U.S. Vice President Kamala Harris has promised to promote the growth of crypto if she wins the presidency, marking the first time the Democratic nominee has addressed the industry publicly on the campaign trail.
Speaking to donors at a high-profile fundraiser in New York City on Sunday, Harris outlined her economic agenda, emphasizing innovation and job creation through emerging technologies, Bloomberg reported.
“I will bring together labor, small business founders and innovators, and major companies,” Harris reportedly said. “We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
Investors and executives in the crypto industry have become outsized players in the 2024 race, making significant political contributions in the hopes of reshaping the regulatory landscape.
Her Republican opponent, former President Donald Trump, has also sought to attract support from the crypto industry, albeit much more aggressively.
Trump has openly criticized current regulations, pledging to dismiss Securities and Exchange Commission Chairman Gary Gensler and roll out a framework for stablecoins.
He has also vowed to broaden the U.S.’s leadership in crypto while pledging to defend Americans’ “right to mine Bitcoin.”
On Sunday, Harris, meanwhile, offered broader economic proposals, including investments in sectors like semiconductors and clean energy, as part of her “opportunity economy” platform.
She vowed to streamline regulations and cut bureaucracy to create a business-friendly environment, per the report.
“We still don’t know yet how Harris would approach crypto,” Oliver Linch, CEO of Bittrex Global and head of future markets unit for the Adam Smith Institute—a U.K.-based policy think tank—told Decrypt.
“As we get closer to election day, the assumption has to be that Harris will broadly continue the policies of the current administration. I think it’s highly unlikely she’ll remove Gensler—he’s done too good a job of convincing people he’s the right person for the position.
On the other hand, there certainly are Democrats emerging as pro-crypto, even in somewhat unexpected corners, such as former Speaker Nancy Pelosi. Everyone loves a big Democrat v Republican narrative, because it’s nice and easy, and plays to the crowd. But actually I don’t think it’s as clean-cut as many people think it is,” Linch said.
Sunday’s fundraiser drew high-profile Democratic officials such as New York Governor Kathy Hochul and Senate Majority Leader Chuck Schumer, alongside celebrities Anne Hathaway and Billy Porter. Tickets ranged from $500 to $1 million, boosting Harris’ already substantial fundraising efforts.
The event added to the vice president’s financial advantage over Trump, with her campaign, the Democratic National Committee and state parties raising $361 million in August, far surpassing the $130 million raised by Trump and Republicans in the same period.
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