After several days of declining prices, the cryptocurrency market sentiment appears to be changing as former President Donald Trump’s chances of winning the US election rise. This shift follows speculation that Vice President Kamala Harris might consider appointing SEC Chairman Gary Gensler as Treasury Secretary if elected.
Crypto Market Reaction
The prospect of Harris making such an appointment has led to a bullish shift in market sentiment, with major cryptocurrencies like BNB, XRP, Toncoin and Tron seeing significant price increases. There is concern among crypto investors that Harris’s potential policies could be unfavorable to the crypto industry.
Corporate Tax Rate Concerns
Additionally, Harris’s proposal to raise the corporate tax rate to 28% could reverse a significant portion of the tax cuts from Trump’s 2017 legislation, which lowered the rate from 35% to 21%. This proposed increase might alienate voters and could benefit Trump politically.
Read more: Bitcoin and Crypto Omitted from Democratic Party’s Latest Policy Agenda
Trump’s Promises
In contrast, Trump has pledged substantial tax cuts for Americans and has garnered nearly 90% of crypto holders’ support. He has also stated his intention to “keep 100% of all the Bitcoin the US government currently holds,” according to a recent Grayscale report.
Recent press coverage suggests that Harris’s advisor choices might indicate a more crypto-friendly stance, but clear crypto policy plans from both candidates are still awaited.
Cre: coinpedia.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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