2024 US elections - Catalyst for crypto bull market?

The 2024 U.S. election is historic for the cryptocurrency industry, marking the first time both major candidates—Kamala Harris and Donald Trump—have actively discussed and promoted their crypto policies. While their approaches differ, the very fact that crypto has become a major point in the US presidential debates signifies the mainstream acceptance of digital assets. Regardless of who wins, this election marks a pivotal moment for crypto. Let’s take a closer look at how the candidates’ policies compare and what this election means for the future of web3.

Kamala Harris: Crypto as a Tool for Financial Inclusion

Kamala Harris’s approach to cryptocurrency has evolved significantly over the course of her campaign. Initially cautious and focused on regulation, Harris has recently embraced crypto, positioning it as a tool for fostering financial inclusion, particularly for underrepresented communities. One of her standout initiatives is a program aimed at empowering Black American investors through digital assets. Harris argues that crypto, when properly regulated, can help bridge the racial wealth gap by providing accessible financial tools for communities historically underserved by traditional finance​ Decrypt Cointelegraph

Her campaign has also emphasized the need for a clear regulatory framework to protect consumers while promoting innovation. She has promised to support crypto and blockchain technology alongside AI, presenting these as key industries of the future that can enhance America's competitiveness globally. However, her policy comes with a strong focus on consumer protection and the need for consistent rules, something that has drawn both praise and skepticism from the crypto community​ CryptoSlate

Donald Trump: Full Embrace of Crypto and DeFi

On the other hand, Donald Trump has fully embraced the crypto space, making it a cornerstone of his campaign. His most notable initiative is the World Liberty Financial (WLFI) platform, a decentralized finance (DeFi) project. 

Launched with great fanfare, WLFI aims to offer services such as borrowing, lending, liquidity pools, and stablecoin transactions. The platform’s governance token, WLFI, is designed to empower users to vote on policy changes and protocol developments, reflecting Trump’s broader campaign narrative of "returning control to the people." Although the WLFI token sale is currently limited to accredited investors, Trump has promised to expand its accessibility post-election​ FXEmpire Cointelegraph

Trump has also made bold promises about turning the U.S. into the global "crypto capital" (NY Times) highlighting his commitment to supporting Bitcoin and other digital assets. He has pledged to remove regulatory hurdles, including firing SEC Chairman Gary Gensler, whom Trump sees as a major roadblock to crypto innovation. His platform emphasizes using stablecoins pegged to the U.S. dollar, with the goal of cementing the U.S. dollar’s dominance in global financial markets​ FXEmpire Cointelegraph

A Win-Win for Crypto

No matter who wins in 2024, the fact that both candidates are engaging with the crypto community signals that the industry has finally secured a permanent spot on the national agenda. This alone is a massive win for crypto advocates. For the first time, the sector is being taken seriously as part of broader economic discussions.

While Harris focuses on balancing regulation with innovation, particularly with an eye toward underserved communities, Trump takes a more aggressive approach, framing crypto as central to America's economic future and promising to strip away many of the current regulatory hurdles.

Impact of Crypto on the 2024 Election

The 2024 election is shaping up to be a turning point for how crypto influences national politics. Both Harris and Trump have placed crypto at the center of their campaigns, recognizing that it’s a key issue for younger, tech-savvy voters and financial innovators. Harris's cautious but supportive stance aims to appeal to both traditional Democrats and progressive communities looking for financial empowerment through blockchain. Trump, on the other hand, is leveraging his bold promises and business-oriented approach to attract investors and the crypto community at large.

Crypto is also playing a direct role in campaign fundraising. Candidates and political action committees (PACs) are now accepting donations in cryptocurrency, and crypto advocacy groups have become more active in shaping policy discussions. According to reports, major U.S. crypto companies have invested over $120 million to influence election outcomes, signaling the growing political power of the crypto industry ​CryptoSlate and over 80% of candidates supported by PACs won their elections.

Impact of the 2024 Election on Crypto

The 2024 U.S. election is significantly influencing the cryptocurrency landscape, regardless of its outcome. Throughout the election cycle, political debates, policy discussions, and candidate positions on digital assets have contributed to increased attention, volatility, and speculation within crypto markets. For instance, crypto-based prediction markets, like Polymarket, allow participants to bet on election outcomes using digital assets, further integrating crypto into political engagement​.

Moreover, uncertainty surrounding regulatory policies and leadership changes—particularly candidates’ stances on the SEC and digital asset regulations—has created market instability. This volatility is especially evident as investors await potential shifts in regulatory oversight, which could either fuel innovation or introduce stricter compliance requirements. In essence, the election process itself is amplifying crypto’s visibility and creating waves in market sentiment, with each political development or debate generating fluctuations in the crypto market and reshaping investor expectations.

Conclusion: The Crypto-Election Nexus

The growing focus on crypto in the 2024 election illustrates how the industry has evolved from the fringes to the mainstream. Both candidates see the potential of digital assets as part of the next wave of technological advancement, and their policies reflect this. Whether voters opt for Harris's more regulated vision or Trump’s unbridled enthusiasm, crypto is set to benefit from increased attention, resources, and legitimacy moving forward.

In a sense, the 2024 election marks a turning point: crypto has gone from being a niche topic to a subject of debate at the highest level of U.S. politics, and that signals exciting times ahead for the industry. If you don’t want to miss one of the biggest adoption cycles - launchpads are your best choice to go and AlphaMind is a platform where you can discover the best web3 projects, expected to trend in the upcoming bull cycle, get their tokens early and also earn multiple ecosystem rewards, airdrops & perks while doing fun engaging quests on the platform. Isn’t it the best way to enhance your crypto experience this season while learning by doing and getting fair rewards?!