Kamala Harris’ campaign finally breaks silence on crypto, but is it too little, too late?
For months, Kamala Harris’ campaign has remained silent on crypto, leaving many to speculate about her stance. But the wait appears to be over.
According to a Bloomberg report, at a Democratic National Convention roundtable, Harris’ senior adviser, Brian Nelson, provided clarity on her position. Nelson stated that Vice President Harris supports policies ensuring that emerging technologies, including the crypto industry, can grow.
Nelson also emphasized the need for clear regulations, citing recent events like the collapse of FTX in 2022. The campaign’s cautious stance contrasts sharply with former President Donald Trump’s enthusiastic endorsement of crypto.
Trump has vowed to remove SEC Chair Gary Gensler, create a national Bitcoin reserve, and support U.S. crypto miners, making crypto a key part of his campaign. The divergence in approaches between Harris and Trump suggests crypto could become a significant issue in the 2024 election.
Uphill Battle for Harris
Harris’ cautious support comes amid dissatisfaction with the current administration’s stringent crypto policies, particularly SEC’s perceived authoritarian stance. Despite Nelson’s statement, other campaign events have hurt her standing within the crypto community.
The Democratic Party’s latest platform didn’t mention crypto, reinforcing fears of continued neglect. Harris also faced backlash over a misinterpreted endorsement of a Biden proposal to tax unrealized capital gains.
Additionally, Harris missed a virtual town hall organized by Crypto4Harris, viewed as a key chance to connect with the industry. High-profile endorsements and pre-recorded messages failed to engage the audience.
Public Backlash and Mistrust
Many in the crypto community remain unconvinced by Harris’ newfound support. Charles Hoskinson, co-founder of Cardano, questioned the lack of specific policies or proposals, demanding “specific, tangible actions.”
Eleanor Terrett from Fox Business pointed out that Nelson didn’t specifically mention crypto or digital assets, which fueled skepticism. On the other hand, Adam Cochran of Cinneamhain Ventures urged people to see the statement as a positive first step, though he too faced backlash.
Critics noted the past four years have shown little support for the crypto industry from Harris, questioning why she hasn’t done more given her position as Vice President.
What Do Experts Think?
Mark Smith, CEO of leading crypto consultancy CryptoUs, commented, “If Harris is to differentiate herself from the current administration, she needs an official policy stance on crypto. Mere statements won’t suffice.”
Professor Sandeep Gaur of FinTech University criticized the current administration’s approach, highlighting the need for policies that consider all technological intersections, not just crypto as a currency.
Both experts agree that more concrete policies are needed to win over the crypto community, which remains cautious, waiting to see if Harris can truly present a distinct and supportive crypto policy.
