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Kamala Harris selects Tim Walz as her vice presidential candidate in the US election

Posted on by darion

  • Yesterday, Kamala Harris has chosen Tim Walz as her vice president for the 2024 US presidential election
  • The Harris-Walz administration will likely take over stricter regulations on cryptocurrencies.
  • On the other hand, Donald Trump and JD Vance’s pro-cryptocurrency stance may increase investment in cryptocurrencies and innovations.
  • If Harris wins, tougher regulations will improve consumer protection, but compliance costs, restrictions and Privacy concerns may scare off Web3 startups.

Kamala Harris picks Tim Walz for vice president in US presidential election – stricter cryptocurrency rules may be introduced

On August 6, Democratic presidential candidate Kamala Harris selected Minnesota Governor Tim Walz as her vice presidential running mate in the upcoming election.

This could have a profound impact on the cryptocurrency sectorWhile Harris’ stance on cryptocurrencies remains a mystery, Walz (who served in Congress for 12 years) is known for his strict us cryptocurrency rules.

In turn, Donald Trump and his vice president (JD Vance) are much more supportive of cryptocurrencies.

Let’s take a look at how their different points of view could impact the future of the cryptocurrency industry.

Cryptocurrency regulations could tighten under Harris administration

The fight between Trump and Harris to win the 2024 US presidential election is fierce. The latest predictions suggest that Trump has a 52% chance of winningwhile Harris trails close behind with a 46% probability.

Potential 2024 Presidential Election Result at PolymarketPotential 2024 Presidential Election Result at Polymarket

Walz’s approach to strict US cryptocurrency policy suggests that Cryptocurrency regulatory framework to be strengthened under Harris.

At the beginning of this year he a law was signed aimed at cryptocurrency kioskssetting a daily limit of $2,000 and providing fraud protection.

Unfortunately, crypto scams are becoming more common, with scammers using crypto kiosks to steal money from consumers. This new law is intended to protect Minnesotans from scams and recover funds lost by consumers to fraud.Trade Commissioner Grace Arnold

Increased regulatory oversight would better protect investors. However, it may stifle innovation and scare startups away from joining the Web3 space due to privacy concerns, creativity constraints, and compliance costs.

The other way round, Trump’s Pro-Cryptopolitical Stance attracts a lot of attention and contributes to $BTC recovers $68k When Biden withdrew from the US election race.

Trump’s continued advocacy for pro-crypto policies

Trump is an unwavering supporter of cryptocurrencies. July 27 was the main organizer of the largest conference dedicated to Bitcoin, claiming that it would make the United States “crypto capital of the planet and the superpower of Bitcoin in the world,’ and to ‘never sell $BTC‘.

The former president also announced that if he wins the election, fire the chairman of the Securities and Exchange Commission (SEC)Gary Gensler (who is aggressively pursuing cryptocurrencies).

In the same month, Trump over $4 million in cryptocurrency donations raised. However, Harris doubles donations to Trump campaignearning $310 million compared to $138.7 million.

Trump too a Bitcoin reserve has been proposed to deal with the US national debt, which is currently worth $35 trillion. However, given that the total cryptocurrency market capitalization is ~$2 trillion and $BTC market share is $1.13 trillion+, acquiring $1 million BTC would barely touch the massive debt.

To sum up – cryptocurrency freedom or stability?

If Trump wins the 2024 US election, the country should become much more friendly for cryptocurrency investments and blockchain innovation.

On the other hand, if Harris wins, The United States could face tougher cryptocurrency regulations and increased oversight. While unattractive to crypto-absolutists, this could solve industry problems like instability and fraud.

Only time will tell how the election will play out, what it means for the cryptocurrency industry, and – potentially – what Harris really thinks about U.S. cryptocurrency policy.

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Reservation: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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