In a significant move to mend relations with the cryptocurrency sector, United States Vice President Kamala Harris’s advisers have reached out to top crypto companies to reset the strained ties between the Democratic Party and the crypto industry.
According to the Financial Times, members of Harris’s team have recently contacted individuals connected to major crypto companies. These efforts include outreach to leading cryptocurrency exchange Coinbase, stablecoin company Circle and blockchain payments firm Ripple Labs.
Rethinking stance on digital assets
The goal is reportedly to foster a more constructive dialogue and establish a regulatory framework conducive to the industry’s growth. This outreach comes as the crypto industry has increased support for her rival, Republican Party nominee and former President Donald Trump. This initiative also follows mounting criticism of President Joe Biden’s administration’s stance on digital assets.
This shift comes in the wake of a letter signed by Democratic members of the US House of Representatives and 2024 candidates. The letter calls for the party to reconsider its approach to the digital asset industry, highlighting the importance of moving away from perceived hostility.
Advisers to the Harris campaign have reportedly clarified that the initiative to reconnect with the crypto sector is not primarily driven by a desire to secure electoral contributions. Instead, the focus is on building a positive relationship that can pave the way for a sensible regulatory framework.
The Harris campaign’s outreach is also reportedly part of a broader effort to reshape the perception of the Democratic Party among business leaders. The campaign aims to counter the notion that Democrats are anti-business, a sentiment that has grown amid the Biden administration’s focus on antitrust actions against tech companies.
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By emphasizing a message of being “pro-business, responsible business,” Harris seeks to assure the industry of the party’s commitment to fostering a healthy business environment.
Crypto’s emerging role in US politics
Trump, who once expressed skepticism toward cryptocurrencies, has recently emerged as a strong advocate for the sector. He delivered a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, highlighting his support for the industry.
This shift has garnered him substantial backing from the crypto community, making the sector an important source of funding for his campaign.
Pro-crypto super PAC Fairshake has raised over $200 million from prominent backers, including Coinbase, Ripple and venture capital firm Andreessen Horowitz. Meanwhile, Trump’s reelection campaign has seen roughly $3 million in cryptocurrency donated since he announced it would accept digital asset donations.
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