What is Kamala Harris’s stance on crypto?

What is Kamala Harris’s stance on crypto?

At this time, Kamala Harris has yet to take a public stance on cryptocurrency. 

According to reports, pro-crypto and anti-crypto factions of the Democratic party are both pushing Harris to adopt their positions. 

In recent months, it appears that the Democratic establishment has been seeking better relations with the crypto industry. Senate Majority Leader Chuck Schumer and Speaker of the House Nancy Pelosi voted for pro-crypto legislation in May 2024. 

However, it’s still unclear whether Kamala Harris will align with Schumer and Pelosi or more anti-crypto Democrats like Senator Elizabeth Warren. 

What was the Biden Administration’s stance on crypto?

The Biden Administration has been described as ‘anti-crypto’. 

The current chair of the SEC, Gary Gensler, has been criticized for antagonizing the cryptocurrency community. In addition, Gemini co-founder Tyler Winklevoss has claimed that the Biden Administration has privately pushed banks not to take on cryptocurrency companies as clients. 

At this time, it’s unclear how Kamala Harris’s stance on cryptocurrency differs from President Biden’s. Harris supporter and crypto investor Mark Cuban said that Harris “could be far more open to business, [artificial intelligence], crypto and government as a service [than Biden]. 

Are crypto executives endorsing Kamala Harris? 

Before President Biden withdrew from the race, prominent cryptocurrency executives — like Kraken CEO Jesse Powell and Gemini co-founders Tyler and Cameron Winklevoss — made large donations to Donald Trump. 

However, it’s important to note that Vice President Harris may differ from President Biden on crypto policy. 

While some in the crypto community are optimistic that Harris will differ from her predecessor and push thoughtful and industry-friendly legislation, others tie her to the Biden Administration. 

Crypto executives for Harris 

Some in the cryptocurrency industry have endorsed Vice President Harris.

 An advocacy group called Crypto4Harris features members like Crypto Council CEO Sheila Warren and former Chainalysis executive Amanda Wick. 

Crypto4Harris bills itself as "a group of industry leaders, policy experts, and everyday crypto-enthusiasts… organizing to back Harris while pushing for a nuanced policy stance that positions America as a leader in digital assets." 

Crypto executives against Harris 

Other crypto executives have continued to support the Trump campaign, even after President Biden dropped out of the race. 

After Kamala Harris declined an invitation to speak at the Bitcoin Conference, Tyler Winkelvoss put out the following statement: 

She can’t even take the first step and show up to start mending fences. Our industry won’t forget this. We will show no mercy in November.

Crypto executives who have remained neutral 

Some cryptocurrency exchanges have not endorsed either candidate. 

Coinbase CEO Brian Armstrong has not publicly come out in support for either candidate, but has said that he expects the US to be ‘crypto-friendly’ regardless of the election outcome. 

What are Trump's policies on crypto? 

Trump is running on a pro-crypto platform — promising that the US will hold Bitcoin in its reserves and calling for all Bitcoin to be mined in the US. 

As noted earlier, Trump’s pro-crypto stance has earned him endorsements from some prominent crypto executives. 

However, some critics doubt that Trump’s pro-crypto promises will become reality — citing his previous anti-crypto comments, his lack of knowledge about the crypto ecosystem, and the lobbying influence of the banking industry. 

Will Kamala Harris court the cryptocurrency vote? 

Reports suggest that Harris is seeking a ‘reset’ with crypto companies, and trying to cultivate a friendlier relationship with the industry. 

Reports indicate that Kamala Harris has outreached to crypto companies like Coinbase and Circle to develop a regulatory framework, and has met prominent members of the cryptocurrency industry. 

It’s likely that Kamala Harris, along with other politicians across the country, recognize the growing influence of the cryptocurrency community — both in terms of donations and as an organized voter bloc. 

It’s estimated that 20 million Americans own cryptocurrency. In addition, crypto PACs have raised more than $100 million for the 2024 election. 

Conclusion

Many observers suggest that Vice President Harris may seek to cultivate a closer relationship with the crypto industry. However, she has not yet taken a public stance on cryptocurrency.