Cardano Founder Weighs In On US Elections — Which Candidate Is Best For Crypto?
From a crypto perspective, Cardano founder Charles Hoskinson suggests that former US President and Republican presidential candidate Donald Trump is better suited to win the US presidential election as he has shown more support for the US crypto industry than Vice President Kamala Harris has.
Hoskinson Favors Trump For His Support Of Crypto Industry
At the recently concluded TOKEN2049 conference in Singapore, Hoskinson was particularly vocal about his support for the Trump administration. In a CNBC interview on Friday, September 20, he said, “Any presidential candidate who actively participates in crypto-related conferences or initiates decentralized finance (DeFi) projects is likely to be more supportive of the industry than someone who appointed SEC Chair Gary Gensler.”
This comment follows Trump’s pledge at a July Bitcoin Conference to advocate for favorable crypto regulations and his promise to dismiss Gensler on his first day as president. In contrast, Hoskinson has been particularly critical of the Biden-Harris administration, which he believes has taken a hostile stance towards the crypto industry.
He went so far as to assert that voting for Kamala Harris would threaten the US cryptocurrency sector. This sentiment is echoed by the numerous enforcement actions initiated by the SEC under Gensler’s leadership against major crypto businesses such as Ripple, Binance, and Coinbase.
Since attending the Bitcoin Conference, Trump has demonstrated his support for the industry on various occasions, including launching a DeFi project called World Liberty Financial and using Bitcoin to purchase cheeseburgers for his supporters. When asked whether Trump’s support for crypto is opportunistic, given his family’s involvement in the sector, Hoskinson acknowledged that all politicians, including the former president, exhibit “some degree of opportunism.”
In an interview with the Financial Times on Friday, September 20, Hoskinson also expressed reservations about the Trump-backed venture, World Liberty Financial. The Cardano founder is concerned that this platform could become a political issue. “Trump is launching a DeFi application, and that’s concerning for the industry,” Hoskinson stated.
VanEck Analysts Favor Harris Administration For Bitcoin
Despite Trump’s recent outreach to the crypto industry and support from prominent cryptocurrency investors, Charles Hoskinson remains somewhat skeptical that either Trump or Kamala Harris, if elected, would significantly advance the development of the cryptocurrency industry in the U.S. However, he did note that Trump “is the favorite (presidential candidate) from a cryptocurrency perspective.”
Interestingly, some analysts at VanEck argue that Kamala Harris may be a better overall choice for Bitcoin. They contend that her presidency would likely maintain the current economic policies, which could weaken the US dollar and drive further Bitcoin adoption.
“We believe a Kamala Harris presidency could be more beneficial for Bitcoin than a second term for Trump, as it would likely accelerate many of the structural issues that underpin Bitcoin adoption,” stated Matthew Sigel and Patrick Bush in a report released on Thursday. They added, “As inflation and currency devaluation continue challenging fiat monetary systems, Bitcoin could serve as a crucial hedge.”
Featured image from WIRED, chart from TradingView