- Kamala Harris’ team has reportedly reached out to Coinbase, Circle and Ripple Labs.
- Democratic politicians have called on the Democratic National Committee to select a pro-cryptocurrency SEC chairman and vice presidential candidate.
US Vice President Kamala Harris is reportedly seeking to make amends with the cryptocurrency industry.
This move was made by her Bitcoin the 2024 conference invitation and the industry’s continuing criticism of the Biden administration.
According to the Financial Times (FT): reportHarris’ advisers have reached out to Coinbase, Circle and Ripple Labs in an attempt to “reset” their relationships.
“Kamala Harris’ advisers have approached major crypto companies in an attempt to “reset” the Democratic Party’s relationship with the crypto industry.”
Harris: A real reset or a campaign fundraiser?
Harris’ offer, and the reported compensation, comes amid growing industry support for rival Donald Trump.
Speaking at the Bitcoin 2024 conference on Saturday, President Trump doubled down on his support for cryptocurrencies, recommending that BTC US National Reserve Assets.
However, some in the crypto community were skeptical of her change of tack, arguing that she was after funds.
The cryptocurrency industry has become a key source of campaign support as it rallies to elect pro-crypto candidates.
For this reason, according to a recent Federal Election Commission report: dataFairShake, a pro-crypto super PAC, has raised more than $200 million, slightly more than most of its traditional backers. Some of FairShake’s largest donors include Coinbase and a16z.
Interestingly, a16z, founded by venture capitalists Marc Andreessen and Ben Horowitz, has backed several Democratic candidates in the past, according to the FT report. The firm is also one of the largest investors in the cryptocurrency industry.
Democratic Party pressured to take stance on cryptocurrency
However, VCs have recently criticized the Biden administration and the SEC’s enforcement actions in the cryptocurrency space.
“They have fought us on every front and have used very wicked means.”
They also voiced their support for Trump, saying the administration was “nuking the industry.”
Despite this perception, Harris was not after campaign funds, the FT report quoted an adviser to the vice president as saying. Instead, the adviser argued:
“This is an opportunity to rebuild relationships with the tech industry, which has felt targeted by the Biden administration, particularly on antitrust issues.”
The campaign team added that they want to send the message that Democrats are pro-business.
Indeed, this message was reinforced last Friday when Democratic politicians sent a letter to the Democratic National Committee (DNC).
According to polling data, the group Urged The DNC will nominate pro-cryptocurrency vice president and SEC chairman, changing policy on the sector.
Data shows that compared to traditional financial products, digital assets have higher adoption rates among Gen Z, Black and Latino Americans, and immigrant communities — key Democratic constituencies.
However, at the time of writing, the top Democratic vice presidential candidates are PolymarketJosh Shapiro and Mark Kelly have not taken a strong stance on cryptocurrencies.
Source: PolyMarket
The possible shift in Democratic stance could suggest that cryptocurrency could become a bipartisan issue worth addressing, regardless of who wins the November election.
