Biden drops out of the race: A look at the cryptocurrency policies of the US Democratic candidates

By Mia, ChainCatcher

Last Sunday, 81-year-old U.S. President Biden announced that he would not run for re-election, and Vice President Kamala Harris immediately said that she would take over Biden's nomination for the Democratic Party. After Biden gave her full support, many Democrats quickly expressed their support for her.

Although Biden's support adds a strong endorsement to Harris's candidacy, the result is still full of variables. Previously, four of the most influential figures in the Democratic Party have issued statements praising Biden, but have remained silent on their support for Harris, including former President Barack Obama, who is said to remain neutral, just as he did in the 2020 primary.

Just today, California Congressman and former House Speaker Nancy Pelosi officially expressed her support for Harris. Although many Democrats on Capitol Hill support Harris, New York Democratic Senator Chuck Schumer and Congressman Hakeem Jeffries, who lead the Democratic Party in Congress, have not yet expressed their support for her.

So, who else could be the Democratic candidate besides Harris? What kind of cryptocurrency policy will they bring?

In recent weeks, California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer have become the hot candidates that have attracted much attention. Newsom has become famous throughout the United States for his public debates with Republican governors, while Whitmer has been a representative of national supporters of abortion rights, which is also widely seen as a key issue for the Democratic Party in the November election. It is worth noting that Whitmer has previously made it clear that she will not seek the nomination even if Biden withdraws from the election.

In addition, Pennsylvania Governor Josh Shapiro has also attracted much attention. The Wall Street Journal predicts that Pennsylvania will become a key state for the two parties to decide the outcome in the coming months.

Illinois Governor Pritzker has also become an attractive candidate with a net worth of up to $3.5 billion.

Democratic Candidates' Crypto Attitude

Vice President Kamala Harris

Financial disclosure information shows that neither Harris nor her husband Douglas Emhoff are involved in the field of cryptocurrency, and prefer to invest in traditional financial U.S. Treasuries and emerging markets.

During the 2020 election, Harris hired Ryan Montoya as her schedule director. It is reported that Montoya was the chief technology officer of the Sacramento Kings basketball team (NBA team). Under his leadership, the Sacramento Kings became the first team in the world to accept Bitcoin payments, and also tried to mine Ethereum and launch NFT series.

In addition, the New York Times previously reported that Harris has a close relationship with the technology industry. When she was nominated as vice president, it was even seen as "good news" for Silicon Valley. As the technology industry becomes more and more relevant to cryptocurrencies, it is not ruled out that Harris may choose to support Bitcoin before the presidential election in the future.

California Governor Newsom - Crypto Technology Supporter

Among the potential candidates, Newsom has a deep understanding of the cryptocurrency industry and is open to it. He has been one of the most prominent promoters of blockchain and crypto technology within the Democratic Party, and is committed to working with the cryptocurrency industry to develop national policies and promote education.

As early as May 2022, Newsom issued an executive order to promote blockchain research and innovation and explore the application of government in it. Although the crypto policy environment later changed due to the Celsius incident and the FTX bankruptcy storm, resulting in the rejection of a new state-level industry regulatory bill, Newsom's positive attitude towards the crypto industry has not changed.

In October 2023, Newsom continued to advance crypto legislation and signed a crypto licensing bill that will take effect in July 2025. The bill requires the California Department of Financial Protection and Innovation (DFPI) to develop a regulatory framework for cryptocurrencies, including a licensing system and law enforcement and rule-making powers. DFPI also received an 18-month implementation period to ensure that the regulatory framework can be tailored to respond to industry trends and mitigate consumer harm.

Newsom’s deep knowledge of the cryptocurrency industry means he may be willing to work with the industry.

Michigan Governor Gretchen Whitmer

Whitmer has been viewed as a potential candidate, but Whitmer has not discussed any of her positions on cryptocurrency, nor has she promoted cryptocurrency policy in Michigan in any significant way. This suggests that she may be more responsive to policy issues around cryptocurrency if she becomes president, or that she is simply not interested in cryptocurrency from a policy perspective.

While other states, such as California, have implemented regulatory frameworks to work with the industry, there are few signs that Whitmer will make any big moves on cryptocurrency.

Pennsylvania Governor Josh Shapiro

Like Whitmer, Shapiro has been viewed as a possible presidential candidate. During his tenure, the Pennsylvania Department of Banking and Securities decided to include “cryptocurrency” in its definition of the Money Transmission Act, treating it as a type of “currency,” reversing a 2019 policy before Shapiro became Pennsylvania governor.

While Shapiro has not made any major moves in crypto, he has not said anything negative about the industry to date, even after state tax breaks were used by crypto mining companies to help create data centers.

In the future, Shapiro may be willing to consider establishing a regulatory framework for cryptocurrencies at the state level.

Illinois Governor Pritzker - Crypto Bull

If there is anyone who is a "crypto bull," it may be Pritzker.

Pritzker's office had always been positive about cryptocurrencies before FTX collapsed in 2022. In addition, in a 2021 Facebook post, Pritzker welcomed cryptocurrency ATM company CoinFlip to Chicago and said that "the future of cryptocurrency is in Illinois."

In fact, Illinois under Pritzker's leadership has been embracing cryptocurrencies for a long time.

Relevant industry observers said that if the cryptocurrency industry wants to find someone to become the Democratic presidential candidate or Harris' vice presidential candidate, Pritzker may be the best choice.

So in the current situation, what MEME coins are worth paying attention to?

Related MEME coins

Currently, Harris, the most popular candidate appointed by Biden, has related memecoins. (Does not constitute investment advice)

$HERRIS

According to the X platform, the token $HERRIS (Kumala Herris) has more than 5,000 followers and a market value of $6.2M. After Biden announced his withdrawal from the election, the price of $HERRIS once exceeded $0.009, and has now fallen back to $0.0062, with a 24-hour increase of 24.43%.

In addition, more related MEME coins began to flood the market.

$CUMALA

According to the X platform, the Solana chain dog $CUMALA (cumala whoris) has been issued, and currently only 190 people follow it.

$KAMA

Currently, $KAMA (Kamala Horris) is the largest market value related MEME coin on the Solana chain. It once rose above $0.03 to set a record high. The current price is $0.02736, with a 24-hour increase of 48.45%. At present, the market value of $KAMA is 25.83M US dollars.