Sen. Gary Peters Gains Attention as Potential Kamala Harris VP Pick: How Does He Feel About Crypto?

As the Democratic Party prepares for the upcoming presidential election, discussions are heating up around potential running mates for Vice President Kamala Harris.

The latest contender in the vice presidential race is Gary Peters, a senator known for his strong stance against cryptocurrencies. However, several other candidates are also under consideration.

Gary Peters May Run With Harris

Organized labor is reportedly advocating for Vice President Kamala Harris to consider Senator Gary Peters (D-Mich.) as a potential running mate, according to sources . Labor leaders are actively in discussions with Harris’ campaign about Peters’ inclusion in the vice presidential selection process.

Peters has expressed interest in the nomination and has been actively seeking support. Several Michigan House Democrats have also suggested his name for consideration.

Senator Peters gained national recognition by leading the Democratic Senatorial Campaign Committee after winning a competitive Senate seat in 2014. He was the only non-incumbent Democrat to do so that year. The lawmaker was also praised for helping the party retain its Senate majority in 2022.

Securing Michigan’s 15 electoral votes is crucial for Harris. Senator Peters, favored for his pro-union stance and extensive state and federal experience, could be a strategic choice.

What’s Peters’ Stance On Crypto?

According to Stand With Crypto , a nonprofit political advocacy group, Senator Gary Peters is “strongly against crypto.” The group highlighted his co-sponsorship of the Digital Asset Money Laundering Act in 2023, which aimed to curb the use of cryptocurrency in terror financing.

However, Peters also supported the repeal of SAB-121, which would have required banks to record digital assets held for customers as liabilities on their balance sheets.

As Chairman of the Senate Homeland Security and Governmental Affairs Committee , Peters and a bipartisan group of lawmakers urged the Biden Administration in October 2023 to detail their plans for preventing cryptocurrency-financed terrorism.

The call to action followed escalating geopolitical tensions in the Middle East. Reports emerged that Hamas and the Palestinian Islamic Jihad (PIJ) had raised over $130 million in cryptocurrency over the past two years.

It’s worth noting that later, in Feb. 2024, U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson testified that earlier reports on Hamas’ use of cryptocurrency were overestimated. He clarified that cryptocurrency constituted only a minimal fraction of the group’s overall funding.

Senator Peters has also signed a document titled “Beyond Silk Road: Potential Risks, Threats, And Promises Of Virtual Currencies,” expressing various concerns over the risks associated with cryptocurrencies.

Other Possible Vice President Candidates

The list of potential running mates for Kamala Harris narrowed on Monday, July 29, after North Carolina Governor Roy Cooper and Michigan Governor Gretchen Whitmer confirmed being no longer in the running.

The remaining contenders include Kentucky Governor Andy Beshear, U.S. Senator Mark Kelly of Arizona, Minnesota Governor Tim Walz, and Secretary of Transportation Pete Buttigieg. These candidates have been making national television appearances to showcase their qualifications.

As Harris works to bridge the gap between Democrats and the cryptocurrency sector in the U.S., it raises the question: what are their views on cryptocurrencies?

Kentucky Governor Andy Beshear signed a law in 2021 offering tax breaks to cryptocurrency miners operating in the energy-rich state. Senator Mark Kelly was one of 12 Democratic senators who voted to overturn the Securities and Exchange Commission’s SAB 121 accounting guidance.

While there’s no specific information on Minnesota Governor Tim Walz’s stance on digital assets, Pete Buttigieg answered “no” when asked if the government should classify Bitcoin as a legal currency.