Crypto Community Doubts Kamala Harris’s Commitment Amid Growing Calls for Gary Gensler’s Removal

At the ongoing Democratic National Convention (DNC), Kamala Harris's campaign has attempted to position her as a pro-crypto candidate, but the response from the crypto community has been largely negative. Key figures, including Cardano CEO Charles Hoskinson, have voiced strong skepticism about Harris’s commitment to the cryptocurrency market, particularly in light of her inaction regarding regulatory issues.

Lack of Concrete Action

Despite statements from Harris’s senior campaign advisor about implementing pro-crypto policies, the crypto community remains unconvinced. Hoskinson, among others, has highlighted the absence of tangible actions from Harris or her team. He specifically demanded the resignation of SEC Chair Gary Gensler, criticising the administration’s failure to address the regulatory concerns facing the industry.

Empty Promises?

The DNC’s 92-page document, released earlier this week, made no mention of cryptocurrencies, further fuelling doubts about Harris’s commitment to the sector. While her campaign advisor, Brian Nelson, spoke about supporting emerging technologies, critics pointed out that his address lacked any substantive discussion of “crypto” or “digital assets.”

Hoskinson’s criticism echoes a broader sentiment within the industry. He questioned why there have been no immediate policy changes under the current administration and expressed his frustration with the lack of specific, tangible actions to support the crypto market.

Calls for SEC Chair's Removal

A key demand from the crypto community is the removal of Gary Gensler as SEC Chair. The sentiment is that under Gensler's leadership, the SEC has focused heavily on regulation at the expense of innovation. Nate Geraci, President of the ETF Store, emphasized that actions speak louder than words, calling for a balance between regulation and innovation.

Harris Losing Ground in the Polls

The growing dissatisfaction within the crypto community coincides with a shift in political momentum. According to Polymarket data, Kamala Harris is losing ground to Donald Trump, who now has a 52% chance of winning the upcoming election, compared to Harris’s 47%. This shift is further amplified by speculation that Robert F. Kennedy Jr. may endorse Trump, potentially strengthening his position even further.