’s designed for both beginners and advanced traders. It has a simple interface for easy transactions and an “ActiveTrader” feature for those who want more advanced tools and options.
- Competitive Fees: Gemini offers competitive trading fees, with lower costs for advanced traders using the ActiveTrader platform, making it an attractive option for cost-conscious users.
- Staking Opportunities: Users can earn rewards by staking their crypto, providing a way to grow their investments passively.
- Gemini Credit Card: This unique feature allows users to earn crypto rewards on everyday purchases, letting you stack sats while you spend.
- Nifty Gateway Studio: Gemini’s NFT platform lets users buy and sell digital art and collectibles, widening the scope of what you can do on the exchange.
With the 2024 election looking bullish for crypto regardless of who wins, Gemini offers the tools to capitalize on price movements and maximize returns.
Whether you’re just starting out or looking to dive deeper into trading, Gemini has something to offer for everyone. Check it out today!
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Trump is all in on crypto. He’s spoken at Bitcoin conferences, supports pro-crypto policies, accepts crypto donations for his campaign, and even launched a crypto platform with his family.
Harris has been more cautious. While her advisors are critical of crypto, she’s hinted at supporting blockchain tech and a friendlier environment for digital assets.
Biden’s term brought tougher crypto regulations, including SEC lawsuits, blocked Bitcoin ETFs, and tougher banking rules for crypto companies.
Many believe it slowed down crypto growth.
Gemini is a trusted US-based crypto exchange known for its security and compliance with regulations.
It’s a great platform for both beginners and advanced traders.
Gemini is super secure, regulated, and user-friendly.
It’s regulated by NYDFS, has SOC 1 & 2 certifications, and provides FDIC insurance on USD deposits.
Gemini also boasts competitive fees, staking rewards, and even lets you buy and sell NFTs.
