Coinbase CLO Encouraged by Harris Campaign’s Interest in Crypto

Jimmy Aki
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On September 3, Paul Grewal, the Chief Legal Officer (CLO) at Coinbase, shared his thoughts about Kamala Harris’ campaign in the cryptocurrency sector. As the 2024 election nears, crypto voters are watching closely, and Grewal is encouraged by the attention Harris’ team is giving to digital assets.

Coinbase CLO Sees Promise in Harris’ Approach to Crypto

In an interview with Bloomberg, Grewal mentioned that both the Democratic and Republican presidential candidates are engaging with the crypto industry, but in different ways.

While Donald Trump’s campaign has been clear about its support for pro-crypto policies, Grewal noted that the Harris campaign is also open to exploring new approaches to digital assets.

He said that despite the current administration’s strict stance on crypto regulation, Harris’ campaign had initiated discussions that could lead to a fresh perspective on crypto policy.

As the election draws nearer, the focus isn’t just on the presidential candidates but also on the Congress. The legislature has a limited time to act under its current leadership before the election potentially shifts the balance of power.

Grewal noted that “We’ve been encouraged, even as the current administration under [Securities and Exchange Commission Chair] Gary Gensler continues with its campaign of regulation by enforcement, the Harris campaign […] has reached out, has expressed an interest, and has begun discussions about what a new approach to crypto and digital assets could look like,”

One key piece of legislation that could shape the future of crypto in the US is the Financial Innovation and Technology for the 21st Century (FIT21) Act.

The House of Representatives passed this bill in May, which is designed to regulate the crypto market. It is now waiting for the Senate’s consideration before it can be signed into law by President Joe Biden.

Grewal expressed hope that progress will be made on this legislation in the fall, regardless of the ongoing presidential campaign.

Harris Campaign’s Potential Impact on Crypto Policy

Although Vice President Kamala Harris has not been very vocal about her stance on crypto since launching her campaign on July 21, there are signs that she could take a more favorable view of the industry if elected.

Brian Nelson, one of Harris’ senior advisers, indicated in August that the Democratic candidate would support policies that promote the growth of the crypto industry.

A group of crypto executives is organizing a fundraiser to raise $100,000 for U.S. Vice President Kamala Harris on September 13 in Washington, D.C., with tickets costing between $500 and $5,000.

Meanwhile, her opponent, Donald Trump, has also gained support from the crypto community. In July, during the Bitcoin Conference in Nashville, Trump promised to create a strategic Bitcoin reserve and free Ross Ulbricht, the founder of the Silk Road drug marketplace. Trump has received over $4 million in donations in Bitcoin and other crypto.

An August poll by Fairleigh Dickinson University suggested that Donald Trump might have more support among crypto holders than Harris. Despite this, the outreach from Harris’ campaign is a positive sign for those hoping for a more balanced and thoughtful approach to crypto regulation in the future.

As the election approaches, the crypto industry is closely watching how both campaigns handle the issue of digital assets.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.