U.S. funding financial institution Bernstein stated the cryptocurrency neighborhood is asking on Democratic presidential candidate Kamala Harris to take a clearer stance and extra actionable insurance policies.
Harris appears to take clearer stance on digital belongings
In a memo shared with purchasers on September 23, 2024, Bernstein analysts highlighted a number of causes for the transient rally in digital belongings over the weekend.
One motive is the prospect of bipartisan assist for the cryptoeconomy. At a weekend fundraiser on Wall Avenue, Harris commented Her regime will “encourage modern applied sciences reminiscent of synthetic intelligence and digital belongings whereas defending customers and buyers.”
It’s value noting that that is the primary time Harris has used the phrase digital belongings in his speech. Bernstein analysts wrote:
That is clearly in sharp distinction to Trump’s public stance of “the US because the capital of cryptocurrency” and particular coverage commitments – pleasant SEC chairman, Bitcoin nationwide reserve, assist for US Bitcoin mining, stablecoin supervision, and so on. Regardless, the cryptocurrency neighborhood does really feel some reduction.
Nonetheless, the cryptocurrency neighborhood needs the Harris camp to take concrete steps and follow-up actions earlier than reconsidering its political stance. Democrats face a serious problem in turning the neighborhood away from crypto-supporting Republican nominee Donald Trump, particularly because the Biden administration has critical Goal rising industries.
For instance, in July 2024, U.S. Democratic Senator Elizabeth Warren Received Wall Avenue banks are backing her laws that might require digital asset miners, validators and pockets suppliers to implement “know your buyer” (KYC) insurance policies.
Bernstein: Cryptocurrency sentiment may very well be stronger throughout Trump’s presidency
Bernstein added {that a} Trump victory may pave the best way for stronger sentiment towards digital belongings in the US. The nation has struggled for years with imprecise digital asset rules, forcing many companies to relocate to nations with extra mature regulatory frameworks. The memo talked about:
We nonetheless consider that cryptocurrency market sentiment will probably be stronger after Trump wins, as it’ll sign the start of latest insurance policies and should present broader regulatory assist for DeFi/asset tokenization/NFT past Bitcoin .
Not too long ago, it was reported that Trump seen Bitcoin (BTC) was used to pay for a burger at a New York Metropolis bar earlier than a marketing campaign rally. It’s value emphasizing that Trump has not all the time supported cryptocurrencies. It wasn’t till the eve of the 2024 presidential election that the previous U.S. president Convert From cryptocurrency skeptics to staunch supporters.
Whereas most specialists count on a Trump victory to be extra helpful for digital asset markets, some specialists consider conclude Irrespective of who wins the November election, Bitcoin’s long-term outlook stays optimistic. At press time, BTC was buying and selling at $63,213, up barely by 0.7% prior to now 24 hours.
Featured picture from Unsplash.com, chart from TradingView.com
