Vice President Kamala Harris will support initiatives aimed at expanding the crypto sector, marking one of the first clear signals of her endorsement for the industry’s growth, according to a senior campaign adviser.
“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,” her adviser Brian Nelson said at a Bloomberg News roundtable at the Democratic National Convention on Wednesday.
Prior to this latest update, Harris or her team had not officially endorsed policies to grow the sector. However, signs and actions were suggesting a potential shift toward a more favorable view on cryptocurrency.
Her advisers had been meeting with key crypto industry players. They are said to have engaged with companies like Coinbase, Circle, and Ripple Labs. These connections could influence future regulatory policies.
Crypto Enthusiasts Back Harris, Seeing a Chance to Shape Friendlier Regulations
Members of the crypto community have been actively supporting Harris. Individuals like J.P. Thieriot, former Uphold CEO, have campaigned on her behalf. They suggest she could create a more favorable regulatory environment for crypto compared to the Biden-Harris administration.
Her campaign is viewed as a chance to reset crypto policies. This is particularly relevant after the Biden administration’s regulatory approach created some tension with the tech industry. For now, the industry is adopting a wait-and-see approach.
However, it seems Harris’ stance on crypto might not differ much from Biden’s — and there is speculation that it may not be a top priority for her.
For context, before Biden’s election, his administration wasn’t seen as entirely against cryptocurrencies. However, there was an expectation of a more conservative regulatory stance.
Biden’s 2022 Crypto Directive Validated Digital Assets, But Clashed with Industry Demands
In early 2022, Biden issued an executive order that cautiously embraced cryptocurrency. He instructed federal agencies to assess the benefits and risks of digital currencies. Some in the crypto community saw this as recognition of crypto’s legitimacy.
This cautious approach later clashed with the sector’s push for reduced regulations and more favorable tax treatments.
Harris’ Crypto Policy Details Still Vague
While Harris’ senior aide has indicated her willingness to support the sector, she hasn’t detailed which parts of the industry she plans to encourage or specified with whom she will collaborate on crafting these regulations.
“Obviously, they’ve expressed that one of the things that they need are stable rules, rules of the road,” Nelson said, referencing a recent speech by Harris where she outlined the foundational elements of her economic strategy.
At a campaign stop in North Carolina, Harris promised to reduce unnecessary bureaucracy and regulatory obstacles if elected. Although she didn’t mention cryptocurrencies directly, she focused on streamlining government processes for “innovative technologies.” She also highlighted the importance of fostering technological innovation, ensuring consumer safety, and creating a clear and predictable regulatory framework for businesses.
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