Regulation
Kamala Harris Advisors ‘Reset’ Crypto Industry Relationships; In Talks With Ripple, Coinbase
According to a report by the Financial TimesKamala Harris’s advisers have reached out to major cryptocurrency firms in an effort to “reset” relations between the Democratic Party and the cryptocurrency industry, which has strongly supported her presidential rival Donald Trump.
Reconnecting with the cryptocurrency industry
The team is reportedly reaching out to cryptocurrency firms such as Ripple, cryptocurrency exchange Coinbase, and USDC stablecoin issuer Circle. The vice president’s move comes after Trump has enjoyed considerable support from the industry. The former president, who once criticized cryptocurrencies, is giving a keynote speech at a Bitcoin conference in Nashville on Saturday.
Notably, pro-crypto Super PAC Fairshake has raised more than $200 million from backers including Coinbase, Ripple, and Andreessen Horowitz.
Harris’s corporate advisers said the decision to reconnect with the cryptocurrency industry had little to do with attracting new entrants. Instead, it was about building a constructive relationship that could establish a smart regulatory framework that would in turn help the entire asset class grow.
Attempts to appeal to the tech community and American executives!
Harris wants to change the perception among top U.S. leaders that Democrats are anti-business. Harris’ underlying message is that Democrats are “pro-business, responsible business,” a person close to her campaign said.
Harris is aiming to win back tech voters, many of them in her home state of California, who have fled the party over the threat of new taxes or regulation of their industry.
This month, venture capitalists Marc Andreessen and Ben Horowitz announced they would support Trump in the election, despite previously backing several Democratic candidates. Their firm, Andreessen Horowitz, says it is the world’s largest crypto investor and has raised about $8 billion to invest in the sector. They blame Joe Biden and SEC Chairman Gary Gensler for bombing the sector. “They’ve just fought us every step of the way, and by very nefarious means,” Horowitz said.
Cryptocurrency Firms Hope for Harris Administration
Some cryptocurrency firms are hoping Harris will be more considerate of them. “The fact that she’s willing to listen is a big deal. With Biden, you couldn’t even get a meeting… It left people with a very bad opinion of the Biden administration,” said one cryptocurrency firm executive.