What does Harris’ presidential nomination mean for the crypto industry?

Author: Nikhilesh De, CoinDesk; Compiler: Tao Zhu, Golden Finance

After President Joe Biden suddenly announced that he would not run for president, Vice President Kamala Harris is now the Democratic presidential candidate. With her becoming the party's nominee, people began to question how the Harris administration would differ from the Biden administration's approach to cryptocurrency.

Atmosphere shift

Raise in fundraising

After President Joe Biden announced that he would no longer run for president, Vice President Kamala Harris became the Democratic presidential candidate, which undoubtedly led to a shift in atmosphere. According to open source tracking data, ActBlue, a fundraising service focused on the Democratic Party, reported that the agency has received $160 million in funds since Biden announced his withdrawal from the race, while Harris's campaign team said it had received $81 million as of Monday afternoon.

Why Harris Becoming the Presumptive Nominee Matters to the Crypto Industry

The real question for the crypto industry is whether and how much Harris will differ from Biden, and how she differs from former President and Republican nominee Donald Trump. It’s been less than a day since Harris became the presumptive nominee, and only about two days since she took over the campaign, so it’s hard to tell at this point. It’s clear that some kind of reset is on the cards — entrepreneur Mark Cuban told Politico that Harris’ campaign has expressed interest in cryptocurrency (among other issues), while Bitcoin Magazine’s David Bailey said the campaign is considering a BTC Nashville speech later this week.

Harris’s stance

While it’s hard to assess how presidential candidate Kamala Harris would approach cryptocurrencies, the mere fact that she’s now the party’s new standard-bearer suggests the industry could take a new approach to the 2024 elections.

“You play the cards you were dealt, and now we have a new set of cards,” said Sheila Warren, CEO of the Crypto Council for Innovation, an industry interest group.

Harris is unlikely to publicly endorse cryptocurrencies right away, but many people told me that her taking over the campaign would be a reset.

One congressional staffer noted that the new campaign offers “an opportunity to reset,” noting that industry groups have written open letters to the campaign and the Democratic Party on crypto issues.

And, in their view, the new campaign may be more receptive to those issues.

Both the staffer and Warren noted that Harris is from California, which means she may already be more comfortable with technology and related issues.

"She is certainly no stranger to the importance of technology, which is critical to her state," Warren said. "She is someone who has always been willing to entertain thoughtful debate."

Harris' choice of vice presidential candidate will also be telling. Many of the current candidates -- including Pennsylvania Gov. Josh Shapiro, North Carolina Gov. Roy Cooper, Arizona Sen. Mark Kelly or Transportation Secretary Pete Buttigieg -- "are, for the most part, very pro-business," Warren said. Harris picking any of those people would be a meaningful move.

This is not a one-sided conversation. Industry groups and individuals have drafted an open letter to the Democratic Party and the Harris campaign, calling for less "hostility" toward the crypto industry.

"We urge you to sit down with leaders in the digital asset and blockchain industries to discuss policies that support and foster this technology. An open dialogue with industry experts will provide valuable insights and help shape policies that encourage growth while ensuring consumer protection and financial stability," reads a letter from the Chamber of Digital Commerce.