VP Kamala Harris Pledges Support for Policies to Boost Digital Assets
Vice President Kamala Harris signals support for policies that encourage the growth of the digital asset industry, as her campaign engages with crypto stakeholders ahead of the 2024 election. Meanwhile, crypto firms are heavily investing in the election, with significant backing for Donald Trump, who has promised a more favorable regulatory approach.
Because Bitcoin
August 21, 2024
The Block reported that Vice President Kamala Harris is expected to support initiatives that promote the growth of the digital asset industry, according to Brian Nelson, a senior adviser for her presidential campaign. Nelson, who also holds the position of undersecretary for terrorism and financial intelligence at the U.S. Treasury Department, mentioned this during an interview with Bloomberg News at the Democratic National Convention on Wednesday. He emphasized Harris's commitment to fostering emerging technologies and ensuring that the industry can expand under stable regulatory conditions.
The crypto industry has become a significant issue in the current election cycle. According to a report by Public Citizen released on Wednesday, crypto firms have spent $119 million in 2024, with the majority funneled into super political action committees like Fairshake PAC. This level of spending places the crypto industry second in total election-related expenditures, according to the consumer advocacy group.
Some prominent figures in the crypto world have aligned with Donald Trump, contributing financially to his campaign. Trump has garnered favor within the industry by pledging to end what he describes as an "unlawful and un-American crackdown" on U.S. crypto activities. He further solidified his crypto-friendly stance by selecting J.D. Vance, a known supporter of digital assets, as his running mate and promising to advocate for bitcoin miners.
On the other hand, Harris has started engaging with the crypto sector, signaling her team's interest in understanding the industry better. A grassroots initiative called Crypto4Harris organized a townhall on August 14 to "do a formal reset," addressing some industry concerns about the current administration's regulatory approach. Jonathan Padilla, one of the organizers for Crypto4Harris, noted the progress being made and hinted at more developments to come.
Resources: