Key Points
- Galaxy Digital’s scorecard indicates Trump is generally more supportive of the crypto industry than Biden or Harris, scoring better or the same on most issues.
- While Biden’s administration is portrayed as somewhat hostile to crypto, the analysis suggests Harris could potentially be more supportive than Biden has been.
Galaxy Digital, a prominent digital asset and blockchain company, has released a detailed policy scorecard comparing the crypto stances of President Joe Biden, Vice President Kamala Harris, and former President Donald Trump. Alex Thorn, head of research at Galaxy Digital, shared the scorecard on X, providing insights into how each politician’s administration has approached or might approach various crypto-related issues.
The scorecard covers key areas of crypto policy, including the Securities and Exchange Commission’s approach, Treasury and IRS issues, Bitcoin mining, and legislative efforts. It uses a color-coded system to indicate the level of support or hostility toward the current crypto industry, ranging from extremely hostile (dark red) to extremely supportive (dark green).
Source: Alex Thorn on X
Trump Emerges as Most Crypto-Friendly
According to Galaxy Digital’s analysis, the Trump administration appears to be the most supportive of the crypto industry. On issues such as the SEC’s approach, IRS tax issues, and Bitcoin mining, Trump is rated as “extremely supportive” or “somewhat supportive.” The scorecard suggests that Trump’s policies would likely be more favorable to innovation in digital assets and blockchain technology.
Biden Administration Seen as Crypto-Skeptic
In contrast, the Biden administration is portrayed as leaning towards a more skeptical or hostile stance on several crypto-related issues. The scorecard indicates that Biden’s approach to the SEC and Treasury sanctions is “extremely hostile” to the current crypto industry. However, it’s worth noting that on some issues, such as self-custody of digital assets, the Biden administration is seen as neutral.
Harris: A Potential Shift in Approach
Interestingly, Vice President Kamala Harris’s stance appears more nuanced, with a mix of positive and negative leanings across different issues. Alex Thorn commented on this finding, stating, “We’re optimistic that Harris could be more supportive than Biden has been.” This observation suggests a potential shift in crypto policy should Harris gain more influence or in a future Harris administration.
Industry Implications and Future Outlook
While the scorecard provides valuable insights into the current political landscape surrounding crypto policy, it’s important to note that the industry and related policies are rapidly evolving. Galaxy Digital’s analysis offers a starting point for understanding potential policy directions, but as Alex Thorn notes, the bottom line is that “while Trump is undoubtedly more favorable for the industry,” there’s room for optimism regarding Harris’s potential approach.
This comprehensive scorecard from Galaxy Digital serves as a good resource for industry stakeholders, investors, and policymakers alike, offering a clear comparison of how key political figures might shape the future of cryptocurrency and blockchain technology in the United States.
