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US Presidential candidate Kamala Harris is seen as more crypto-friendly than Joe Biden, but she does not champion the industry as much as Donald Trump does, Galaxy Research reports. Harris plans to improve regulations for US crypto companies; however, she is not supportive of issues such as taxes, Bitcoin mining, and self-custody. Trump, in contrast, advocates for the US becoming the global cryptocurrency capital, supports Bitcoin mining and the self-custody of assets. Despite differing standings, both candidates are equally tough on overseas crypto transactions that endanger national security.

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Kamala Harris, a US presidential candidate, is more crypto-friendly than President Joe Biden but doesn’t quite champion the industry like Donald Trump, according to findings by Galaxy Research on October 14th.

Harris pledges to make the regulatory scene better for US crypto companies. However, she’s not exactly a fan when it comes to related matters like taxes, Bitcoin mining, and keeping all your coins to yourself (a practice called self-custody). All this info comes from a post made by Alex Thorn, the big research guy at Galaxy, on the X platform.

While Trump scores more pro-industry points, Thorn feels positive that Harris could bring more support to the table than what Biden has shown so far.

In terms of crypto policies, Trump and Harris have different standings in the ongoing US presidential elections happening this November. Trump, the Republican candidate, dreams of transforming America into the global cryptocurrency capital. Harris, the Democratic rival? Well, she’s kept kinda mum about the whole industry.

The way crypto has been regulated so far under Biden, also a Democrat, has been pretty hard-handed, with the US Securities and Exchange Commission (SEC) throwing around 100 regulatory warnings at firms in the crypto industry.

Back in July, Trump made headlines for promising to give the boot to Gary Gensler, the head honcho of the SEC.

But since September, Harris has been making waves in the crypto-world, putting blockchain technology on her list of modern tech that she aims to keep US dominant in. According to Galaxy, this might mean Harris would introduce more chill regulations for crypto. Behind-the-scenes talks even hint that she might be planning a more constructive approach than Biden.

Big news came on October 2nd when the SEC’s enforcement chief, Gurbir Grewal, stepped down, possibly signaling a change of direction within the current administration.

When it comes to taxes though, Galaxy still views Harris as a major adversary to the crypto folks. Her plan? To do away with Trump’s tax cuts, which might increase the capital gains taxes for those owning crypto, Galaxy shared.

At the same time, Trump has openly supported Bitcoin mining, which he sees as a form of manufacturing. In his view, more Bitcoin should be made in America. He’s also promised to “protect the right of self-custody”, or the idea of keeping crypto assets in a self-managed wallet instead of with a third-party holder. Harris, however, hasn’t been similarly enthusiastic about Bitcoin mining or self-custody.

Interestingly, both candidates are similarly aggressive in applying financial sanctions against overseas crypto transactions which threaten national security. Consequently, neither candidate seems to favor the so-called “permissionless” decentralized finance protocols, which ignore rules like Know Your Customer (KYC) or Anti-Money Laundering (AML).

Source: Cointelegraph