The Official Monetary and Financial Institutions Forum (OMFIF) has released a new report on Thursday, asserting that the Democratic candidate, Kamala Harris, is unable to concede the crypto market to the Republican nominee, Donald Trump, in critical battleground states prior to the 2024 U.S. presidential election.
Harris, according to the independent think tank, “must establish her own cryptoasset agenda or she risks ceding the ground wholly to the Republicans” as a result of her failure to embrace the blockchain sector.
Although reports indicate that the current U.S. vice president may be “more receptive” to crypto than her purported predecessor, Joe Biden, she has maintained a relatively low profile regarding her stance on digital assets.
In the meanwhile, Trump has taken a quite crypto-friendly stance, making a bold statement about turning the United States become “the crypto capital of the globe” last week at the Bitcoin 2024 Conference in Nashville. There have been reports that Harris would not be attending the top conference for digital assets.
According to Lewis McLellan, author of OMFIF, the crypto community and the Republican party discovered a shared interest, which is not surprising. The party of limited government, particularly the version constructed in the image of former president Donald Trump, is perhaps the more natural political home for cryptocurrency, as it has always flaunted its anti-establishment character.
At this year’s election cycle’s inflection point, OMFIF’s commentary is timely, as recent data indicates that 20% of voters in the swing states of the year consider cryptocurrency to be a critical issue.
The Biden administration’s rigorous approach to digital asset regulation may undermine Harris’ prospects of gaining the support of the crypto community as a whole.
OMFIF references Democratic opposition to the Financial Innovation and Technology Act for the 21st Century (FIT21) bill and Biden’s decision to veto the congressional overturn of the United States Securities and Exchange Commission’s (SEC) controversial accounting bulletin SAB121.
Conversely, Trump has pledged to establish a regulatory framework that is conducive to the development of cryptocurrency if he is elected.
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