Kamala Harris will support crypto industry

A top campaign official for Democratic presidential candidate Kamala Harris announced on Wednesday that the nominee will back legislative initiatives promoting the cryptocurrency industry

Speaking on Wednesday at a Bloomberg roundtable at the Democratic National Convention in Chicago, Brian Nelson, senior advisor for policy for the Harris campaign, stated, “She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.”.

Among the narratives of the 2024 presidential contest is the crypto industry’s increasing political influence, with first-time independent candidate Robert F. Kennedy Jr., and then, should they win office in 2025, Donald Trump of the GOP will make similar, extremely amiable promises regarding regulations.

The Biden administration’s perceived extremely unfriendly regulatory approach has generally been met with dissatisfaction by the industry. Nelson said, “Obviously, they’ve expressed that one of the things that they need is stable rules, rules of the road,” implying that a Harris administration would still be open to establishing protections for a sector of the economy that has seen several significant collapses in recent years.

Harris’ encouraging remarks, which allude to cutting red tape and advancing cutting-edge technology, are nevertheless clung to by supporters. Focus on reducing pointless red tape and bureaucracy, as well as on innovative technologies that safeguard consumers and establish a stable business environment with clear and uniform regulations.

This is in response to criticism over the DNC’s contentious tax plan and decision to exclude crypto from its platform, in contrast to its main rival, Donald Trump.
Candidates have adopted a pro-market stance in the run-up to the elections, courting cryptocurrency supporters with a range of pledges.

Kamala Harris’s strategy remained restrained, but Donald Trump supported the industry by pledging pro-regulation to encourage creativity. Because of this,  most business leaders in that space have supported the former president, despite efforts by Harris’s supporters to stir up the market.

Congress has also seen notable progress with cryptocurrency this year, as bills on digital assets have received varying degrees of bipartisan support. Leaders in the industry have also made large donations to Super PACs in support of candidates who support cryptocurrencies in the next elections.