Kamala Harris presidency Could Drive US Crypto Firms Overseas: Nansen CEO

On Sept. 18, Alex Svanevik, CEO of the blockchain analytics company Nansen, shared his thoughts in an interview at Token2049 regarding the upcoming 2024 U.S. presidential election.

Svanevik discussed the potential impacts of the election results on the future of cryptocurrency, both within the United States and internationally, depending on whether the next president is Donald Trump or Kamala Harris.

“I think if Trump wins, it’s clear that this would be very positive for the crypto space in the U.S. […] He’s the most pro-crypto candidate by far. On the other hand, with Harris, it seems the environment could remain hostile towards crypto,” Svanevik stated.

Harris’ presidency could be bullish for crypto outside the US

Svanevik suggested that under Harris’ leadership, the current administration’s stance on crypto, which many believe to be unfavorable, might persist, creating a more challenging environment for crypto innovation in the U.S.

However, Svanevik did note that Harris taking office could actually create opportunities for crypto businesses internationally due to potential regulatory challenges within the U.S.

“If you think ahead, it could actually benefit crypto businesses outside the U.S., as companies may relocate to more favorable regions,” Svanevik said, sharing insights from conversations with industry leaders who indicated that a Harris presidency could prompt them to move their operations overseas.

Trump’s presidency potentially bullish for US crypto

Trump, who has previously launched his own cryptocurrency projects and made pro-crypto statements, is seen as someone who could champion the crypto industry in the U.S.

According to Svanevik, Trump winning the election could provide a significant boost to the crypto space within the country.

“It’s a positive for the U.S. if Trump wins, but if Harris takes office, there may be a short-term negative impact for the U.S. market. Interestingly, for non-U.S. countries, Harris’ victory might open up new opportunities for crypto business outside the U.S.,” Svanevik commented.

Though Trump has more recently leaned pro-crypto, it’s worth remembering that in 2019 he publicly expressed skepticism, calling Bitcoin and other cryptocurrencies “based on thin air” and declaring them “not money.”

Trump support topples after token launch

Following Trump’s announcement of a WLFI token launch, the response from the crypto community was mixed. Within 24 hours of the announcement on Sept. 16, some community members criticized the move, with some arguing it might alienate a portion of his supporters.

Trump shared the details during a session on X (formerly Twitter), stating that WLFI would be launched as part of his World Liberty Financial Project, though specifics about the project were scarce.

While some criticized the decision, others were more reserved, suggesting that the timing of the WLFI project could be risky and might have been a misstep.

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