Kamala Harris Discusses Crypto for the First Time Ahead of US Elections
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Kamala Harris, Vice President of the United States and Democratic Party’s candidate for the 2024 presidential elections has publicly spoken about crypto for the first time in the lead-up to the November 5 election.
Campaigns Focus on Crypto
According to a Bloomberg report, Harris expressed her intention to support emerging technologies like artificial intelligence (AI) and digital assets in a speech at a Wall Street fundraiser.
The Vice President made it clear that her administration, if elected, would prioritize innovation in technology. “We will partner together to invest in America’s competitiveness, to invest in America’s future,” she said. “We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
Harris’ comments mark the first time she has addressed the subject publicly since becoming the Democratic Party’s presidential candidate.
Donald Trump, her Republican rival, has also voiced strong support for the crypto industry. He has released four collections of non-fungible tokens (NFTs), promoted his family’s crypto platform, and promised to fire Securities and Exchange Commission (SEC) Chair Gary Gensler if elected.
Trump has pledged to be a crypto president, as he has urged the US to strive for crypto industry supremacy, and his pro-crypto stance is evidenced in his support for crypto donations for his presidential race back to the White House.
On the other hand, Harris seems to be taking a more measured route, balancing support for the industry with consumer protections.
Mixed Reactions from the Crypto Community
Alexander Grieve, Vice President of Government Affairs at Paradigm, a venture firm, expressed that Harris’ remarks were “encouraging,” claiming that the Biden administration might be the last anti-crypto administration.
This is encouraging. Regardless of outcome in November, this should be the last anti-crypto administration.
The Trump approach will be different than the Harris approach, and staffing plays a big role in both cases. But the direction of travel for crypto in the US is clear 📈 https://t.co/5FSajDTb1Q
— Alexander Grieve (@AlexanderGrieve) September 22, 2024
However, Jake Chervinsky, Chief Legal Officer at the crypto venture firm Variant, criticized the Vice President’s decision towards consumer protection despite claiming it is a good development. According to him, “The anti-crypto army uses ‘consumer protection’ as a smokescreen to conceal their attempts to destroy our industry.”
This is progress and progress is good…
…but “while protecting our consumers and investors” could mean a lot of things.
The anti-crypto army uses “consumer protection” as a smoke screen to conceal their attempts to destroy our industry.
I, for one, want to see policy details. https://t.co/Zc1aUdOYzl
— Jake Chervinsky (@jchervinsky) September 22, 2024
Crypto will likely remain a central issue in the upcoming elections, with Harris and Trump taking different approaches to the industry.
Harris’ comments have led many to speculate about whether she would pursue policies different from those of President Joe Biden, who some have perceived as less friendly toward the crypto sector.
Harris’ senior campaign advisor, Brian Nelson, hinted in August that she might support crypto-friendly policies if she wins the election, but with clear “rules of the road” to prevent collapses like those seen with certain crypto firms.
As the election draws nearer, the contrasting positions of the candidates on crypto will likely become more defined. Harris is ahead of Trump in national polls, leading by just 2.9 percentage points as of September 22, according to data from FiveThirtyEight.
