Cash News
Democratic presidential nominee Kamala Harris has vowed to help grow investment in the crypto industry, alongside other emerging tech, like artificial intelligence. This marks the first time Harris has made a public statement regarding her stance on crypto.
At a fundraiser at Cipriani Wall Street in Manhattan on Sept. 22, Harris stated that she wants to “build an opportunity economy” for AI and digital assets by creating regulations and innovations that can protect consumers and investors in the U.S.
“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 consumers and investors. We will create a safe business environment with consistent and transparent rules of the road.”
Democratic presidential nominee, Kamala Harris
Harris’ statement on digital assets marks a break from President Joe Biden’s, as he has been heavily criticized by industry players for initiating a crackdown on on crypto businesses in the U.S. through financial regulators, also known as Operation Choke Point 2.0.
Meanwhile, Harris’ Republican rival Donald Trump has been openly courting the crypto industry for months. Most recently, Trump was involved in the development and launch of a controversial crypto venture, World Liberty Financial, with his two eldest sons. He also previously promised to fire Securities and Exchange Commission Chair Gary Gensler, the figure responsible for enforcing various regulatory actions against the country’s most prominent crypto players.
In response to Harris’ statement, Coinbase policy chief Faryar Shirzad stated on X yesterday that while the Democratic candidate’s position on crypto is not as “concrete and visionary” as Donald Trump’s, it is still very much noteworthy.
Harris’ acknowledgement of the need for growth in the digital asset industry as well as the urgency for protection and a safe road map are key developments for the official Democratic party position on the sector. According to Shirzad, the statement also potentially marks the end of the “Biden/Warren era of destruction.” Shirzad also notes that Harris’ team has been reaching out to leaders in the crypto industry in the U.S., confirming previous reports.
Last month, Harris’ senior campaign adviser, Brian Nelson, gave a much more vague statement alluding to Harris’ stance on crypto. At the time, Nelson stated that Vice President Harris will “support policies that ensure that emerging technologies and that sort of industry can continue to grow.”
He also recognized the importance of clear regulations for the industry, especially following the collapse of major crypto exchange FTX in November 2022.
Harris has received backlash from the crypto community regarding her silence on the industry. She was also criticized for failing to attend a virtual town hall organized by the grassroots industry campaign Crypto4Harris back in August. Many expressed their disappointment, as it was seen as a missed opportunity for Harris to build trust with the crypto community.