Bitcoin
What does Kamala Harris’ (presumed) nomination mean for cryptocurrencies in this election?
Vice President Kamala Harris is now the presumptive Democratic Party nominee for President of the United States after President Joe Biden abruptly announced he was withdrawing from the race. With her endorsement at the top of the party ticket, questions arise about how a potential Harris administration might differ from the Biden administration’s approach to crypto.
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Vice President Kamala Harris becomes the likely Democratic presidential candidate After President Joe Biden announced he would no longer seek the seat, the mood has shifted dramatically. ActBlue, a Democratic-focused fundraising service, has reported $160 million in revenue since Biden announced he would leave office. according to an open source trackerwhile Harris’ campaign said it had received $81 million as of Monday afternoon.
For the crypto industry, the real question is whether and how much Harris diverges from Biden, and how she might contrast with former president and Republican candidate Donald Trump. Harris has been the presumptive nominee for less than a day, and she’s only been on the campaign trail for two days, so it’s very hard to say yet. What’s clear is that there’s a possibility of a reboot of sorts – entrepreneurial Mark Cuban told Politico the Harris campaign has expressed interest in cryptocurrencies (among other issues), while David Bailey of Bitcoin Magazine said the campaign is considering speaking at BTC Nashville later this week.
While it’s difficult to gauge how presidential candidate Kamala Harris might approach cryptocurrencies, the simple fact that she’s now her party’s new standard-bearer suggests that the crypto industry may take a new approach to the 2024 election.
“You play the cards you’re dealt and now we have a new set of cards,” said Sheila Warren, CEO of the Crypto Council for Innovation, an industry interest group.
Harris is unlikely to immediately and openly embrace cryptocurrencies on the Democratic campaign trail, but several people told me that her addition to the campaign would be a game-changer.
A congressional staffer told CoinDesk that the new campaign offers “an opportunity for a reset,” noting that industry groups have already written open letters to the campaign and the Democratic Party about cryptocurrencies.
And in their opinion, the new campaign may be more receptive to these issues.
Something both the staffer and Warren highlighted is that the fact that Harris is from California implies she may already be more comfortable with technology and related issues.
“She’s certainly no stranger to the importance of technology, she’s a vocal critic of her state,” Warren said. “She’s someone who’s always been open to thoughtful arguments.”
Harris’s pick for vice president will also be telling. Many of the names currently in the mix — including Pennsylvania Gov. Josh Shapiro, North Carolina Gov. Roy Cooper, Arizona Sen. Mark Kelly or Transportation Secretary Pete Butteggeig — are “pretty pro-business for the most part,” Warren said. Harris picking anyone in that mold would be a significant move.
This isn’t a one-sided conversation. Industry groups and individuals have already drafted open letters to the Democratic Party and the Harris campaign specifically, calling for less “hostility” toward the cryptocurrency industry.
“We urge you to sit down with leaders in the digital asset and blockchain industry to discuss policies that support and nurture this technology. Open dialogue with industry experts will provide valuable insights and help shape policies that encourage growth while ensuring consumer protection and financial stability.” one of those letters of the Digital Camera read.
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