- The Digital Chamber has urged VP Harris to integrate pro-crypto policies into the Democratic platform and select a crypto-supportive running mate.
- Despite her tech-friendly background, Harris has not yet publicly clarified her stance on cryptocurrency regulation.
- The Chamber’s initiative reflects its concern that the Democratic Party is perceived as unsupportive of crypto.
In the crypto community, President Biden is often seen as a strong critic, having resisted legislation supportive of the industry and focusing heavily on enforcement. With Biden stepping back from seeking re-election after a pivotal weekend, the crypto sector is now keenly evaluating Vice President Kamala Harris, who is poised to lead the Democratic ticket in 2024.
Although Harris climbed the political ladder to the Senate and then the vice presidency with a pro-tech stance, she has yet to declare her position on blockchain regulation publicly.
Even though Vice President Kamala Harris has yet to secure the Democratic nomination, the Digital Chamber, a blockchain trade group, seized the opportunity to urge her to support cryptocurrency legislation.
Digital Chamber Urges VP Harris to Champion Pro-Crypto Policies in Democratic Platform
The United States Chamber of Digital Commerce wrote to Vice President Harris, encouraging her to adopt a progressive stance on digital assets. The Digital Chamber urged the Vice President-elect to incorporate pro-crypto language into the Democratic Party’s platform, select a running mate who supports cryptocurrency, and begin dialogues with key figures in the industry.
The blockchain trade group emphasized that blockchain technology transcends partisan politics and urged the Democratic Party to advocate for these innovations. They expressed their belief that embracing such technology aligns with the party’s values and could be beneficial across the political spectrum.
The Digital Chamber highlighted that prominent Democratic lawmakers, including House Speaker Rep. Nancy Pelosi from California, have supported legislation to regulate crypto over the past year. The group also expressed concerns that the public perceives the Democratic Party as being negative towards digital assets, largely because of the Biden/Harris Administration’s notably cautious and sometimes adversarial stance on these innovative technologies. The Chamber argued that such an approach contradicts the Democratic Party’s progressive and inclusive values.
The Chamber requested that Vice President Harris consider selecting a vice presidential candidate with a solid history of involvement with digital asset technology and support for pro-innovation policies. They highlighted Colorado Governor Jared Polis as a prime example, citing his crypto-friendly initiatives. Governor Polis has been known to accept campaign contributions in cryptocurrency and, during his tenure as governor, has facilitated the payment of taxes using crypto, as reported by various news sources.
Additionally, the Chamber urged the Vice President to integrate pro-digital asset terminology into the Democratic Party’s platform and engage in open discussions with crypto industry leaders.
Harris Eyes Potential Running Mates as Dems Aim to Win Back Crypto Voters
Originating from California, the nation’s tech hub, Harris has a mixed record as a tech-friendly politician. As the state’s attorney general, she challenged social media platforms on issues of sexual harassment but also built strong ties with tech leaders like Meta’s’ Sheryl Sandberg, earning a reputation as pro-business. Her track record raises hopes among many in the crypto industry that she might adopt a similar approach to blockchain technology.
A crypto lobbyist who wanted to stay anonymous described the uncertainty surrounding her stance as “up in the air.” They noted that Harris’s choices for her vice presidential running mate and her selection of advisors would be critical indicators of her regulatory approach to the crypto industry.
With President Joe Biden not seeking re-election, Vice President Kamala Harris is poised to secure the Democratic nomination, prompting speculation about her potential running mate. Here are some of the potential VP candidates who may change the all-democratic view of crypto:
- North Carolina Governor Roy Cooper is favored by the crypto betting site Polymarket, which gives him a 31% chance. Cooper has been crypto-friendly, notably vetoing a bill that sought to ban central bank digital currencies in his state.
- Pennsylvania Governor Josh Shapiro is also well-regarded in the crypto community for his support of Bitcoin mining.
- Arizona Senator Mark Kelly is known for his stance against certain SEC regulations and his diverse background including being an astronaut, is also in the running.
If Kamala Harris becomes president, a significant decision she faces is whether to appoint a new chair of the Securities and Exchange Commission (SEC) as the current chair; Gary Gensler’s term is due to end in 2026. Harris could opt for continuity or choose to refresh the SEC’s leadership. According to a crypto lobbyist, maintaining the current administration’s infrastructure would be the “safer path,” suggesting a preference for stability within the regulatory framework established under the Biden administration.
Trump Champions Pro-Crypto Platform, and JD Vance as VP Pick
As the Democrats finalize their nominee, Donald Trump is actively positioning himself as a pro-cryptocurrency candidate. He has become a regular at Bitcoin conferences, proclaiming himself the potential first “crypto President” and vowing to defend the 50 million Americans who own cryptocurrencies against what he terms “Elizabeth Warren and her goons.”
Trump’s choice for Vice President, JD Vance, shares his enthusiasm for cryptocurrencies. Vance’s financial disclosures to the Senate indicate that he holds between $136,000 and $390,000 in cryptocurrencies. Additionally, he has been a vocal advocate for the crypto industry, proposing legislation that would prevent traditional banks from cutting off services to cryptocurrency firms and exchanges.
Also, the Republican Party has recently officially declared its support for cryptocurrencies in its latest platform, pledging to “defend the right to mine bitcoin and ensure every American has the right to self-custody their digital assets.” This is a significant shift, especially given former President Donald Trump’s previous skepticism about Bitcoin. Trump is now embracing the crypto movement, evidenced by his upcoming role as the keynote speaker at a Bitcoin convention in Nashville later this month.
