Kamala Harris’ campaign may focus on innovation, not cryptocurrency
Date: 2024-08-23 Author: Gabriel Deangelo Categories: BLOCKCHAIN
On August 21, reports emerged that a Kamala Harris campaign aide said the Democratic nominee would “support policies that ensure the growth of emerging technologies and this industry,” referring to the crypto industry.
While the statement doesn’t provide significant policy details, it could signal a shift in position for the Harris campaign, which has not previously spoken out on digital assets.
The aide who spoke to Bloomberg at the DNC was Brian Nelson, who left his position as undersecretary of the Treasury for terrorism and financial intelligence to join the campaign.
While the comments did not come directly from Vice President Harris, many cryptocurrency advocates began speculating on social media that the statement could signal a more proactive approach to cryptocurrency and blockchain issues before the November election.
Adam Cochran of Cinneamhain Ventures noted that Nelson’s comments about Harris wanting to have a positive relationship with cryptocurrency are significant, as he could easily support policies aimed at tightening controls, such as KYC regulations and measures against financial crimes.
Since launching her campaign on July 21, after President Joe Biden announced he would not seek reelection, Harris has held numerous rallies but has not held press conferences or interviews, leaving voters in the dark about her 2025 policy agenda.
Many lawmakers and crypto industry leaders see an opportunity for Harris to distance herself from the Biden administration’s hardline stance on cryptocurrency companies, which has been fueled by the actions of SEC Chairman Gary Gensler and Massachusetts Senator Elizabeth Warren.
On August 14, several members of Congress, including Senate Majority Leader Chuck Schumer, spoke at a virtual town hall to discuss the Democratic Party’s perception of cryptocurrency and how it could impact Harris’s presidential campaign.
Veronica MacGregor, general counsel at Exodus, noted that unlike Trump, who could openly criticize Biden’s policies and call for Gensler’s ouster during his presidential campaign, Harris, as the sitting vice president, is less likely to contradict the incumbent. However, her campaign could signal support for innovation with clear industry guidelines and appointments, indicating a willingness to take a different path if Harris becomes president.
Some in the industry believe that the lack of anti-cryptocurrency rhetoric in Harris’ campaign is a strong signal that her presidency will be different from Biden’s.
According to Adam Cochran, there is nothing in the Democratic Party platform that suggests a crackdown on cryptocurrencies, increasing the SEC’s authority over digital assets, or banning the technology.
“Not mentioning cryptocurrency is a change of direction,” Cochran said of the Democratic Party’s stance under Harris.
