After several days of falling prices, the cryptocurrency market is showing signs of a rebound. Speculation around former President Donald Trump’s improving chances in the U.S. election is driving this shift. The speculation began after reports that Vice President Kamala Harris is considering appointing SEC Chairman Gary Gensler as Treasury Secretary if she wins the presidency.
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Following this report, the sentiment has started to shift toward bullish resulting in top cryptocurrencies including BNB (BNB), XRP (XRP), Toncoin (TON), and Tron (TRX) experiencing massive price surges. According to the data, if Harris makes such a statement, there is a high possibility that crypto investors may not support her.
Apart from this, VP Harris also calls for raising the corporate tax rate to 28%, which would roll back a big part of former President Trump’s signature 2017 legislation which slashed the corporate tax rate from 35% to 21%, according to a share by a finance expert from Bloomberg. Whereas, this will also hurt voters and in the end, this thing would go in the favor of a Trump.
In contrast, Trump has promised “gigantic tax cuts” for Americans if re-elected. With inflation still a top concern for voters, many are increasingly turning to Bitcoin and other cryptocurrencies as a hedge against rising costs.
Trump is reportedly winning over nearly 90% of cryptocurrency holders. A report from Grayscale, a leading asset management firm, states that Trump plans to “keep 100% of all the Bitcoin the U.S. government currently holds.”
Despite her connection to Gensler, recent reports suggest Harris may be leaning toward more crypto-friendly policies, with some of her key advisor picks indicating a shift. However, both Trump and Harris have yet to announce any detailed crypto policy plans.
As the election draws nearer, both candidates’ positions on cryptocurrency could significantly impact the industry’s future.
Which candidate do you think will have the biggest impact on crypto?
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