On August 19, according to CNBC, TD Cowen analyst Jaret Seiberg pointed out in a report that Kamala Harris could be more favorable for cryptocurrencies after being elected president compared to the current Biden administration, although it may not be a priority and the industry could still face hostile regulators. Seiberg also noted that campaign rhetoric does not necessarily translate into policy action. While Donald Trump has recently portrayed himself as a cryptocurrency advocate, his record in his first term suggests that his regulators may not be more inclusive of cryptocurrencies in his second term. Seiberg predicted that the Harris administration may support investor protection efforts and retain the SEC's role in regulating tokens and trading platforms. Seiberg said investor protections under the Harris administration could be slightly tougher than under the Trump administration.