Kamala Harris’ campaign is reportedly seeking a “reset” with top U.S. cryptocurrency companies.
According to a report from FT, members of Harris’ team have reached out to top crypto companies in the United States to request meetings. Sources told FT that the crypto firms include major players Coinbase, Circle and Ripple Labs.
Harris looks to mend ties
Amid criticism of the Biden administration’s aggressive approach to the industry, members of Harris’ campaign team are evidently seeking to change crypto market participants’ view of the Democratic party.
This strategic pivot could prove to be crucial for Harris as she prepares for the upcoming election, particularly with growing interest from tech sector donors.
According to the FT report, Harris aims to differentiate herself from the Biden administration by engaging with cryptocurrency companies in order to “build a constructive relationship.” The vice-president is reportedly seeking to present herself as a more crypto-friendly candidate, hoping to garner support from the increasing number of crypto enthusiasts within the Democratic base.
Resetting relations with the crypto industry may be challenging for Harris. The Biden administration has been tough on the crypto industry, with the SEC cracking down on several major companies in recent years. Harris will need to navigate the task of addressing the industry’s concerns while still maintaining the support of traditional Democratic donors.
Recently, a leading crypto trade organization, The Digital Chamber, urged Harris to adopt more favorable crypto-related policies, marking a shift in the political landscape as crypto advocates gain traction in Washington.
On July 21, President Joe Biden announced that he would not be running in the 2024 presidential race and endorsed Vice President Kamala Harris as the Democratic nominee. This unexpected decision was partly triggered by pressure from party members who were concerned about Biden’s viability for reelection after a poor debate performance.
Harris, now set to inherit Biden’s campaign infrastructure and funds, has received significant support from prominent Democrats, including Bill and Hillary Clinton.
Trump’s crypto u-turn
Trump has drastically changed his stance on cryptocurrencies. Once a vocal critic, he has now emerged as a leading advocate for the crypto industry, garnering significant support from the sector.
Trump’s newfound support for crypto comes at a time when the industry faces increased scrutiny from regulators, especially the SEC under Gary Gensler.
This week, reports surfaced that Trump’s campaign has raised around $4 million in cryptocurrency donations so far. The former president has criticized the Biden administration’s regulatory efforts, labeling them a “war on crypto.” He has promised to make it easier for cryptocurrency mining companies to operate in the United States, if elected again this fall.
However, some crypto enthusiasts remain skeptical of Trump’s commitment, questioning whether his support is genuine or merely a political strategy. They argue that he may be using the industry for his own financial and political gain.
Despite the skepticism, Trump’s support for crypto has significantly impacted the political landscape. As the 2024 election approaches, the influence of the crypto industry’s support for Trump on the election outcome and future cryptocurrency regulation in the United States remains to be seen.