Vice President (VP) Kamala Harris’s campaign team has recently reached out to major crypto companies, including Coinbase, Circle, and Ripple Labs, aiming to rebuild relationships strained under the Biden administration, according to a recent report from Financial Times, citing sources familiar with the situation.
Harris’ presidential campaign team seems to be looking to rebuild bridges with crypto firms. Wow – that was fast.
Advisers to the Harris campaign said that the move is aimed at rebranding the Democratic Party as “pro-business, responsible business” to win back support from the tech industry, including those in the crypto sector. The VP has a long history of close ties to the tech industry, particularly Silicon Valley.
Harris also reportedly seeks to create a regulatory environment that supports the growth of the cryptocurrency industry while addressing concerns about consumer protection and market stability. Despite the crypto industry’s growing disillusionment with current regulatory approaches, the move is not primarily about attracting new electoral contributions.
The Lame Duck
Following President Joe Biden’s withdrawal from the presidential race, Harris has become the presumptive Democratic nominee with President Biden’s endorsement. The new status positions her directly against Trump, the Republican nominee who has received strong support from the cryptocurrency industry.
Harris’ public stance on Bitcoin and cryptocurrency is unclear. The VP has not made any direct statements about cryptocurrencies during her tenure. However, since President Biden’s withdrawal, her team has been reportedly reaching out to industry leaders, as well as high-profile figures to better understand the industry.
Billionaire entrepreneur Mark Cuban said Harris’ campaign reached out to discuss cryptocurrency policy. Cuban revealed that he received “multiple questions” from the team about crypto, which he sees as a positive sign.
According to a recent report from Fortune, Harris may share her stance on Bitcoin in the coming weeks as her campaign continues its outreach to the cryptocurrency industry.
Meanwhile, Trump is more direct and clear in his stance on Bitcoin and the cryptocurrency sector. The former President has changed his stance toward the industry which he initially described as “highly volatile and based on thin air.”
Trumped?
Recently, Trump has advocated for the U.S. to embrace digital currencies. He argues that if the U.S. does not adopt digital currencies, it risks allowing China to dominate the sector.
Trump has vowed to create a more friendly environment for cryptocurrency businesses to operate if re-elected, as well as end the hostility of the currency administration to the industry. His campaign also announced plans to establish a “crypto army” to rally support from the cryptocurrency community.
Trump recently spoke at the 2024 Bitcoin Conference, the world’s largest Bitcoin event, where he made several pledges about Bitcoin and cryptocurrency.
Trump promised to make the U.S. the global leader in cryptocurrency technology, aiming to transform the country into “the crypto capital of the world and a bitcoin superpower.” He also vowed to “fire” Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), on his first day of presidency if re-elected.
Under Gensler’s leadership, the SEC has initiated several legal actions against cryptocurrency companies, including Ripple Labs, Binance, Coinbase, Kraken, Uniswap Labs, and Consensys.
During his speech, Trump committed to retaining 100% of all Bitcoin currently held or acquired by the U.S. government. He introduced the idea of establishing a national Bitcoin “stockpile,” which he described as a “permanent national asset.” However, he did not provide details on how this would be implemented.
“If I am elected, it will be the policy of my administration, [the] United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump said.
The former President criticized the Biden-Harris administration’s regulatory approach to cryptocurrency. He claimed that Harris was against cryptocurrency and positioned himself as a pro-crypto candidate.
