🤔Kamala Harris Loves Crypto?

VP Kamala Harris tells Wall Street she will support crypto as Donald Trump doubles down on his support

Sep 23, 2024

Crypto Industry Eyes Kamala Harris’ First Public Support, But Action Is Still Needed

In a surprising turn of events, Vice President Kamala Harris has made her first public remarks about cryptocurrency during a Wall Street fundraiser. According to Bloomberg reporter Jennifer Epstein, Harris stated, “To build that opportunity economy, I will bring together labor, small business, founders, and innovators and major companies. We will partner together to invest in America's competitiveness, to invest in America's future. We will encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road.”

While this is a positive signal for the crypto community, the industry remains cautious. Although Harris’ comments suggest a commitment to fostering innovation in digital assets, no actual policy has been outlined. Under the Biden administration, crypto has faced challenges, with vocal critics like Senator Elizabeth Warren and SEC Chair Gary Gensler leading regulatory crackdowns. As such, many industry insiders are hesitant to give Harris the benefit of the doubt without concrete action to back up her words.

Trump vs. Harris: A Crypto Policy Comparison

In contrast to Harris’ recent, albeit vague, comments on crypto, her political opponent, Donald Trump, has long been vocal in his support for the digital asset space. At a recent event, Trump even remarked, “I think crypto has got a great future. Maybe we will pay off the $35 trillion with it,” signaling his continued bullish stance on the industry.

Trump has outlined a clear crypto policy, giving the industry a firm idea of what to expect should he return to office. On the other hand, Harris has yet to lay out a specific framework or policy regarding the regulation of digital assets, leaving some to question how serious the Biden administration is about fostering a crypto-friendly environment.

Harris’ Timing Under Scrutiny as SEC Faces Congressional Oversight

Harris’ remarks come at a critical time for the crypto industry. This week, SEC Chair Gary Gensler and all the commissioners will appear before Congress, where the SEC’s handling of the industry will be a central topic. Many expect the questioning to focus on the SEC’s perceived overreach and aggressive stance toward cryptocurrency businesses and innovations.

Without clear direction from Harris or the broader Biden administration, the crypto community remains wary. A more direct policy from Harris could offer clarity and help shape the ongoing regulatory battles between the SEC and the industry.

Congress Moving Toward Bipartisan Crypto Legislation

Despite the uncertainty surrounding Harris' statements, there is a growing bipartisan push in Congress to establish comprehensive crypto regulations. Both Democratic and Republican lawmakers have signaled their intent to pass legislation through the Senate by the end of the year, which could finally provide the industry with a clear regulatory framework.

For the crypto sector, it is vital to gain bipartisan support to ensure the survival and growth of digital assets in the U.S. Comprehensive regulations would provide businesses and investors with the clarity they need to operate without fear of unexpected enforcement actions.

As the 2024 election looms, it remains to be seen whether Harris will release a concrete crypto policy, or whether she will allow this critical issue to be shaped by her opponents. For now, the industry will watch closely, waiting for more than just words.

___________________________________________

💥Thank You to my show Sponsors

Uphold is one of the best crypto exchanges out there and I have been using them since 2018!

Gemini makes it easy to trade crypto with many unique features and prodcuts.

BitGo is one of the top custodians in the crypto industry. They provide the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending.

VeChain is a leading enterprise-grade L1 public blockchain, spearheading a digital revolution from a sustainable, highly scalable smart contract platform.

___________________________________________

📰 Latest Crypto News:

Global crypto investment products see $321 million in net weekly inflows as rebound continues - source
BlackRock amends their Custody agreement with Coinbase - files with SEC
“As detailed in the SEC filing, the amendment updates Section 2.1 of the Custodial Services Agreement. Coinbase Custody must now process a withdrawal of digital assets to a public blockchain address within 12 hours of receiving instructions from the Trust or its authorized representatives, subject to specific balance requirements.” - source

___________________________________________