- Crypto industry members are showing displeasure toward the new US Treasury national strategy for financial inclusion.
- The strategy addresses new financial approaches but refers to crypto as a risk.
- With the US presidential elections a few days away, the newly released strategy may negatively affect Kamala Harris' chances.
In a speech at the ABA Annual Convention on Tuesday, US Treasury Secretary Janet Yellen revealed a new National Strategy for Financial Inclusion (NSFI), but the issue failed to mention crypto in a good light. With the US presidential election only a few days away, this may negatively impact support for Democrat candidate Kamala Harris.
US Treasury addresses crypto as a risk ahead of US presidential election
During a keynote speech on Tuesday, the US Treasury Secretary Janet Yellen introduced the new National Strategy for Financial Inclusion (NSFI). The NSFI is a set of objectives aimed at increasing access to secure and affordable financial products and services for every American.
The strategy mentions crypto only once and refers to it as a risk — a term commonly used under the Biden administration.
Several crypto enthusiasts have referred to the omission of crypto in the new report as a deliberate action by the Biden administration a few days before the election.
This comes after reports stated that the US Treasury plans to take debts of $1.3 trillion over the next six months to keep the economy stable. The debt includes $546 billion in this final quarter and another $823 billion in the first quarter of 2025.
Democrat candidate Kamala Harris hasn't shown a clear stance toward digital assets, and industry enthusiasts now wonder if she is involved in the US Treasury's final move.
This may hamper support for Harris in the elections as many crypto community members believe that a continued Democratic rule will negatively impact the crypto industry.
However, Ripple co-founder Chris Larsen, who has been a major donor to the Harris campaign, has shown good faith in the candidate.
Larsen claims he supports Harris because he believes she will ensure that "American technology dominates the world." He further stated in an interview with CNBC that regardless of who the winner will be, the war on crypto will be over.
Meanwhile, prediction marketplace Polymarket odds show Donald Trump maintaining a 66% lead over Harris' 33%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.