Tim Walz is the vice president candidate for the upcoming US election representing the Democrats. The former Governor of Minnesota has begun his campaign along with Kamala Harris.
Harris’s choice of Tim Walz as her compatriot in contesting the 2024 elections has given way to much speculation and confusion among the crypto users in America. Whether this selection will be a boon or a bane to the crypto industry is the most anticipated query that requires proper clarification in due course.
Who Is Tim Walz?
Tim Walz, an American politician, is the current Governor of Minnesota. This 60-year-old veteran politician was a member of the US House of Representatives from 2007 to 2019. It is not a surprise that the democratic party chose him as the vice president candidate because he is popular for his deftness and agility in politics.
His powerful decision-making in areas such as tax modifications, free school meals, bolstering state infrastructure, gun background checks, codifying abortion rights, and free college tuition for low-income families proved his resolve to uphold the rights of his people during his tenure as the Minnesota Governor.
Impact Of Tim Walz’s Candidature On The US Crypto Market
The general outlook of the democratic party is unfavorable to crypto adoption. The incumbent president Joe Biden was very particular about his official dealings with cryptocurrency firms. He oversaw the tightening of the market regulations by the US Securities and Exchanges Commission (SEC). Many litigations are underway between the US SEC and many crypto organizations.
Kamala Harris’s moves are also speculated to be against the free flow of the crypto market. It is expected that she will follow the path of her predecessor when it comes to law-making regarding the decentralized finance sector.
Tim Walz has not made any outright comments in support of or against the crypto industry. However, he is well-known for his strict outlook on various financial policies during his tenure as the Governor of Minnesota. During his 12-year-long tenure in the US House of Representatives, he was very particular about ensuring financial stability and protection of consumer rights.
The finance experts warn that Walz will continue these policies if elected as the vice president. He is also a close aide of Gary Gensler, the chair of the US SEC. These facts add to the speculations and confusion.
The selection of Tim Walz as the vice president candidate is not a source of hope for crypto enthusiasts. Crypto users should expect stricter policy regulations and laws if the Harris-Walz combo runs the race. Even though Walz has not made any public statements, his past dealings shadow his future decisions.
There are many other reasons to think that Walz will disapprove of crypto adoption. In 2022, Walz was offered $4000 as a donation by Nishad Singh, the former executive of the now-defunct cryptocurrency exchange FTX. however, Walz returned this amount, which experts think shows his lack of will to promote cryptocurrencies.
As the Governor of Minnesota, Walz passed a rule to limit the daily transactions at various crypto kiosks to $2000.
Warren Anderson, the co-founder of the omnichain staking protocol Exocore believes that Walz has a general opinion that cryptocurrencies are not fit to be considered a legal tender. If Anderson’s assumptions are correct, the US crypto market will be subjected to strict regulations in the future if the Harris-Walz duo is elected.
Also, Read: Is Cryptocurrency Becoming A Political Issue?
The Bottom Line
The Harris-Walz duo, if elected to head the US for the next four years, is a challenging choice for the US crypto market. Walz is noted for his resolve to ensure financial stability and his support for the protection of consumer rights. Kamala Harris is a legislator less interested in experimenting with new regulations.
In short, the Democratic alliance securing a victory will not be a happy event for crypto users and enthusiasts. Moreover, the Republican candidate Donald Trump is all praise for the decentralized finance sector. There is a high chance that crypto users will turn the table in the upcoming US elections. The election result and the future of the American crypto market are so intertwined that one entity will impact the outcome of the other.
