After garnering support from Silicon Valley, VP Kamala Harries is now cozying up with the bosses of Coinbase, Ripple Labs and Circle

The Republican Party (Led by Former President Donald Trump) and The Democratic Party (Led by Vice President Kamala Harris) are now in a race to cozy up to the influential figures of Silicon Valley. VP Harris and her team have also reportedly broaching top crypto companies like stablecoin company Circle, leading exchange platform Coinbase, and blockchain payments group Ripple labs to extend an olive branch in an effort to repair the strained relationship between the Democratic Party and these major crypto players, which was a result of the stringent rules placed on them under the Biden administration.

Strained relationships caused by stringent rules and regulations

The hostility between the crypto industry and the Democratic Party stemmed from the Biden administration's rigorous regulatory measures. Led by Senator Elizabeth Warren, the administration implemented stricter rules aimed at protecting customers and ensuring financial stability. However, the emphasis on security has caused the regulations to be overly restrictive and controlling, thus sparking unhappiness among the crypto community. Tension also reached an all time high when the Biden administration introduced the Chokepoint 2.0 strategy, which limited the crypto industry's access to traditional banking services, creating more obstacles for the crypto community.

VP Harris promising softer approach

With President Biden out of the election, it seems that Silicon Valley is now more receptive towards the democratic party. With former President Trump making his stance on Crypto clear during the Bitcoin 2024 conference, the crypto community is now curious to hear what VP Harris has installed for them.

It seems that VP Harris's prior approach to technology regulation is characterized by a more moderate tone compared to the current administration. This could be seen through her career, where she has involved advisors from major tech firms like Google and Facebook, reflecting her willingness to embrace innovation.

There are also others who have come forth to testify about her interest in the crypto. Shark Tank star, Mark Cuban, for example, wrote in a crypto-focused publication Decrypt, that VP Harris's team has been having conversations with him about crypto. He says that this might be a good sign that crypto fans can expect positive changes from the VP Harris administration if she were to be elected as the President in the upcoming election.

Promising of a better crypto world

In a report from the Financial Times, VP Harris's advisors clarified that the move to cozy up to the leaders of Silicon Valley isn't driven by the need to garner more votes for VP Harris for the upcoming election. Rather, the administration is trying to show its resolution to strengthen its relationship with the leaders of the crypto industry to set a firm foundation to ultimately create a smart regulatory frame for the crypto community.