Kamala Harris’ campaign is reportedly seeking to “reset” relations with major US cryptocurrency companies.
according to a report According to the Financial Times, members of Harris’ team have reached out to major US cryptocurrency companies to request meetings. Sources told the Financial Times that the cryptocurrency companies include major companies such as Coinbase, Circle and Ripple Labs.
Harris looks to mend ties
Amid criticism of the Biden administration’s aggressive approach to the industry, members of Harris’ campaign team are clearly seeking to change crypto market participants’ view of the Democratic Party.
This strategic shift could be crucial for Harris as she prepares for the upcoming election, especially with donors increasingly interested in the technology sector.
According to the Financial Times report, Harris aims to differentiate herself from the Biden administration by engaging with crypto companies to “build a constructive relationship.” The vice president is reportedly seeking to present herself as a more crypto-friendly candidate, hoping to garner support from the growing number of crypto enthusiasts within the Democratic base.
Resetting relations with the crypto industry could be a tough sell for Harris. The Biden administration has been tough on the crypto industry, with the SEC cracking down on several major companies in recent years. Harris will need to navigate the task of addressing industry concerns while maintaining the support of traditional Democratic donors.
Recently, leading crypto trade organization The Digital Chamber urged Harris to adopt more favorable policies regarding cryptocurrencies, marking a shift in the political landscape as crypto advocates gain traction in Washington.
On July 21, President Joe Biden announced that he would not run for president in 2024 and endorsed Vice President Kamala Harris as the Democratic nominee. The unexpected decision was partly due to pressure from party members who were concerned about Biden’s ability to win reelection after a poor debate performance.
Harris, who is now set to inherit Biden’s campaign infrastructure and money, has received significant support from prominent Democrats, including Bill and Hillary Clinton.
Trump backs away from cryptocurrencies
Trump has radically changed his stance on cryptocurrencies. Once an outspoken critic, he has now become a vocal advocate for the cryptocurrency industry, receiving significant support from the sector.
Trump’s new support for cryptocurrencies comes at a time when the industry is facing increasing scrutiny from regulators, particularly the Securities and Exchange Commission under Gary Gensler.
This week, reports emerged that Trump’s campaign has raised about $4 million in cryptocurrency donations so far. The former president has criticized the Biden administration’s regulatory efforts, calling them a “war on crypto.” He has promised to make it easier for cryptocurrency mining companies to operate in the United States if he is re-elected this fall.
However, some cryptocurrency enthusiasts still Skeptical Some question whether Trump’s support is genuine or just a political strategy. They claim he may be using the industry for financial and political gain.
Despite the skepticism, Trump’s support for cryptocurrencies has had a significant impact on the political landscape. With the 2024 election approaching, it remains unclear how much the crypto industry’s support for Trump will impact the outcome of the election and future regulation of cryptocurrencies in the United States.