US Vice President Kamala Harris recently made comments indicating her support for innovation within the cryptocurrency sector, stating that if she were elected to the White House, her administration would back advancements in this area. This statement has generated interest among crypto enthusiasts. However, experienced figures in the cryptocurrency industry are quick to point out that with just two months remaining until the elections, there are no significant developments regarding the establishment of concrete crypto policies.
Harris Campaign's Crypto Strategy: Broad Focus on Innovation Over Detailed Policy
A source close to the discussions between the Harris campaign and crypto insiders reveals that Harris's approach is broad and somewhat general. She emphasises the need to "encourage innovative technologies like AI and digital assets while protecting consumers and investors." However, these conversations about digital asset policy are still largely at a high level, which suggests that they may not lead to a detailed, actionable policy framework prior to the election. The source suggests that crypto will simply be one of many innovations highlighted in her campaign, rather than the focus of any specific policy initiative.
Read more: Kamala Harris Pledges to Promote Crypto and AI Growth in Presidential Campaign
Harris Campaign Engages with Crypto Leaders: Aiming for Sensible Regulations
The Harris campaign is actively engaging with key players in the crypto industry, including Ripple Labs and Coinbase. Paul Grewal, Coinbase's chief legal officer, has been involved in these dialogues. He expresses that the industry's primary desire is for sensible regulations that they can adhere to. Grewal describes his feelings as "encouraged" by the response from the Harris campaign, noting that there appears to be a growing sophistication and depth in their understanding of what the crypto industry and its investors need from a potential Harris administration. He acknowledges, however, that some matters may take longer to address than stakeholders would prefer.
Read more: Trump "betrays" Bitcoin! American billionaire Cuban accuses him of trying to profit from supporters through the new currency
Will Kamala Harris walk the talk?
While the Harris campaign signals an awareness of the concerns surrounding the current state of cryptocurrency regulation in the US, uncertainties remain regarding who will hold power in Congress if she wins the presidency. This uncertainty could provide Harris with strategic flexibility regarding her approach to crypto legislation, allowing her to maintain a level of ambiguity about her commitment to the sector. At this stage, her statements may be more rhetorical than substantive.
In stark contrast, Donald Trump, Harris's opponent in the presidential race, has fully embraced cryptocurrency after years of scepticism. Trump's family’s latest venture, which explores decentralized finance (DeFi), has faced some criticism from within the crypto community. Nevertheless, he actively champions the crypto industry during his campaign. Trump has made commitments that, if elected, his administration would establish the United States as the "world capital for crypto" through policies that support digital assets.
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