What is Kamala Harris’s stance on crypto?

What is Kamala Harris’s stance on crypto?

In a September 2022 fundraiser, Vice President Harris said that if elected president, she would "encourage innovative technologies like AI and digital assets". 

While the Harris campaign has yet to release specific policy proposals related to crypto, reports indicate that Kamala Harris has reached out to crypto companies like Coinbase and Circle to develop a regulatory framework, and has met prominent members of the cryptocurrency industry. 

It appears that Kamala Harris’s pro-crypto pivot is part of a larger Democratic Party embrace of the industry in recent months. Senate Majority Leader Chuck Schumer and Speaker of the House Nancy Pelosi voted for pro-crypto legislation in May 2024.

What was the Biden Administration’s stance on crypto?

The Biden Administration has been described as ‘anti-crypto’. 

The current chair of the SEC, Gary Gensler, has been criticized for antagonizing the cryptocurrency community. In addition, Gemini co-founder Tyler Winklevoss has claimed that the Biden Administration has privately pushed banks not to take on cryptocurrency companies as clients. 

Harris’s pro-crypto rhetoric is a marked departure from the policies of President Biden. "You're going to see a much more balanced approach from President Harris on this issue." said Wiley Nickel, a pro-crypto Democratic Congressman.

Are crypto executives endorsing Kamala Harris? 

Before President Biden withdrew from the 2024 election, prominent cryptocurrency executives — like Kraken CEO Jesse Powell and Gemini co-founders Tyler and Cameron Winklevoss — made large donations to Donald Trump. 

While some in the crypto community are optimistic that Harris will differ from her predecessor and push thoughtful and industry-friendly legislation, others tie her to the Biden Administration.

Crypto executives for Harris 

Some in the cryptocurrency industry have endorsed Vice President Harris.

An advocacy group called Crypto4Harris features members like Crypto Council CEO Sheila Warren and former Chainalysis executive Amanda Wick. 

Crypto4Harris bills itself as "a group of industry leaders, policy experts, and everyday crypto-enthusiasts… organizing to back Harris while pushing for a nuanced policy stance that positions America as a leader in digital assets." 

In addition, crypto executives like Ripple co-founder Chris Larsen and Uphold co-founder JP Theriot have endorsed Harris.

Crypto executives against Harris 

Other crypto executives have continued to support the Trump campaign, even after President Biden dropped out of the race. 

After Kamala Harris declined an invitation to speak at the Bitcoin Conference, Tyler Winkelvoss put out the following statement: 

She can’t even take the first step and show up to start mending fences. Our industry won’t forget this. We will show no mercy in November.

Crypto executives who have remained neutral 

Some cryptocurrency exchanges have not endorsed either candidate. 

Coinbase CEO Brian Armstrong has not publicly come out in support for either candidate, but has said that he expects the US to be ‘crypto-friendly’ regardless of the election outcome. 

What are Trump's policies on crypto? 

Trump is running on a pro-crypto platform — making the following promises:

• Calling for all BTC to be mined in the US. 
• Calling for the US to hold Bitcoin reserves.
• Establishing a Bitcoin and crypto presidential advisory council 

Trump has released his own NFT collection and partnered with cryptocurrency entrepreneurs to launch World Liberty Financial Partners — a crypto banking platform. In addition, his vice presidential candidate JD Vance is the first person on a presidential ticket to own cryptocurrency.

As noted earlier, Trump’s pro-crypto stance has earned him endorsements from some prominent crypto executives. 

However, some critics doubt that Trump’s pro-crypto promises will become reality — citing his previous anti-crypto comments, his lack of knowledge about the crypto ecosystem, and the lobbying influence of the banking industry. 

Will Kamala Harris court the cryptocurrency vote? 

It’s likely that Kamala Harris, along with other politicians across the country, recognize the growing influence of the cryptocurrency community — both in terms of donations and as an organized voter bloc. 

‍It’s estimated that 20 million Americans own cryptocurrency. In addition, crypto PACs have raised more than $100 million for the 2024 election.

Conclusion

While Kamala Harris has not yet released concrete proposals on cryptocurrency, she signaled a willingness to shift towards blockchain-friendly policies. It’s likely that both political parties recognize the potential of cryptocurrency, as well as the growing power of digital asset investors.