Digital Chamber advises Kamala Harris to embrace crypto industry to increase odds of defeating Trump

The Digital Chamber, a leading digital asset trade association, has urged Vice President Kamala Harris to support the U.S. cryptocurrency industry if she becomes the Democratic presidential nominee. This follows President Joe Biden's withdrawal from the 2024 race, backing Harris.

Open Letter to Harris

On July 22, the Digital Chamber sent an open letter to Harris, advocating for a more crypto-friendly stance in her potential campaign. The letter highlighted the benefits of digital assets and blockchain technology, aiming to shift the Democratic Party's perceived negative view on these innovations.

Key Recommendations

The letter included three main recommendations:

1. Pro-Digital Asset Language: Incorporate supportive language into the Democratic Party's platform.
2. VP Candidate with Expertise: Choose a vice-presidential candidate knowledgeable in digital asset policy, such as Colorado Governor Jared Polis.
3. Engagement with Industry Leaders: Foster open dialogue with experts in digital assets and blockchain to develop supportive policies.

Current Perceptions

The Digital Chamber criticized the Biden/Harris Administration’s cautious and sometimes hostile approach to digital assets. They believe Harris’s candidacy could change this perception and promote a progressive stance towards digital assets.

Political Endorsements

Harris has received endorsements from prominent Democratic figures, including former President Bill Clinton, former Secretary of State Hillary Clinton, and California Governor Gavin Newsom. President Biden has also publicly supported Harris’s potential candidacy.

Impact on Crypto Regulation

Biden's decision to withdraw has shifted focus to how Harris might handle crypto regulation. The Biden administration has been marked by cautious and restrictive policies on digital assets, with the SEC under Gary Gensler taking several enforcement actions against the blockchain sector.

Uncertain Future

The crypto community remains cautious about Harris’s views on digital assets. Her potential presidency might still be influenced by the existing administrative framework and Biden-aligned donors. The Democratic Party will finalize its nominee during a virtual roll call in early August or at the Democratic National Convention from August 19 to August 22.