Kamala Harris on Cryptocurrency: First Public Statement by a Democratic Candidate
Date: 2024-09-24 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
In a speech at a fundraiser at Cipriani Wall Street in Manhattan on September 22, Harris expressed her desire to create an “opportunity economy” for digital assets and AI by driving regulation and innovation that can protect the interests of U.S. consumers and investors.
“We will work together to strengthen America’s competitiveness and future. We will support innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with transparent and consistent regulations,” Harris said.
These remarks contrast with those of President Joe Biden, who has faced criticism from industry figures for his crackdown on cryptocurrency companies in the U.S., known as Operation Choke Point 2.0.
While Harris has been making overtures to the crypto industry, her Republican opponent Donald Trump has been actively courting the space. He recently helped launch the controversial cryptocurrency project World Liberty Financial with his two eldest sons. Trump has also previously vowed to fire Securities and Exchange Commission Chairman Gary Gensler, who is responsible for overseeing major crypto players.
In response to Harris’s statements, Coinbase General Counsel Faryar Shirzad noted that while the Democratic candidate’s position on cryptocurrency is not as “specific and forward-looking” as Trump’s, it is still noteworthy. Harris’s acknowledgement of the need to grow the digital asset sector and protect investors is an important step for the Democratic Party’s official position on the issue.
Last month, Harris’ senior campaign adviser Brian Nelson made a less definitive statement about her views on cryptocurrency, citing the need to support the growth of new technologies. He also noted the importance of clear regulation, especially after the collapse of major crypto exchange FTX in November 2022.
The crypto community has expressed displeasure with Harris’s lack of comment on the issue. She was also criticized for not attending a virtual town hall organized by the advocacy group Crypto4Harris in August, which many saw as a missed opportunity to build trust with the crypto community.
Harris’ latest statement on crypto could therefore be an important milestone in her campaign, showing a desire to find common ground with a rapidly evolving industry that has generated much controversy and questions about its future in recent years.
