While United States Vice President and presidential candidate Kamala Harris is friendlier to cryptocurrencies than her president, Joe Biden, she is not as pro-industry as her rival and former President Donald Trump, Galaxy Research noted on October 14.

Galaxy’s head of research, Alex Thorn, said in a post on the .

“Trump is certainly more positive for the industry, but we are optimistic that Harris could be more supportive than Biden,” Thorn said. In the November election, Republican candidate Trump will run against Democrat Harris — who has said she wants to make America the “crypto center of the world” — but Harris has remained relatively silent on the industry.

Under Democrat Biden, the US Securities and Exchange Commission (SEC) has taken a tough regulatory stance against crypto, imposing more than 100 regulatory actions on industry firms.

In July, Trump vowed to “fire” Gary Gensler, who now heads the SEC.

Starting in September, Harris began making more moves in the crypto space, listing blockchain technology among several emerging sectors that she wants the U.S. to remain “dominant.”

This could mean a softer crypto regulatory approach. Galaxy stated that “background conversations” suggested that Harris was aiming for a more constructive approach than Biden.

The resignation of Gurbir Grewal, head of the SEC’s enforcement division, on October 2 may signal a change of direction within the current administration. According to Galaxy, Harris continues to take an “extremely hostile” stance toward the industry on taxes.

His plans include rolling back Trump’s tax cuts, which would likely mean higher capital gains taxes for crypto holders.

Meanwhile, Trump expressed support for Bitcoin mining, which he confused with manufacturing. According to the report, Trump wants more Bitcoin to be “made in America.”

According to Galaxy, Trump also promised to protect the “right of self-custody,” which refers to keeping crypto assets in a wallet managed by the user rather than a third party.

Harris has not taken a similarly positive stance on Bitcoin mining or self-storage.

Notably, both candidates remain tough on imposing financial sanctions on foreign adversaries of crypto transactions, Galaxy notes.

This could limit both candidates’ support for permissionless decentralized finance (DeFi) protocols that violate Know Your Customer (KYC) or Anti-Money Laundering (AML) rules.