How will Harris's "Opportunity Economy" benefit the cryptocurrency industry?

Author: G Clay Miller

Translation: Mars Finance, Daisy

G Clay Miller, one of the founders of Crypto4Harris, explains why he believes the Harris administration would be more favorable to the development of the digital asset industry compared to the Trump administration.

The overwhelming support of single-issue cryptocurrency voters for Donald Trump is not without reason. The Biden administration's hostile stance towards digital assets is now attributed to Kamala Harris, while Trump has openly embraced the industry in recent months. If we simply look at the public statements (or silence) of the candidates, it seems logical to believe that Trump would be more favorable to the industry. However, upon careful examination of the overall policy positions of each candidate, I believe it is not difficult to see that the Harris administration will create a better environment for the long-term development of cryptocurrency.

Kamala Harris recently broke her silence on digital assets. On September 22, she stated at a fundraising event in New York City that she would "encourage the development of innovative technologies such as artificial intelligence and digital assets while protecting consumers and investors." On September 25, she expressed her hope for the United States to "take the lead in the blockchain field" in Pittsburgh.

These remarks were made after the establishment of the Crypto4Harris movement by Democratic cryptocurrency industry leaders and the holding of a city hall meeting advocating for a "reboot" of Democratic policies on digital assets for over a month. I admit that compared to Trump's 180-degree turn from skeptic to supporter, Harris's remarks seem relatively conservative.

For many, these remarks are the first clear signal that she is willing to support the cryptocurrency industry. However, for those who have been tracking her policy direction and interpreting signs, all of this was already evident. Her advisors and representatives have already shown support, and her campaign team has been involved in thoughtful discussions, including with Democratic congressional leaders such as Senate Majority Leader Chuck Schumer (D-NY) and senior member of the House Financial Services Committee, Representative Maxine Waters (D-CA). Meanwhile, her own remarks, policy positions, and campaign slogans all suggest that she will have a different approach to cryptocurrency than the Biden administration's restrictive policies. Industry insiders are confident that if Harris takes office in the future, it may bring about a "policy reboot."

I believe that although there are differences in the public statements of the two candidates on cryptocurrency issues, Kamala Harris's presidential term will be more favorable to our future digital economy. First, I will point out the discrepancies between the former president's words and actions, as well as his various behaviors of lying or exaggerating to gain an advantage. Then, I will explain why Harris's proposed "Opportunity Economy" vision can benefit our industry more broadly.

Here are some reasons for skepticism towards Trump:

1. Lack of presidential action:

Joe Biden is certainly not a supporter of cryptocurrency, but neither is Trump. Trump did not take any measures to support the industry during his four-year term. In fact, he initiated the "Operation Hidden Treasure" at the Treasury Department, which became a precursor to "Chokepoint 2.0." Additionally, he publicly called cryptocurrency a scam—making him the only presidential candidate to make such a statement.

2. Lack of educational background and unrealistic policy proposals:

Many of Trump's policy proposals are nothing more than vague slogans and empty promises. His statement that cryptocurrency should be "made in America" highlights his ignorance of the decentralized nature of verification technology; his proposal to "fire" Securities and Exchange Commission Chairman Gary Gensler exceeds the president's authority; and his claim that Bitcoin can offset national debt seems absurd.

3. He is just chasing money:

Trump's shift in support for the industry can be clearly seen through tracking the flow of funds from major donors to his campaign. Starting with donations from Andreesen Horowitz and the Winklevoss brothers, his interactions with donors increased directly in relation to their support for his campaign. Whether good or bad, the cryptocurrency industry accounted for nearly half of all corporate political donations in this cycle. Additionally, his recent business venture, "World Liberty Financial," made contradictory statements: initially announced to be open only to accredited investors, but later introduced a public token (20% of the total supply reserved for Trump family members). This raised ethical concerns, leading many experts to believe that his interest in this industry is solely to line his own pockets.

While Trump has indeed put forward very specific cryptocurrency policy proposals, his overall economic policy seems very vague. In contrast, Harris has developed a detailed strategy for creating what she calls the "Opportunity Economy," which reintroduces the long-lost concept of social mobility and addresses the core structural deficiencies of the American economy. By focusing on education, small business development, and ensuring a strong rule of law, our economy—including the digital economy—is expected to recover after decades of stagnation for the middle class.

Here are a few points on how Harris's "Opportunity Economy" will encourage digital asset innovation:

1. Child tax credits, education policies, and technical vocational training:

Harris's Opportunity Economy emphasizes revitalizing the middle class through child tax credits, improving education policies, and expanding technical vocational training. These initiatives are crucial for driving digital asset innovation. By cultivating a well-educated and skilled workforce, the Harris administration will promote the talent needed to sustain and expand the blockchain and cryptocurrency ecosystems. This emphasis on human capital will directly benefit future decentralized technologies.

2. Emphasis on support for small businesses through a $50,000 entrepreneurship credit:

A key pillar of Harris's platform is the $50,000 entrepreneurship credit, aimed at empowering small businesses. This policy is crucial for blockchain entrepreneurs who need early-stage capital to launch their businesses. The cryptocurrency industry thrives in an environment that supports grassroots innovation. Small businesses are the backbone of a healthy economy, and competition within the blockchain ecosystem will promote growth. Harris's experience in Silicon Valley and understanding of small business policies reflect her understanding that the next wave of decentralized technology will not come from large corporations, but from flexible small businesses.

3. The importance of the rule of law in market operations:

Most importantly, as a former district attorney, we can trust that under the Harris administration, the rule of law will be stronger than when a convicted criminal is in power. Stable, transparent, and predictable regulations and institutions can enhance people's trust in the system, allowing local businesses to thrive without worrying about sudden legal changes. This not only safeguards the interests of American investors, but also sends a strong signal to global markets, reassuring foreign investors that the United States is a safe and innovative business environment. By instilling confidence through the establishment of the rule of law, Harris's economic plan will enhance domestic and international interest in digital assets, creating a stable environment for growth.

Harris's data-driven, comprehensive, and pragmatic approach to economic reform, covering diverse perspectives, will serve broader national interests. A thriving middle class is key to sustainable growth, and her plan emphasizes reallocating opportunities by supporting historically overlooked populations. Her focus on education, workforce training, small business innovation, and the rule of law creates an economy that serves everyone, not just the wealthy elite—this is the core value of the cryptocurrency community. Her commitment to regulatory transparency enhances market stability, which is crucial for long-term growth. This balanced approach will ensure that all Americans benefit from economic prosperity.

Harris's broader economic policies have been thoroughly researched and carefully formulated. Now that she has begun to support the industry, I believe her digital asset policies will follow suit. I hope that before the election, the vice president will make more thoughtful comments on this topic—unlike Trump's unpredictable strategies. I believe that under the leadership of the Harris administration, the United States will become stronger, and so will the digital asset industry.

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