With both of the major candidates fighting for the support of the crypto industry and its projected 40 million American users, the 2024 US presidential race has brought crypto policy into the public eye. In an effort to win over cryptocurrency supporters, Vice President Kamala Harris and former President Donald Trump are using different tactics, underscoring the industry’s expanding political influence.
Prominent individuals such as entrepreneur Mark Cuban and founder of SkyBridge Capital Anthony Scaramucci are scheduled to participate in a virtual town hall organized by a new Democratic advocacy group called “Crypto for Harris.”
The purpose of the event is to portray Harris as a “champion” for the cryptocurrency industry in spite of regulatory concerns under the present administration.
The CEO of Web3 marketing company Snickerdoodle and the man behind “Crypto for Harris,” Jonathan Padilla, stressed the significance of US leadership in blockchain technology. According to Padilla, “organizations like Crypto for Harris are working hard to ensure the right policies and conversations take place to ensure that outcome.” There are supposedly fifty members of the organization.
Private meetings with Coinbase, Ripple, and Stellar
At the same time, prominent Democratic operatives and executives from Coinbase, Ripple, and Stellar are organizing a private online meeting, coordinated by Representative Ro Khanna (D-Calif.). This multifaceted strategy shows the party’s attempts to interact with the cryptocurrency industry directly.
David Plouffe, a former member of Binance’s advisory board, and Gene Sperling, a former member of the Ripple board, are two former cryptocurrency consultants who Harris has enlisted to support her campaign. These wise additions show a dedication to comprehending and possibly adopting crypto-friendly regulations.
The party’s resolve on the matter was emphasized by Rep. Wiley Nickel (D-N.C.), who was scheduled to appear at the “Crypto for Harris” town hall. “We’re not handing this over to Trump,” Nickel said.
According to Nickel, they want to protect consumers and foster innovation, but letting cryptocurrency turn into a political football will only push the US further behind.
Trump has, nevertheless, already gained a sizable following among cryptocurrency enthusiasts. He gathered more than $20 million from prominent figures in the business at the recent Bitcoin Conference in Nashville, where he also promised to construct a strategic government Bitcoin reserve as a crucial step toward reducing the nation’s debt. In addition, Trump declared that if elected, he would fire SEC Chairman Gary Gensler “on day one,” even though this would go beyond his power as president.
The forefront is crypto policy
Because of the industry’s increasing political and economic power, there is a greater emphasis on crypto policy. Since both campaigns are aware of the power of cryptocurrency voters to sway results in important swing states, regulating digital assets is becoming an unexpectedly important political topic in the coming year.
Former Biden advisor Moe Vela, who is currently employed by cryptocurrency company Unicoin, supported the strategy of the Harris campaign.
Vela claimed that enlisting the support of cryptocurrency authorities like Plouffe and Sperling for her campaign makes a much stronger impression than just showing up at a Bitcoin conference and appealing to the sector for support.
The cryptocurrency community continues to be divided as the contenders establish their positions. Some commend Trump for his outspoken backing and his pledges to deregulate, while others value the Harris campaign’s attempts to interact with business leaders and develop thoughtful legislation.
Others, like co-founder of the BitMEX cryptocurrency exchange Arthur Hayes, believe that neither will be as important in the long run because governments will always “print money” and cause inflation, which will be advantageous to the cryptocurrency industry.
“They believe Trump is saying the right things, and that he will accelerate the process. “It doesn’t matter if it’s Donald Trump or Kamala Harris,” Hayes remarked in an interview.
