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As the US Presidential elections continue to heat up, cryptocurrency is being pushed more into the forefront, with all sides either declaring their interest or subtly connecting with the crypto sector. While Trump has taken up most of the headlines, attention is turning to Kamala Harris and how she might navigate the crypto industry if she becomes president.
The most recent development is Harris’ possible pick of treasury head. Rumours are swirling that she will be picking current Securities and Exchange Commission (SEC) chair Gary Gensler and this has prompted a mixed reaction from crypto lovers.
The Rising Stakes of Crypto
It would have been hard to imagine a year ago just how important cryptocurrency has become to the current electoral race. Most of this change can be put down to the fact that more voters have a financial stake in the industry’s success. Thanks to the ETFs, the rising value of many tokens, and the overall popularity of the industry, more people have invested their money in crypto.
We also have to consider user cases like gambling. It is more common now for people to gamble with various cryptos and new sites have popped up to accommodate this demand. As Christian Roupé has explained, more people are seeking out the best online casinos to gamble with crypto, often spending significant amounts (source: https://www.techopedia.com/no/gambling/bitcoin-casino). In addition to gambling, cryptocurrency has also revolutionized cross-border payments, allowing people to send money internationally with lower fees and faster transaction times than traditional banking methods. This has made crypto an essential tool for people working abroad or those supporting families in other countries. With so many practical uses and a growing financial stake, voters are paying closer attention to candidates’ stances on crypto-related issues. This explains the heightened interest in Kamala Harris’ potential treasury head pick and the strong opinions surrounding it.
Gary Gensler for Treasury?
Gary Gensler has been the chair of the SEC for years and during that time, the crypto industry has had an even more contentious relationship with it. Take the lawsuits the commission brought forward against Coinbase, Binance, Ripple Labs, and a host of others. Many stakeholders have a negative of view of him, seeing him as being unnecessarily combative towards the industry.
As such, the news that he could be the next treasury chair has not sat well with crypto lovers. There is widespread concern that if he heads the treasury, regulatory support of the crypto sector will be even worse than before.
It also doesn’t do Kamala Harris any favours as she is already seen as being lukewarm towards the crypto sector. Her camp had hinted at a reset with the industry a while back but this doesn’t seem to be helping matters.
Ironically, Donald Trump, who has been very vocal in his support for the crypto sector in this election cycle, has promised to fire Gensler if elected into office. During an appearance at a Bitcoin Conference in Nashville last month, he based the current administration, promised to scrap the digital dollar, and took shots at Gensler.
Now, stakeholders are watching to see if this news is true and where the industry may stand in the event of a Harris win.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.