The world of cryptocurrencies was in turmoil this week with rumors that Kamala Harristhe newly declared Democratic presidential candidate, was in talks to speak at the bitcoin 2024 conference in Nashville.
While the campaign ultimately confirmed While Harris would not be able to attend, the fact that her team was seriously considering the invitation indicates a possible shift in the Democratic Party's approach to digital assets, as cryptocurrencies have played a key role in the presidential race.
Harris is rumored to be a pro-bitcoin advisor
Under the Biden administration, cryptocurrencies have faced an increasingly hostile regulatory environment, with the Securities and Exchange Commission (SEC) stepping up compliance actions against several companies in the industry, including Binance, Coinbase and Ripple.
Biden’s economic advisers have included outspoken crypto critics such as Sen. Elizabeth Warren, casting a pall of uncertainty over the future of digital assets — in stark contrast to the approval of bitcoin and ethereum ETF spot markets in January and last Monday, respectively.
However, sources within Harris’ campaign suggest that the California senator may be “more open-minded” regarding cryptocurrencies and blockchain technology.
According to a cryptocurrency lobbyist and former White House adviser who crypto/2024/07/26/kamala-harris-likely-to-share-bitcoin-stance-in-coming-weeks-industry-optimists-note-her-husband-is-a-crypto-guy/” target=”_blank” rel=”noopener nofollow”>speak According to Fortune, on condition of anonymity, her tech advisor is believed to be pro-crypto and her husband, Douglas Emhoff, is a “crypto guy.” The cryptocurrency lobbyist said:
She doesn't have much time to redefine herself. She has very little time to definitively say that she is herself.
Adding to the possible change of stance on cryptocurrencies, billionaire investor and bitcoin enthusiast Mark Cuban revealed which has received “multiple questions from the Harris team on cryptocurrencies,” further fueling hopes that a Harris presidency could usher in a more collaborative approach between regulators and key industry players.
Kamala Harris's California ties and pro-business record
The contrast with the Biden administration’s stance is stark. “President Joe Biden’s campaign has reportedly offered an automatic rejection” to an invitation to speak at the bitcoin 2024 conference, Fortune reports.
The current White House has been slow to approve legislation related to cryptocurrencies in Congress, while the SEC has stepped up enforcement actions under the leadership of Chairman Gary Gensler.
Kamala Harris, meanwhile, has a history of championing Silicon Valley as a U.S. senator representing California. The report notes that she has cultivated “close relationships” with tech industry leaders, including Meta’s Sheryl Sandberg, earning a reputation for pro-business politics.
This background, combined with the “crypto-friendly” connections within her own team, gives the industry hope that a Harris presidency could significantly shift the government's approach to digital resources.
However, it remains to be seen whether these hopes will translate into concrete political changes in the coming months and years.
At the time of writing, bitcoin was trading at $67,590, up more than 4% over the past 24 hours from a weekly low of $63,500.
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