Kamala Harris Makes Her First Big Move on Cryptocurrency Policy

• Kamala Harris pledges support for crypto, signaling a shift from the Biden administration’s stance.
• Harris’s crypto stance is positive but less aggressive compared to Trump’s pro-crypto approach.

Vice President Kamala Harris has officially joined the discourse on crypto, delivering her first remarks as the Democratic nominee, according to Bloomberg News reporter Jennifer Epstein.

During a fundraising event at Cipriani Wall Street in Manhattan, she made it plain that she wants to promote the development and acceptance of breakthrough technologies such as artificial intelligence (AI) and digital assets, including cryptocurrency.

This announcement was notable since it marked Harris’s first mention of cryptocurrency in her campaign. She stressed her promises to create a “safe business environment with consistent and transparent rules of the road” to encourage growth and investment in new areas while protecting consumers and investors.

VP Harris' first comments on crypto as Dem nominee: "To build that opportunity economy, I will bring together labor, small business, founders and innovators and major companies. We will partner together to invest in America's competitiveness, to invest in America's future. We…

— Jennifer Epstein (@jeneps) September 22, 2024

Kamala Harris Signals Shift in Democratic Crypto Policy 

Harris’ views on cryptocurrency come at a pivotal juncture in the US political environment, as the topic has grown in importance in the ongoing presidential contest. The crowd responded enthusiastically to her statement, suggesting a considerable interest in her point of view on the subject.

It also shows a shift in the Democratic Party’s stance on digital assets, given that the present administration, led by President Joe Biden, is regarded to be less supportive of the crypto industry.

Harris’ declaration appears to move away from this position, indicating a willingness to be more supportive of blockchain technologies and digital assets as part of her vision for an “opportunity economy” that invests in America’s competitiveness and future.

Many in the crypto world reacted enthusiastically to Harris’ comments, seeing them as a huge step forward. However, there is some skepticism, as several sector leaders have asked her to “walk the talk” and show true support beyond campaign promises.

Critics and observers have highlighted that, while Harris’ words are welcome, they fall short of her Republican opponent, Donald Trump, who has adopted a more active pro-crypto stance.

Harris Faces Pressure to Match Trump’s Pro-Crypto Stance 

Trump has been quite public about his support for cryptocurrency, even developing a DeFi project called World Liberty Financial as part of his campaign plan. In contrast to Harris’ more cautious tone, Trump’s apparent support for crypto has positioned him as the frontrunner in appealing to voters interested in digital assets.

For many in the crypto sector, Harris’ involvement with the topic is a welcome shift, but it is viewed as simply the beginning of a larger policy discussion. Crypto industry experts have underlined that Harris must distance herself from the Biden administration’s historically strict approach to crypto regulation.

This would entail enacting more progressive policies that encourage innovation and investment without suffocating the industry with unnecessary bureaucracy.

For example, cryptocurrency lawyer Jake Chervinsky emphasized the necessity of going beyond vague promises, pointing out that language like “protecting our consumers and investors” has frequently been used as a pretext for heavy regulation, stifling the industry’s growth in the past.

Meanwhile, Ripple Executive Chairman Chris Larsen publicly endorsed Kamala Harris for the 2024 presidential election, aligning with her vision for innovation and a supportive crypto space. Larsen believes her policies could drive positive change for the digital asset space, as previously reported by CNF.