This week, speculations surfaced in the crypto community suggesting that Kamala Harris, the newly announced Democratic presidential nominee, might make an appearance at the Bitcoin 2024 conference in Nashville.
Although it was later confirmed that Harris would not be able to attend, the mere consideration by her team indicates a potential shift in the Democratic Party’s outlook towards digital assets, especially considering the significant role of crypto in the ongoing presidential race.
Harris’s Alleged Pro-Bitcoin Advisors
During the Biden administration, the crypto industry has encountered increasingly stringent regulatory measures, with the Securities and Exchange Commission (SEC) intensifying enforcement actions against various companies like Binance, Coinbase, and Ripple.
Contrary to the recent approvals of spot Bitcoin and Ethereum ETF markets, Biden’s economic advisors, notably Senator Elizabeth Warren, have expressed skepticism towards crypto, creating ambiguity about the future of digital assets.
Insiders within the Harris campaign hint at the possibility of a more receptive stance towards cryptocurrency and blockchain technology from the California senator. Notably, her tech advisor is presumed to be pro-crypto, and her husband, Douglas Emhoff, is reportedly known as a “crypto guy,” as per a Fortune report.
She has a brief period to solidify her stance and establish her uniqueness.
Moreover, billionaire investor and Bitcoin advocate Mark Cuban disclosed that he has been approached by the Harris team with inquiries about crypto, suggesting a potential for a more collaborative relationship between regulators and industry influencers under a Harris presidency.
Kamala Harris’s California Background and Pro-Business Approach
The difference in approach between the Biden administration and Kamala Harris is evident. The report indicates that President Biden’s campaign would have outright declined the invitation to speak at the Bitcoin 2024 conference.
While the current administration has been slow in enacting crypto-related legislation, the SEC, under Chairman Gary Gensler, has escalated enforcement actions.
Conversely, Kamala Harris, having represented California as a US senator, has a history of advocating for Silicon Valley and fostering relationships with tech leaders like Meta’s Sheryl Sandberg, earning her a reputation as a business-friendly politician.
Given her background and the “crypto-friendly” connections within her team, there is optimism within the industry that a Harris presidency could lead to a significant shift in the government’s approach to digital assets.
However, the realization of these expectations into tangible policy alterations in the foreseeable future remains uncertain.
As of the latest update, Bitcoin was priced at $67,590, showcasing a 4% increase over the past 24 hours from a weekly low of $63,500.
Image credits: DALL-E (featured image), TradingView.com (chart)
