Harris-Walz Campaign Faces Pressure to Clarify Stance on Crypto Policy

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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August 10, 2024

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With just 88 days left before the U.S. presidential election, supporters of Democratic nominee Kamala Harris are urging her campaign to clarify its position on cryptocurrency.

As the election race heats up, the crypto community is seeking to understand whether Harris will be more favorable to digital assets compared to her Republican rival, Donald Trump.

Since announcing her presidential bid on July 21, Harris has largely avoided discussing economic issues, including those that could significantly impact the crypto industry.

Meanwhile, Trump’s campaign has made headlines with its engagement with digital assets.

Harris Team Engages in Discussions About Crypto Policy

Harris’ team has reportedly been engaging in discussions about crypto policy with industry executives, and several White House staff members with crypto experience are said to be shifting to her campaign or related political action committees.

Despite these developments, the Democratic campaign has not yet made digital assets a focal point.

“Digital assets and crypto are not top of her campaign’s mind at the moment,” said Sheila Warren, CEO of the Crypto Council for Innovation, shortly after Harris announced her candidacy.

Warren suggested that while Harris recognizes the importance of crypto, it remains unclear how this understanding will translate into her policy agenda.

As Harris prepares for campaign events in key battleground states, the pressure to articulate a clear stance on crypto is growing.

North Carolina Representative Wiley Nickel emphasized that Democrats would not concede the crypto issue to Trump.

Nickel, along with entrepreneur Mark Cuban and other industry leaders, is set to speak at an Aug. 14 virtual town hall organized by the “Crypto Advocates for Harris” group.

The event aims to push the Harris campaign toward developing a robust crypto policy platform.

Polls have shown Harris in a close race with Trump in swing states, and the outcome of the election remains uncertain.

The prediction market platform Polymarket recently labeled the race a “tossup,” reflecting the unpredictability of the situation.

Crypto to Benefit Under Next Administration

Some crypto industry leaders are optimistic about the potential for constructive crypto policies under the next administration, regardless of the winner.

Coinbase CEO Brian Armstrong, during an Aug. 1 earnings call, expressed hope that both the Democratic and Republican candidates would adopt a positive stance on crypto.

Although Harris did not attend the Bitcoin 2024 conference in Nashville, her Democratic supporters spoke about the risks of making crypto a partisan issue.

Trump, in contrast, accused Harris of being “against crypto,” citing her ties to the Biden administration as evidence.

House lawmakers, led by Representative Nickel, have urged the Democratic Party to take a more forward-looking approach to digital assets.

In a letter to Democratic National Committee Chair Jaime Harrison, they argued that Harris has the opportunity to reshape the party’s public image concerning digital assets.

The first presidential debate between Harris and Trump is scheduled for Sept. 10, and it may provide further insights into where each candidate stands on crypto policy.