0
0
News

Democrats Ignore Crypto in Latest Tech Policy Push

While crypto increasingly pins market resurgence hopes on election results, Democrats aren't engaging.
0
0
Sep 9, 2024 • 1 min read

As Bernstein brokerage predicts Bitcoin’s fate hangs on the election outcomes, Kamala Harris and Chuck Schumer release policy positions and lawmaker letters void of any mention of crypto.

What's the scoop?

  • No Crypto Mention from Harris: Kamala Harris has outlined her tech policies, focusing on AI and emerging technologies but omitting Bitcoin and cryptocurrencies.
  • Schumer Omits Crypto Too: Senate Majority Leader Chuck Schumer, who recently vowed to push for crypto regulation at the Crypto4Harris town hall, left out any reference to digital assets in his "Dear Colleague" letter, focusing instead on AI and other tech priorities.
  • Democratic Party Platform: Last month, the Democratic platform was also devoid of any crypto references, unlike the Republican platform, which explicitly supports Bitcoin mining and self-custody rights.

Bankless Take:

The absence of crypto in Harris and Schumer's agendas suggests the whispers of the Democratic Party's reevaluation of crypto was likely a brief reaction to Trump's momentum around Bitcoin Nashville. On the other hand, though, they may be waiting til after the outcomes of the crypto-related hearings this month to take a firmer stance. All in all, according to Bernstein analysts, this political divergence could significantly impact the market, with Bitcoin potentially dropping to $30K-$40K if Harris wins the election or surging towards $80K-$90K if Trump wins. With Democrats favoring AI policy talks, the crypto market may see more favorable conditions under a Republican administration.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.

Are you sure you want
to log out?
You'll lose access to your Bankless account until you log back in again. Oh and also, we'll miss you too much! 😢
Cancel
Continue
Account Light mode Log Out