Where Do Political Candidates Stand on Crypto?

As the 2024 U.S. presidential election approaches, the conversation around cryptocurrency has become a hot topic, and both candidates, Kamala Harris and Donald Trump, have found themselves facing questions on their stance. The rapid rise of political-themed tokens like MAGA and FreeDum Fighters ($DUM) has further fueled interest in how these candidates might handle crypto regulation and its growing influence on the economy.

The rise of political tokens 

Trading above both the 50-day and 200-day Simple Moving Averages (SMAs), MAGA tokens are currently benefiting from bullish momentum, attracting attention from investors. The Relative Strength Index (RSI) shows a reading of 64.11, suggesting that while there’s increasing buying pressure, it’s still not in overbought territory. Bulls continue to target a price of $7, though caution is warranted as the token inches closer to overvaluation.

FreeDum Fighters ($DUM) adds a layer of satire to the crypto world, poking fun at U.S. politics while leveraging the hype around the upcoming elections. This satirical token parodies the presidential race by introducing fictional candidates like MAGATRON and Kamacop 9000. While rooted in humor, $DUM has serious traction, having raised over $100k in its presale within just one hour of launch. It taps into the Vote-to-Earn trend, giving holders the chance to vote for their chosen candidate, debate issues, and earn rewards, all while mocking real-world political engagement (source: https://freedumfighters.com).

Harris on cryptocurrency 

Kamala Harris, the Democratic candidate, has not been particularly outspoken on cryptocurrency, but her stance on digital finance has surfaced in various interviews. Harris’s focus tends to be on more traditional economic reforms, such as supporting small businesses, reducing wealth inequality, and increasing access to financial services. However, her administration is likely to prioritize consumer protection and crypto regulation, aiming to avoid scams and ensure financial security in the digital world.

Given Harris's progressive policies, her administration could likely take a cautious approach to cryptocurrency. With digital currencies being highly volatile and prone to fraud, a Harris-led White House might push for stricter oversight and enhanced regulations on decentralized finance. While she hasn’t made any direct statements about tokens like MAGA or FreeDum Fighters, one could expect her administration to closely monitor the growing intersection of politics and crypto, especially with the increasing trend of political satire tokens like $DUM entering the space.

Trump on Crypto

Donald Trump’s stance on cryptocurrency has evolved over time. While he was openly critical of digital currencies during his first term, calling Bitcoin a "scam" and saying that the dollar should remain the dominant currency, his rhetoric around crypto has softened recently. As Trump gears up for a potential return to the White House, it’s clear he’s aware of the political sway crypto has garnered, especially among his base.

Trump is willing to adapt his platform to align with populist views. This can only suggest that he might embrace crypto more than before, particularly in the form of MAGA tokens. MAGA has recently become very popular and resonates with his supporters. The token surged by 5% within 24 hours, with trading volumes skyrocketing 37% to $17 million. This shows there’s a strong performance and growing interest. 

Given Trump’s background in business and the MAGA movement’s decentralized appeal, it wouldn’t be surprising if he took a more hands-off approach to cryptocurrency regulation. His strategy might be to encourage blockchain innovation but still to keep an eye on the technology’s potential to disrupt traditional finance.

The political future of crypto 

Crypto has undoubtedly become a significant topic in the 2024 election, considering the rise of political tokens and growing public interest in digital assets.  Both Kamala Harris and Donald Trump must navigate a crypto landscape that’s no longer niche but mainstream. 

For voters, understanding where each candidate stands on crypto will be crucial. Harris’s likely emphasis on regulation and consumer protection contrasts with Trump’s more laissez-faire approach, signaling a potential divide in how cryptocurrency will be treated under each administration.