According to a report from Bloomberg, Brian Nelson, a senior policy advisor to Kamala Harris’ campaign, revealed the vice president’s alleged intention to support the growth of the crypto industry.
Harris’ Alleged Crypto-Friendly Stance
Nelson, a senior policy adviser to Harris’ campaign, stated that the vice president “is going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.”
This marks a departure from the Biden administration’s skeptical approach to the crypto space, which has been marked by increased regulatory scrutiny with numerous lawsuits targeting key players and the collapse of numerous high-profile companies.
The crypto industry has long advocated for a clearer regulatory environment and new laws to properly regulate the sector, and Harris’ stance appears to be an attempt to win over the industry in the scenario where the presidential candidate is able to secure a term in the White House.
Nelson acknowledged the industry’s desire for “stable rules, rules of the road,” a sentiment echoed in Harris’ recent campaign event in North Carolina, where she vowed to “focus on cutting needless bureaucracy and unnecessary regulatory red tape.”
It is alleged that the vice president aims to encourage “innovative technologies while protecting consumers and creating a stable business environment with consistent and transparent rules of the road.”
However, this move contrasts with the position of former president Donald Trump, who claimed to be the first “crypto president” and supported the use of Bitcoin (BTC) to pay the country’s $35 trillion debt, as well as firing the chairman of the US Securities and Exchange Commission (SEC) on day one.
Regulatory Tug-Of-War
This shift in Harris’s stance comes as the industry has increasingly asserted its political clout, including through significant political donations to former President Trump, as he has continually advocated for the growth and innovation of the sector.
The industry’s frustration with the regulatory environment under the Biden administration has led the Winklevoss twins, founders of the US-based exchange Gemini, to rally behind Trump’s campaign, which has promised to scale back regulatory enforcement and create a more favorable environment.
Nonetheless, Rohini Kosoglu, Harris’ former domestic policy adviser, highlighted the contrast between the vice president’s approach and the “chaos of a second Trump administration,” where businesses would allegedly face uncertainty regarding the “rules of the road” and their ability to grow and thrive.
While Harris has not explicitly mentioned digital assets in recent campaign speeches or included them in the Democratic Party’s policy agenda, the report notes that her economic policy framework prioritizes streamlining bureaucracy, reducing regulatory barriers, and fostering a business-friendly environment conducive to innovation and consumer protection.
It remains to be seen whether the vice president will address the digital asset issue in her next speeches and what her thoughts are on it, despite what advisors have stated. As for now, the sentiment in the community is that Harris’ would continue the current regulation by enforcement means.
Featured image from DALL-E, chart from TradingView.com