Vice President Kamala Harris faces increasing pressure to clarify her stance on cryptocurrency as the 2024 election approaches or risk losing the crypto industry’s support to former President Donald Trump. A new report from the Official Monetary and Financial Institutions Forum (OMFIF) underscores the urgency for Harris to engage with the crypto community more effectively. Democrats Urge Party to Embrace Crypto and Blockchain Trump has gained favor within the crypto community by promising supportive regulations and advocating for a U.S. Bitcoin reserve. He has received significant support online partly because the crypto community has long felt neglected by current policies. This was particularly evident during the National Bitcoin Conference in Nashville where Trump gave a speech,
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Vice President Kamala Harris faces increasing pressure to clarify her stance on cryptocurrency as the 2024 election approaches or risk losing the crypto industry’s support to former President Donald Trump. A new report from the Official Monetary and Financial Institutions Forum (OMFIF) underscores the urgency for Harris to engage with the crypto community more effectively.
Democrats Urge Party to Embrace Crypto and Blockchain
Trump has gained favor within the crypto community by promising supportive regulations and advocating for a U.S. Bitcoin reserve. He has received significant support online partly because the crypto community has long felt neglected by current policies. This was particularly evident during the National Bitcoin Conference in Nashville where Trump gave a speech, cementing his position as a crypto-friendly figure.
However, some critics have accused Harris’s campaign of lacking sufficient confidence about their digital assets. Ro Khanna and Wiley Nickel are Democratic Representatives who advocated for a fair approach to regulating blockchain technologies at the National Bitcoin Conference held in Nashville. While Kamala Harris skipped the event, her administration seemed to be more favorable to the cryptocurrency than President Biden.
Furthermore, an open letter signed by 14 Democrats including Ro Khanna and Wiley Nickel called on the party to shed a more favorable light on cryptocurrency and blockchain.
Harris May Back FIT21 and Stablecoins Act to Attract Crypto Support
Besides the above measures, Harris and her team have been in the process of enhancing their relationship with the crypto industry. The meeting is planned to take place on August 5 and will involve Congressman Ro Khanna as well as leaders of the cryptocurrency industry, Democratic politicians willing to form a more positive attitude toward cryptocurrencies, and representatives of the Harris campaign. However, it is feared that these attempts might not have been made early enough and will not help to attract voters.
Since starting her campaign, Harris’s team has been actively contacting big cryptocurrency players such as Coinbase and Ripple Labs to come to terms and build a new, mutually beneficial regulatory relationship. The aim is to change the impression that Democrats are opposed to business. In this regard, they have to restore the relationship with the technology sector which has been disappointed with the recent actions.
According to the OMFIF report, Harris might redesign her image by supporting bills such as the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Stablecoins Act. Adopting a supportive stance on these issues could attract crypto sector support and potentially influence voters in key states.
Lastly, as the crypto industry’s influence grows, Harris’s engagement with the sector could be crucial in countering Trump’s pro-bitcoin approach and addressing the economic potential of digital assets.