Amid Kamala Harris‘ growing cryptocurrency outreach, popular market analyst Adam Cochran outlined a list of steps he wanted the Democratic presidential hopeful to take to safeguard the industry.
What Happened: Cochran, founder of venture fund Cinneamhain Ventures, and a vocal supporter of Harris’ bid for the White House, said that the easiest first step to protect Bitcoin BTC/USD and cryptocurrencies was to sack SEC Chair Gary Gensler, considered a thorn by several cryptocurrency enthusiasts.
Next on Cochran’s wishlist is an executive order declaring user-operated wallets as legal and doing away with KYC requirements. Cochran further expected a potential Harris administration to clarify that validators are not money transmitters under the Bank Secrecy Act.
Cochran also wanted a change in existing tax laws to allow cryptocurrencies to be spent like a currency without incurring separate taxation.
Additionally, he pushed for the expansion of crowdfunding regulations to include everything that is on a public blockchain.
Perhaps the toughest of them all, Cochran wanted Harris to recognize smart contracts without admin keys as independent systems, and guarantee protection under the First Amendment.
“All crypto wants, is the ability to exercise personal freedoms over our finances. And that can be achieved in ways that are practical, realistic, and without creating new financial crimes risk,” he concluded.
Why It Matters: Cochran’s wishlist comes in the wake of Harris’s recent unveiling of a cryptocurrency regulatory framework as part of her “Opportunity Agenda for Black Men”. The proposal acknowledges the growing importance of cryptocurrencies among Black Americans, with over 20% reportedly owning or having previously owned digital assets.
Last month, Harris finally put her cryptocurrency cards on the table after formally mentioning the asset class for the first time during her campaign.
Former President Donald Trump has taken the lead in courting the expanding demographic, and the Republican contender even launched a cryptocurrency project right before the November elections.
As of this writing, bettors favored Trump to win the election, with 56% odds in his favor, according to cryptocurrency-based prediction market, Polymarket.
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