Kamala Harris Can Rebuild Biden’s Burned Crypto Bridges

We suggest the Vice President consider cryptocurrency as another area ripe for a Democratic Party reset. Just as he is making “we are not going back” a central theme of his campaign, he cannot return to the Biden administration’s approach to cryptocurrency.

Over the past two years, the Biden administration has alternated between ignoring cryptocurrencies and pursuing a fire and brimstone campaign of maximum hostility. Since approximately 20% of registered voters and about a third of all black voters have owned cryptocurrency, neither position made much sense. It makes even less sense now that Donald Trump and the Republican Party have made cryptocurrency part of their official party platformAt this point, the Biden administration approach to cryptography it amounts to an exercise in political self-harm.

Changing course on cryptocurrency wouldn’t take a Herculean effort. Trust us. We’re both progressive Democrats with extensive experience in cryptocurrency, government, and the nonprofit sectors, and here are some simple steps Vice President Harris can take to make a crypto reset part of her campaign.

First, take the industry seriously. In the recent past, Democrat-aligned commentators and even Biden administration regulators have expressed an overwhelmingly confident view that cryptocurrencies will disappear in a matter of months. That’s like yelling at the sun to stop rising in the morning. Instead of retreating into such self-deception, the Harris campaign should take the simple step of accepting that cryptocurrencies will endure and crafting policy that reflects that.

Part of that should involve Vice President Harris encouraging the incoming administration and campaign staff to learn more about cryptocurrency: launch a cryptocurrency advisory council and host a roundtable discussion with crypto executives and everyday users during the campaign. Better yet, download a wallet and tinker with the technology for hands-on experience! When it comes to cryptocurrency, use is the fastest path to understanding.

Second, commit to working with the industry. The growth of this industry in the United States is limited by a lack of regulatory clarity, and many industry players are clamoring to re-enter the regulatory fold. Engage us! But do so in a way that recognizes both the unique challenges of cryptocurrencies and their unique opportunities. Vice President Harris should commit to appointing new regulators at agencies like the SEC who don’t shy away from cryptocurrencies and who actually know something about them. (Teaching a class as an adjunct professor while never download a crypto wallet (It’s not a real skill.) Rhetoric matters, too; the current administration’s often dismissive and even mocking tone on cryptocurrencies is (or should be) beneath public office. Simply put, campaign for president by ending the anti-crypto campaign.

Third, embrace nuance. Recognize that cryptocurrencies do not fit neatly into existing regulatory or statutory perimeters and must be approached with care. Efforts to shoehorn cryptocurrencies into existing securities, banking, or commodities regulatory regimes have all failed. Other countries and jurisdictions, including the EU, the UK, and Japan, have made progress in accepting that cryptocurrencies are indeed a unique technology requiring unique regulations. A Harris administration, starting with the campaign, must be the first US presidency to embrace this global wisdom. Also, understand that cryptocurrencies are not just financial technology. From decentralized social media to decentralized physical infrastructure (DePin) networks, and even intersections with AI and computation, cryptocurrencies are much more than just a financial instrument. Cryptocurrency regulation must therefore embrace this diversity of use and not simply pigeonhole it into a financial regulatory box.

Finally, the unabashedly pro-American impact of the crypto champion. Keeping the industry in America is critical to national security and dollar dominance. America has been home to great technological innovation since Fulton piloted his steamboat down the Hudson River, and it is critical that America continues to be the heart of crypto innovation. Don’t take the government’s approach to semiconductor industrythat we have been struggling to fix for the past few years. It is easier to keep an industry alive in America than to resurrect it from the dead, always.

The Democrats’ new standard-bearer has a chance to rebrand the party as pro-innovation, pro-consumer, and pro-tech. Signaling that cryptocurrency is a major campaign issue, in the ways described above or others, will go a long way. Vice President Harris, all eyes, laser or otherwise, are on you. This is your chance to prove once and for all that tech is not partisan, despite the efforts of some to make it so, and to rekindle longstanding ties between Democrats and tech in the crucial weeks before we all vote. This is your chance to chart a new course toward a brighter future.

Sheila Warren is the CEO of Cryptographic Innovation Counciland Justin Slaughter is the political director of ParadigmThe opinions expressed in Fortune.com comments are solely those of the respective authors and do not necessarily reflect the opinions or beliefs of Fortune.

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