Vice President Kamala Harris has officially stepped into the crypto conversation. She has pledged support for digital assets while emphasizing the need for consumer protections. At a Wall Street fundraiser on September 22, she stated, “We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” Her comments come at a critical time as the crypto industry seeks clarity amid regulatory challenges. According to Bloomberg, Harris aims to create “a safe business environment with consistent and transparent rules of the road.”
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Harris Aims to Change the Game
This is the first time Harris has publicly addressed crypto since her rise as the Democratic Party’s presidential frontrunner. The stakes are high. With the presidential election approaching, many in the crypto sector are keen to see if Harris’s approach will diverge from President Biden’s, which has often been perceived as unfriendly to the industry. Earlier, Brian Nelson, a senior adviser for her campaign, hinted that Harris would support crypto policies if elected..
Coinbase policy chief Faryar Shirzad remarked on X, “This is an important and constructive statement from Kamala Harris.” However, he added that it doesn’t quite match the ambitious tone set by her Republican rival, Donald Trump, who has embraced the crypto community more aggressively.
The Race Heats Up
As the election approaches, the crypto sector has turned into a hot topic, with U.S. companies like Coinbase (COIN) and Ripple (XRP-USD) pouring nearly $120 million into election campaigns, as reported by Public Citizen. Trump has already launched multiple non-fungible token (NFT) collections and positioned himself as a “crypto president,” promising to shake up the regulatory framework, including the dismissal of SEC Chair Gary Gensler.
Interestingly, the latest polls show Harris and Trump in a neck-and-neck race, with just a 2.9 percentage point lead for Harris according to FiveThirtyEight.
The Crypto Community Responds
The crypto world is cautiously optimistic. Alexander Grieve from venture firm Paradigm expressed that Harris’ remarks are “encouraging,” suggesting that regardless of the election outcome, this could be the last administration hostile to crypto. Yet, Jake Chervinsky, legal chief at Variant, pointed out the ambiguity in Harris’ promise of “protecting our consumers and investors,” implying it could mean various things.
At the time of writing, Bitcoin is sitting at $63,169.44.
