The Digital Chamber, a prominent digital asset trade association, has called on Kamala Harris to embrace the U.S. cryptocurrency industry if she becomes the Democratic presidential nominee.
This appeal follows President Joe Biden’s decision to withdraw from the 2024 presidential race, backing Kamala Harris. Industry executives continue their push for pro-crypto rules.
Digital Chamber Appeals to Kamala Harris for Crypto-Friendly Policy Shift
This morning, we sent a letter to @VP with important requests to support the #digitalasset industry. It’s in the best interest of the American people for Democrats to embrace this technology fully. @VP has a unique chance to lead this change. Here are our 3 key asks: pic.twitter.com/9QkjQ1fxEx
— The Digital Chamber (@DigitalChamber) July 22, 2024
On July 22, the Digital Chamber addressed an open letter to U.S. Vice President Kamala Harris, urging her to adopt a more crypto-friendly stance if she secures the Democratic Party’s 2024 presidential nomination.
The letter emphasized the need for Harris to embrace the potential benefits of digital assets and blockchain technology, suggesting that her campaign could play a crucial role in reshaping the public’s perception of the Democratic Party’s stance on these transformative technologies.
The letter outlined three key recommendations for Harris’s potential campaign.
First, it advocated for incorporating pro-digital asset language into the Democratic Party’s platform, highlighting the benefits and innovations brought about by digital assets and blockchain technology.
Second, it recommended selecting a vice-presidential candidate with expertise in digital asset policy, mentioning Colorado Governor Jared Polis as a potential running mate with a strong track record in this field.
Finally, it encouraged engaging with industry leaders to develop supportive policies through open dialogue with digital asset and blockchain experts.
The Digital Chamber pointed out the current perception that the Democratic Party holds a negative viewpoint of digital assets, attributing this largely to the Biden/Harris Administration’s notably cautious and, at times, hostile approach.
They argued that Harris’s expected candidacy for President represents an opportunity to change this perception and adopt a more progressive stance towards digital assets.
“Your expected candidacy for President represents an opportunity to change that perception.”
Harris, who has emerged as the leading candidate for the Democratic nomination following Biden’s withdrawal, has received endorsements from key Democratic figures, including former President Bill Clinton, former Secretary of State Hillary Clinton, and California Governor Gavin Newsom. Biden himself has publicly endorsed Harris, signaling his full support for her potential candidacy.
The appeal follows recent political developments that have stirred uncertainty in the crypto market.
In a social media post on July 21, Biden announced his decision not to seek reelection, citing a desire to focus on his remaining duties as President.
“While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.
Crypto Industry Eyes Potential Harris Presidency Amid Biden Withdrawal and Regulatory Uncertainty
With Biden’s withdrawal, the focus has shifted to how a potential Harris presidency might impact crypto regulation. The Biden administration’s approach to digital assets has been marked by caution and regulatory challenges, leaving many in the crypto community hopeful for a change in policy direction.
During his administration, the stance on cryptocurrencies has been notably restrictive, with Gary Gensler’s tenure as SEC chair marked by a series of lawsuits and enforcement actions against the blockchain sector. As a result, there is considerable uncertainty about Harris’s potential approach to digital assets.
The Democratic Party is expected to finalize its presidential nominee during a virtual roll call in early August or at the Democratic National Convention from August 19 to August 22.
The crypto industry remains cautious about Harris’s views on digital assets, given the current administration’s policies.
While a competitive election might encourage Harris to appeal to crypto supporters, her potential presidency could still be influenced by the existing administrative framework and donors aligned with Biden’s policies.
For now, the crypto community is watching closely to see how Harris’s campaign addresses these issues and whether her potential presidency will create a more favorable environment for digital assets.
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