The Digital Chamber, an American advocacy group dedicated to promoting the acceptance and use of blockchain technology and digital assets, has urged Vice President Kamala Harris to adopt a favorable stance on cryptocurrencies, according to a letter from The Chamber to the likely leading candidate for the Democratic Party in the upcoming election.
Harris received a cryptocurrency policy push from The Digital Chamber in order to shift the perception that the Democratic Party is anti-crypto.
The Biden/Harris Administration’s cautious stance has created a negative perception of the Democratic Party as anti-crypto. However, the Chamber argues that public perception does not reflect Democratic values of progress and inclusivity.
The transition from Biden’s campaign to Harris’s “represents an opportunity to change that perception,” the Chamber stated.
The Dems Hate Cryptos
According to The Chamber, over 50 million Americans, particularly from Black, Latino, and immigrant communities, have embraced digital assets for democratizing finance and creating economic opportunities.
Meanwhile, within the Democratic party, a growing number of key Democratic constituencies have also adopted digital assets.
“Digital assets and blockchain technology are not merely financial instruments but represent a revolutionary shift that can enhance transparency, reduce fraud, and create a more inclusive financial system,” The Chamber wrote.
The Chamber urges the inclusion of pro-digital asset language in the Democratic Party’s platform. The Chamber also suggested Harris consider a vice-presidential candidate with a strong pro-crypto record, such as Colorado Governor Jared Polis.
The Chamber encourages Harris to engage in open dialogues with leaders in the digital asset and blockchain industry to craft supportive policies that ensure growth, consumer protection, and financial stability.
On Sunday, Biden officially announced his withdrawal from the 2024 presidential campaign. In addition to expressing an honor to serve as president, Biden offered his full support for Vice President Kamala Harris as the Democratic Party’s nominee.
Biden’s decision to step aside came amid mounting pressure from his party, particularly after his poor performance in a recent debate against Donald Trump. The Republican candidate has recently received support from the cryptocurrency community and industry leaders.
A number of figures, such as the Winklevoss twins, Kraken’s co-founder Jesse Powell, ARK Invest CEO Cathie Wood, and Tron’s founder Justin Sun, have voiced endorsements of Trump in their public statements. Some have also donated millions worth of cryptocurrencies to Trump’s campaign.
What is Harris’s Cryptocurrency Stance?
With Biden’s endorsement, Harris is prepared to lead the Democratic campaign against Trump. The Vice President, known for her neutral stance on digital currencies, faces new scrutiny as the presidential race heats up.
Harris has not taken a definitive public stance on cryptocurrency regulation, and her personal financial disclosures do not reveal any holdings in digital assets. Unlike some of her counterparts, she has not been vocal about supporting or opposing the industry, which leaves her position somewhat ambiguous.
The Democratic nominee has a reputation as a pro-business politician. Her background in technology has led some in the crypto industry to hope she might adopt a more favorable view of digital assets as she campaigns for the presidency.
There is also anticipation that Harris’s administration may continue bipartisan support for cryptocurrency legislation, especially given the increasing interest from various political factions in Congress.
Observers also speculate about Harris’s choice of advisors and potential vice-presidential pick, which could reflect and influence her stance on cryptocurrency.
The crypto community is also interested in whether she will appoint a new Securities and Exchange Commission (SEC) chairman after Gary Gensler’s term ends in 2026, as his approach to the industry has been perceived as stringent.
According to a recent report by Markus Thielen, founder of 10X Research, Gensler will likely resign shortly after President Joe Biden’s term ends. Thielen’s projection is based on the historical pattern of SEC Chairs stepping down when a new administration takes over, especially if Donald Trump returns to the White House.
