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Incumbent Vice President and Democratic candidate Kamala Harris has positioned herself as a supporter of cryptocurrency and artificial intelligence, a move debated to appeal to young, pro-crypto voters.
This is in stark contrast to President Biden’s approach, which involved signing an executive order last year setting 30 new federal regulatory standards for AI.
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“We will partner to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” he said. Harris said at a fundraiser at Cipriani Wall Street.
Notably, this might be one of the few areas where Democratic and Republican candidates agree. Former President Donald Trump – a longtime advocate of the cryptocurrency industry – has already announced plans to fire current SEC Chairman Gary Gensler if he wins.
What does this mean for AI and cryptography?
Kamala Harris’ 180-degree turn from the current administration’s views has been cheered by the crypto sector and caught the attention of industry leaders. The vice president’s message comes as the crypto industry flexes its financial muscles, becoming a significant player in the 2024 presidential race.
“Kamala just said she would encourage innovative technologies like DIGITAL ASSETS,” Hayden Adams, CEO of cryptocurrency exchange Uniswap, said in an article on X. “I think this is the first time that she publicly references crypto and it’s in a positive way.”
Nvidia
Chipmaker NVIDIA Corp. (NASDAQ:NVDA) has been a cornerstone of the artificial intelligence industry for several years. The Californian company held 88% of the capital. GPU market share starting in the first quarter of 2024 – representing a whopping 8% sequential increase.
NVIDIA is undoubtedly one of the best performing S&P 500 stocks in 2024, up nearly 170% year over year. If elected, Harris’ advocacy for the AI sector could propel NVDA stock even higher, with analysts expecting the stock to jump more than 15%.
Additionally, given the growing demand for AI chips, NVIDIA’s revenue is expected to be $125.54 billion in fiscal 2025, a year-on-year increase of 125.4%. ‘other. The company’s bottom line is expected to grow more than 138% year-over-year, with earnings per share (EPS) reaching $2.84 for the current year.
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Coinbase
Coinbase Global, Inc. (NASDAQ:COIN), the largest cryptocurrency exchange in the United States by trading volume, has been embroiled in a legal battle with the SEC for some time. In June 2023, the federal regulator filed two lawsuits just two days apart in an effort to crack down on the US crypto industry.
CoinbaseLegal battles have continued since then, with the crypto exchange facing off against the country’s largest securities regulator. But that could soon change if Harris emerges victorious and the White House implements favorable crypto policies.
Cathie Wood, founder and CEO of Ark Invest, which rose to prominence during the pandemic by delivering over 325% returns to investors, recently invested approximately $2.2 million in Coinbase, according to Coindesk search. Ark Invest’s flagship Fintech Innovation ETF holds $67 million worth of COIN shares, which translates to a 7.43% weighting in the fund.
Coinbase could benefit significantly if Harris comes to power, as the company’s EPS is expected to grow at a compound annual growth rate (CAGR) of nearly 200% over the next five years.
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This item Kamala Harris plans to boost the AI and crypto sectors if she wins – these specific stocks could benefit originally appeared on Benzinga.com