Vice President Kamala Harris Under Pressure to Clarify Crypto Stance
Vice President Kamala Harris faces increasing pressure to clarify her stance on crypto as the 2024 election approaches or risk “ceding” the industry’s support to former President Donald Trump, according to a new think tank report.
The report, published by the Official Monetary and Financial Institutions Forum (OMFIF), emphasized that Harris must engage with the crypto community or risk losing significant ground to the Republican party.
The report comes amid heightened calls for Harris to pivot from the current administration’s cautious, often hostile, stance toward digital assets. For her part, Harris has reportedly increased efforts to engage with the industry in recent days.
Fox News’ Eleanor Terret revealed on Aug. 2 that Congressman Ro Khanna is set to host a significant meeting on Aug. 5, gathering leaders from the crypto industry, Democratic politicians, and representatives from the Harris campaign to establish a “fresh start” with the sector.
However, many believe that these efforts may come too late to sway voters, while others are skeptical of Harris’ rumored pivot and believe the Democrats need to take decisive action rather than holding discussions to shift the public perception.
Trump’s Support for Crypto Industry
The report contrasts Trump’s overt support for the crypto industry with the Democratic party’s struggles to win over the sector. Trump’s promises of favorable regulations and creation of a US Bitcoin reserve have resonated with the community, while the Democrats have faced challenges in providing regulatory clarity and support for crypto businesses.
Republican lawmakers have pushed for government adoption of Bitcoin and self-custody rights, in contrast to the Democratic party’s efforts.
The report highlights the need for the Democrats, including Harris, to reshape the narrative by supporting existing legislative efforts and promoting regulatory clarity at the upcoming Democratic National Convention.
Opportunities and Challenges for Harris
According to the report, Harris has the opportunity to attract support and donations from the crypto industry by adopting a more conciliatory approach and advocating for key bills at the convention.
The report emphasizes the growing influence of the crypto industry in politics and the importance of engaging with crypto policy to attract new voter bases and address the economic potential of the sector.
