The sudden announcement by President Joe Biden that he would no longer seek the presidency has led to a seismic shift in the Democratic Party’s nomination process. Vice President Kamala Harris is now poised to take the top spot on the party ticket, and with it comes questions about how her administration might approach cryptocurrency policy.
A Vibe Shift in the Crypto Industry
The news of Biden’s withdrawal and Harris’ ascension has sent shockwaves through the crypto industry. ActBlue, a Democrat-focused fundraising service, reported $160 million in inflows since Biden announced his departure, according to an open-source tracker. Harris’ campaign said it received $81 million by Monday afternoon.
For the crypto industry, the real question is whether and how much Harris diverges from Biden’s approach on cryptocurrency policy. Harris has been the presumptive nominee for less than a day, making it difficult to gauge her stance on the issue. However, industry insiders believe there may be an opportunity for a reset in the Democratic campaign.
A New Approach to Crypto Policy
Entrepreneur Mark Cuban told Politico that the Harris campaign has expressed interest in crypto (among other issues). David Bailey of Bitcoin Magazine said the campaign is considering speaking at BTC Nashville later this week. The mere fact that Harris is now the new standard bearer for her party suggests the crypto industry can take a new approach toward the 2024 election.
"You play the hand that you’re dealt, and now we have a new set of cards," said Sheila Warren, CEO of the Crypto Council for Innovation, an industry interest group. It’s unlikely that Harris will pivot the Democratic campaign to being immediately and overtly appealing to crypto, but multiple people told CoinDesk that her taking over the campaign will be a reset.
A Congressional Staffer’s Perspective
A Congressional staffer told CoinDesk that the new campaign provides "an opportunity to reset," pointing out that industry groups have already written open letters to the campaign and Democratic Party about crypto. The staffer noted that the new campaign may be more receptive to these issues.
Warren also pointed out that Harris being from California implies she may already be more comfortable with technology and related issues. "She is certainly not unfamiliar with the importance of technology, it’s critical in her state," Warren said. "She’s a person who has markedly always been open to thoughtful arguments."
The Importance of Harris’ VP Pick
Harris’ pick for vice president will also be telling. Many of the names currently in the mix – including Pennsylvania Governor Josh Shapiro, North Carolina Governor Roy Cooper, Arizona Senator Mark Kelly or Transportation Secretary Pete Buttigieg – are "pretty pro business for the most part," Warren said. Harris choosing anyone in that mold would be a meaningful move.
Industry Groups Call for Less Hostility
This isn’t a one-sided conversation. Industry groups and individuals have already drafted open letters to the Democratic Party and Harris’ campaign specifically, asking for less "hostility" toward the crypto industry.
"We urge you to sit down with leaders in the digital asset and blockchain industry to discuss policies that support and nurture this technology," read one such letter from the Digital Chamber. "Open dialogue with industry experts will provide valuable insights and help craft policies that encourage growth while ensuring consumer protection and financial stability."
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What’s Next?
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