Close to 58% believe Trump's administration will be more beneficial for the banking sector, but 59% predict Harris will win the election. Crypto regulation is a key issue, with Trump advocating for a more pro-crypto stance, while Harris places a lot more emphasis on consumer protection in technology. Brad Garlinghouse, Ripple CEO, predicted that there will be a "crypto reset" regardless of the election's outcome. He also recently endorsed John Deaton in his senate race against Elizabeth Warren, after donating millions to the Fairshake PAC that backs Harris.
Survey Reveals Bankers' Split Views on Trump and Harris
A recent survey shows that professionals in the US banking industry favor former President Donald Trump over Vice President Kamala Harris as the preferred presidential candidate. However, most expect Harris to win the upcoming election.
The survey was conducted by American Banker publisher Arizent, and gathered responses from 191 banking industry professionals. Of these participants, about 59% predicted a Harris victory. However, when asked which administration will be better for the banking sector, 58% of the respondents preferred Trump, while only 35% believed Harris would be more beneficial.
This election cycle has presented quite a unique challenge for the banking sector, as both candidates spent very little time outlining specific policies. This led to uncertainty and speculation about future regulatory directions.
One area of particular interest has been the emphasis on crypto and related regulatory issues during this election cycle. While digital assets, including Bitcoin (BTC), have not emerged as major factors in determining election predictions, the financial industry's interest in regulatory clarity for cryptocurrencies is evident. Both Trump and Harris voiced their support for digital assets, but neither provided a very detailed policy framework.
Kamala Harris & Donald Trump
Trump's stance on crypto certainly evolved quite a bit, as he previously criticized Bitcoin. Now, he plans for the US to become the global leader in Bitcoin. Harris, on the other hand, has positioned herself in support of emerging technologies like AI, quantum computing, and blockchain.
Crypto Breaking Political Molds
Mick Mulvaney, the former acting White House Chief of Staff under Donald Trump, described the crypto industry as one that transcends traditional US political divisions as it appeals to both Democrats and Republicans. In an interview with NewsNation on Oct. 23, Mulvaney stated that the crypto sector does not align neatly with typical party lines, which means that it requires lawmakers to adapt to this industry. He also pointed out that while the industry is maturing, it still has a long way to go, especially as just four years ago, crypto advocacy in Washington consisted of grassroots efforts rather than the professional operations seen today.
Mick Mulvaney on NewsNation (Source: The Hill)
Mulvaney resigned as US special envoy for Northern Ireland after the Capitol riot in January of 2021. He now suggests that crypto's influence on the 2024 election and future cycles would be huge as interest groups increase their investments in pro-crypto candidates.
Political action committees (PACs) like Fairshake, Defend American Jobs, Protect Progress, and the Commonwealth Unity Fund have been very active in supporting crypto-friendly candidates through media spending, and industry leaders made some impressive donations to campaigns. The Bitcoin Voter PAC just recently released ads endorsing Trump, Texas Senator Ted Cruz, and Senate candidate Dave McCormick.
Brad Garlinghouse Endorses Deaton Against Warren
Even though the US election is right around the corner, the crypto space is still making moves. Brad Garlinghouse, CEO of Ripple, endorsed Republican John Deaton for the US Senate seat in Massachusetts which is currently held by Elizabeth Warren.
In an Oct. 22 post on X, Garlinghouse shared his strong support for Deaton because of his advocacy for XRP holders and the broader crypto industry in legal matters. The endorsement was not unexpected, as Garlinghouse, Ripple co-founder Chris Larsen, and chief legal officer Stuart Alderoty already donated to Deaton's campaign. Ripple is also a major supporter of the Commonwealth Unity Fund PAC, which backed Deaton through a number of media campaigns.
The Senate race has become a focal point for crypto policy debates. Warren and Deaton clashed over this very issue in debates on Oct. 15 and 17. Warren accused Deaton of prioritizing the crypto industry's interests due to his campaign funding, and suggested his loyalty will only lie with the sector. Deaton argued that Warren's focus on regulating crypto was excessive compared to other important issues like immigration and the economy. Warren and SEC Chair Gary Gensler are widely considered to be two of the most vocal opponents of crypto regulation in government.
Elizabeth Warren & John Deaton
With less than 13 days until the election, early voting is already underway in Massachusetts, and polls indicate Warren holds at least a 20-point lead over Deaton. Warren has represented the state in the Senate since 2013.
Ripple CEO Predicts Crypto Reset After US Election
Brad Garlinghouse also believes that a reset in the crypto industry is inevitable, regardless of the outcome of the upcoming US election. At the 8th Annual Washington DC Fintech Week, he talked about the current administration's "hostile" stance towards the crypto sector. He is, however, still optimistic for future progress, and stated that "no matter what happens, we're going to see a reset."
So far, both presidential candidates have addressed crypto, albeit with different approaches. Vice President Kamala Harris has voiced support for innovative technologies, including AI and digital assets, and placed a lot of focus on consumer protection. On the other hand, former President Donald Trump promised to end what he describes as an "unlawful and un-American crackdown" on the US crypto industry. He also positioned himself as a pro-crypto leader and endorsed the World Liberty Financial project.
Garlinghouse also commented on the candidates' stances, and shared that Trump has taken a strong pro-crypto position, and even branded himself as "the crypto president." He also mentioned Harris' longstanding ties to Silicon Valley and her pro-technology track record, although she has been relatively quiet on crypto specifically.
Brad Garlinghouse speaking at DC Fintech Week (Source: CNBC)
In the lead-up to the election, digital asset companies have increased political contributions to support pro-crypto candidates. Ripple recently contributed $25 million to the Fairshake political action committee. Additionally, Ripple co-founder Chris Larsen donated $10 million in crypto to a committee backing Harris.
