As the U.S. presidential election approaches, a coalition of influential figures in the cryptocurrency space is mobilizing to support U.S. Vice President Kamala Harris in hopes of shaping future crypto policies. Scheduled for September 13, 2024, in Washington, D.C., this high-profile fundraiser aims to collect $100,000 with ticket prices ranging from $500 to $5,000, according to Reuters.
The initiative, led by the Blockchain Foundation, reflects a strategic move by crypto leaders to back Harris, despite her relatively cautious stance on cryptocurrency. This fundraising event underscores the industry’s desire to signal its importance to the Democratic Party and influence Harris’s potential policies should she win the presidency.
Harris vs. Trump: Current Polls and Political Landscape
Kamala Harris currently holds a narrow 3.2% lead over her rival, Donald Trump, in national polls, as reported by FiveThirtyEight. This slight advantage has remained consistent since President Joe Biden’s announcement on September 1, 2024, that he will not seek reelection and has endorsed Harris.
Cleve Mesidor, Executive Director of the Blockchain Foundation, explained that the fundraiser aims to highlight cryptocurrency’s significance to the Democratic Party, especially as Harris could potentially shape the next administration’s approach to digital assets. Mesidor emphasized that the event could pave the way for discussions on how a Harris administration might support the crypto sector and enhance capital access, particularly for marginalized communities.
Challenges and Industry Reactions
Under the current Biden administration, the crypto industry has faced notable regulatory hurdles. The U.S. Securities and Exchange Commission (SEC) has undertaken enforcement actions against major crypto firms for alleged violations of securities laws. In response, prominent companies such as Coinbase and Ripple have collectively invested $120 million in 2024 to influence the election through super political action committees like Fairshake, which has actively opposed Harris’s Democratic Party.
Despite these challenges, Harris’s campaign has shown a degree of engagement with the crypto industry. Recent meetings between Harris and industry executives in August, and earlier in July, signal a potential openness to dialogue on crypto issues. At the Democratic National Convention, Harris’s senior campaign adviser, Brian Nelson, indicated that Harris is likely to support policies fostering the growth of emerging technologies, including cryptocurrencies.
Optimism for Crypto Policy Under Next Administration
Looking ahead, many in the crypto community remain hopeful about the potential for favorable crypto policies under the next administration, regardless of the outcome. Coinbase CEO Brian Armstrong expressed optimism during an August 1, 2024, earnings call, hoping that both the Democratic and Republican candidates will adopt a positive stance on crypto.
Although Kamala Harris did not attend the Bitcoin 2024 conference in Nashville, her Democratic supporters have emphasized the importance of keeping crypto issues bipartisan. In contrast, Trump has criticized Harris, alleging that she is “against crypto” due to her connections with the Biden administration.
Furthermore, House lawmakers, led by Representative Nickel, have urged the Democratic Party to adopt a more progressive stance on digital assets. In a letter to Democratic National Committee Chair Jaime Harrison, they highlighted the opportunity Harris has to reshape the party’s image concerning cryptocurrencies.
The first presidential debate between Harris and Trump is scheduled for September 10, 2024. This debate may provide further insights into each candidate’s position on crypto policy.
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