Is it only Trump who is leveraging cryptocurrency voters? Harris is no exception

Trump's cryptocurrency plan looks perfect on paper --- but what lies behind it? Is Harris's low-key strategy the key to a more robust and smarter future for cryptocurrency?

As the 2024 U.S. presidential election enters its final stages, both Trump and Harris are intensifying their efforts to court a rapidly growing yet often overlooked voter group --- cryptocurrency voters.

Previously, Trump launched a token called "World Liberty Financial (WLF)" and planned to establish a "Bitcoin and Cryptocurrency Advisory Committee," positioning himself as a staunch supporter of cryptocurrency and decentralized finance.

On the other hand, Harris has quietly begun outlining policies aimed at protecting cryptocurrency investors, particularly through the "Opportunity Agenda" targeting the Black community.

We will delve into the proposals from Trump and Harris for the crypto community, analyze how their policies compare, and what this means for voters who hope to see clearer regulations or wish to have more digital currency in their wallets.

Trump's Cryptocurrency Outreach

Trump's stance on cryptocurrency has undergone a significant shift, directly appealing to a key voter group in a carefully orchestrated move to leverage the growing influence of the crypto community in the U.S.

It all began in May of this year when Trump's campaign started accepting cryptocurrency donations, a notable departure from his previous skeptical stance on cryptocurrencies. Subsequently, he took a series of strategic actions to convince the crypto community that he is their candidate.

By June, Trump publicly supported Bitcoin miners and expressed a desire for the remaining Bitcoin to be mined "on American soil" --- a key message to voters concerned about mining operations moving to Russia and Kazakhstan.

Trump's cryptocurrency efforts reached a pivotal moment at the Nashville Bitcoin Conference at the end of July. He promised to establish a national Bitcoin reserve if elected --- an unprecedented move --- and vowed to fire SEC Chairman Gensler. This promise received enthusiastic applause from crypto voters, as many believe Gensler's strict regulation of crypto assets hinders the industry's growth.

Trump's commitments also included the establishment of a "Bitcoin and Cryptocurrency Advisory Committee," which set him apart on the political stage where other candidates have maintained a cautious approach to cryptocurrency.

In addition to policy commitments, Trump has demonstrated his support for cryptocurrency through some high-profile actions. During a campaign stop at the Bitcoin-themed bar Pubkey in New York, Trump became the first former president to conduct a transaction using cryptocurrency, purchasing a dozen burgers and paying with Bitcoin.

At the core of Trump's cryptocurrency actions is the WLF project he personally launched, a DeFi platform set to launch in September 2024. The platform is marketed as a cryptocurrency bank where users can lend and invest, clearly aimed at attracting cryptocurrency voters with a project they can directly engage in.

The platform's native token WLFI made a high-profile debut, aiming to raise $300 million at a $1.5 billion valuation, but has so far only raised $12.9 million.

More controversially, the token distribution --- Trump and his family are expected to receive 75% of the net revenue from the agreement --- has raised questions about transparency, leading many to wonder whether the project is truly in the interest of users or merely for the benefit of the Trump family.

Despite WLF claiming to be a "non-political" project, the timing and Trump's deep involvement suggest that it is both a financial initiative and a political maneuver. The project's roadmap is filled with bold promises, but its slow progress and the Trump family's significant interests have raised skepticism.

However, Trump's supporters view the project as part of his grand narrative, closely linking financial independence with American economic strength, complementing his political messaging.

Harris's Cautious Cryptocurrency Strategy

In contrast to Trump's proactive and direct outreach to the cryptocurrency community, Harris has opted for a more cautious approach. The current Vice President has not made cryptocurrency a core focus of her campaign, but recent actions indicate that she recognizes the growing importance of digital assets to voters.

Harris's policy intentions first surfaced during a roundtable at the Chicago Democratic National Convention, where her senior campaign advisor Brian Nelson revealed her potential policies regarding cryptocurrency.

Nelson explicitly stated that Harris intends to support policies that allow emerging technologies like cryptocurrency to develop while ensuring they are appropriately regulated. Although this statement is relatively vague, it marks the first time Harris's camp has taken a stance on the issue.

This cautious attitude is further reflected in her recently launched "Opportunity Agenda," an economic plan aimed at increasing financial inclusion.

A key aspect of this agenda is the protection of cryptocurrency investors, particularly among Black Americans, as over 20% of this group owns or has owned digital assets.

Harris has committed to establishing a regulatory framework to ensure that people can enjoy the benefits of cryptocurrency without suffering losses due to fraud, volatility, or market manipulation.

However, despite Harris beginning to articulate her views on paper, her direct interaction with the crypto community has not gone smoothly.

A virtual town hall organized by the "Crypto for Harris" campaign team was intended to rally support from the digital asset space but was poorly received.

The town hall lacked interactivity, and Harris herself did not attend, disappointing notable figures like Tyler Winklevoss and Jack Brockman. Winklevoss even called it a "farce," while Brockman criticized its lack of the interaction and dialogue expected from a town hall.

Despite this misstep, Senate Majority Leader Chuck Schumer, as a prominent figure in the Democratic Party, has made efforts to fill the gap, unexpectedly becoming an ally for cryptocurrency. Schumer promised that "cryptocurrency is here to stay, no matter what," and committed to pushing for reasonable regulatory policies by the end of the year.

Interestingly, Harris's campaign has also quietly garnered support from some well-known figures in the crypto space. Ripple co-founder Chris Larsen donated over $1 million in XRP to Harris's campaign, expressing his belief that she would bring a "more pragmatic approach and clear rules" to the crypto industry, which he feels is currently lacking under the government led by SEC Chairman Gensler.

While Harris has not embraced cryptocurrency publicly like Trump, she has also taken steps to distance herself from anti-crypto voices within the Democratic Party, such as Senator Elizabeth Warren.

Her cautious strategy may not generate the same enthusiastic response as Trump's promise to fire Gensler or establish a Bitcoin reserve, but it offers a path toward greater stability and investor protection for cryptocurrency, appealing to those voters who seek progress without chaos.