Kamala Harris, the recently proclaimed Democratic presidential candidate, was reportedly in discussions to deliver a speech at the Bitcoin 2024 conference in Nashville, which caused some uproar in the crypto community this week.
Although the campaign ultimately verified that Harris would be unable to attend, the fact that her team was seriously considering the invitation suggests a potential change in the Democratic Party’s stance on digital assets, as crypto has been a significant factor in the presidential race.
Binance, Coinbase, and Ripple have been subjected to an increasing number of enforcement actions by the Securities and Exchange Commission (SEC) during the Biden administration, which has resulted in a regulatory environment that is increasingly hostile to the crypto industry.
Notable crypto critics like Senator Elizabeth Warren have been on Biden’s economic team, which casts a shadow over the future of digital assets. This is in direct contrast to the acceptance of the spot Bitcoin and Ethereum ETF markets in January and last Monday, respectively.
Nevertheless, sources from the Harris campaign indicate that the California senator may be “more receptive” to blockchain technology and cryptocurrency.
Crypto lawyer and former White House advisor who spoke to Fortune on the condition of secrecy said that her tech assistant is thought to be pro-crypto and that her husband, Douglas Emhoff, is a “crypto guy.”
She has a limited amount of time to redefine herself. She has a limited time frame to definitively assert that she is an independent individual.
Mark Cuban, a billionaire investor and Bitcoin enthusiast, disclosed that he has received “multiple questions” from the Harris camp regarding crypto. This information may contribute to the possibility of a more collaborative approach between regulators and key industry players in the event of a Harris presidency.
The Biden administration’s stance is starkly contrasted. According to the Fortune report, “President Joe Biden’s campaign would have automatically declined an invitation to speak at the Bitcoin 2024 conference.”
Despite the fact that the SEC has increased enforcement actions under the leadership of Chairman Gary Gensler, the current White House has been weak to enact crypto-related legislation in Congress.
In contrast, Kamala Harris has a history of supporting Silicon Valley as a US senator who represents California. The report indicates that she has established “close relationships” with technological industry executives, such as Meta’s Sheryl Sandberg, thereby establishing herself as a politician who is pro-business.
The industry is optimistic that a Harris presidency could substantially alter the government’s approach to digital assets, given her background and the “crypto-friendly” connections within her own team.
Nevertheless, it is uncertain whether these aspirations will evolve into real policy modifications in the months and years ahead.
Also Read: U.S. senators are the center of attention at Bitcoin 2024
