Recent developments suggest that Vice President Kamala Harris is facing scrutiny over her efforts to mend relationships with the cryptocurrency community while simultaneously making decisions that contradict her stated goals.
Kamala Harris is reportedly contemplating endorsing Michigan Senator Gary Peters for the upcoming 2024 elections. This move has sparked unease among bitcoin supporters who are wary of Peters’ strong opposition to bitcoin, as evidenced by his endorsement of the Money Laundering Act of 2023, which targets the illicit use of cryptocurrency in funding terrorism.
Kamala Harris’ Political Strategy
The prospect of Peters’ involvement in the administration has raised concerns among cryptocurrency enthusiasts who fear that his influence may lead to stricter regulations and a less hospitable environment for digital currencies. Peters has emphasized the need for stringent control over cryptocurrency to combat the financing of militant organizations, a stance that has alarmed the crypto community.
Observers speculate that Harris’s potential selection of Peters as her running mate could be a strategic move aimed at securing Michigan’s crucial swing state in the upcoming election. Peters’ support from unions and fellow Democrats makes him a compelling choice for Harris to bolster her campaign.
Response from the Cryptocurrency Community
The cryptocurrency community has expressed apprehension regarding Peters’ possible alignment with Harris. Industry experts, including XRP attorney John Deaton and Galaxy Digital chairman Mike Novogratz, have advised Harris to reconsider her decision. Novogratz specifically raised concerns about Senator Elizabeth Warren’s anti-bitcoin stance and urged Harris to remove Gary Gensler, the SEC chair known for his unfavorable view on cryptocurrencies, should she win the presidency.
A top advisor for Peters defended his potential candidacy, citing strong support from labor unions seeking a pro-union figure in leadership. Representative Dan Kildee emphasized Peters’ alignment with pro-union values, which resonates with labor groups.
Featured image from Gadgets 360, chart from TradingView