Here’s What the Democrats’ Potential Candidates Think About Crypto
- With President Joe Biden bowing out, the race for the Democratic presidential ticket is wide open.
- Several names have been floated as prime contenders.
- The crypto stances of these contenders range from possibly apathetic to true believers.
Amid the SEC’s crackdown on crypto in recent years, interest in governance and policy among crypto industry participants is at its peak as they seek to end the reign of regulation by enforcement. That is why, following President Joe Biden’s decision to bow out of the presidential race, the biggest question on the minds of industry observers has been where potential contenders for the now-open Democratic Party ticket stand on crypto.
Here’s a look at some main contenders and their stance on crypto.
Kamala Harris
Vice President Kamala Harris has been tipped as the most likely candidate to win the Democratic Party nomination following endorsements from Biden and several key party leaders, including some of the names in this list.
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Despite previous stints as State Attorney General and Senator of California, Harris has had little input on anything crypto-related. At the same time, she has also not made any public statements about the industry. With little to go on, many have speculated that a Harris administration would be more of the same as the outgoing Biden administration. This view may, however, change with her choice of running mate.
Gavin Newsom
From his rise to prominence with his fight for same-sex marriages to his landslide gubernatorial victory in California in 2019, Gavin Newsom has become a top voice in the Democratic Party and has been hailed by many as a potential successor to Biden.
Unlike Kamala Harris, Newsom appears to have a clear stance on crypto. In December 2022, his administration released a largely positive report on crypto, encouraging engagement with stakeholders, legislative changes to cater to the nascent market, and innovation through the educational system.
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From a policy perspective, in May of the same year, he signed an executive order to create forward-thinking crypto regulation for California. In line with this order, in October 2023, Newsom signed a crypto licensing bill requiring California’s Department of Financial Protection and Innovation (DPFI) to draw up a crypto regulatory framework for the state by 2025. Signing the bill, Newsom had called for further refinements noting the ambiguity of some terms. He further stressed the need for a balance between consumer protection and innovation.
However, Newsom is likely no longer in the running as he has now endorsed Kamala Harris for the ticket.
Michelle Obama
While it is hard to describe Michelle Obama as a major voice in the Democratic Party, her stint as first lady during her husband Barack Obama’s administration has endeared her to many in the party and several demographics of the American populace.
As such, over the past few months, her name has been floated around as a likely replacement for Biden, though she has vehemently refuted suggestions of a political run of her own in the past. Her husband, Barack, has fanned the flames of speculation by choosing not to endorse Harris and calling for an open contest .
Obama has yet to express any public views on crypto, which makes it difficult to tell how such an administration will affect crypto.
Gretchen Whitmer
Michigan State Governor Gretchen Whitmer has risen to become a prominent figure in the Democratic party over the past two decades. She is most prominent for turning Michigan from a key swing state into a Democrat-controlled state in the past election.
Whitmer like Mitchelle, has expressed no view on crypto. So far, her only link to crypto appears to be an attempted shakedown to get her government to pay $2 million in Bitcoin to avoid what authorities dismissed as a bogus death threat in January 2021.
Whitmer endorsed Harris and declared that she would co-chair her campaign, ruling out a chance to jump on Kamala’s ticket as her vice-president pick.
J.B. Pritzker
As an accomplished businessman and member of the wealthy Pritzker family, Illinois Governor Jay Robert Pritzker is worth over $3.5 billion.
Beyond his vast wealth, which could come in clutch in a campaign, as demonstrated in his massively successful gubernatorial run in 2018, Pritzker has established himself as a reliable party man credited with uniting the Barack Obama and Hilary Clinton campaigns in 2008.
Regarding crypto, in 2021, Pritzker espoused significantly pro-crypto views as Bitcoin ATM firm CoinFlip announced a new headquarters in Chicago. Whether those views remain today following industry woes experienced in 2022 remains to be seen.
Pritzker is another contender that has thrown his weight behind Kamala Harris.
Josh Shapiro
From his stint in Congress to becoming Attorney General and most recently winning the Pennsylvania Governorship, Josh Shapiro has been described as a rising star in the Democratic party.
While Shapiro has not been a vocal crypto advocate, a change in the classification of cryptocurrencies by state regulators following his election has left some hopeful. In February 2019, the state’s money transmission laws asserted that crypto assets did not qualify as money. With Shapiro as Governor, however, the Pennsylvania Department of Banking and Securities has reversed this stance.
Shapiro has also endorsed Kamala Harris.
Pete Buttigieg
Secretary of Transportation Pete Buttigieg became prominent through town hall meetings and television debates in mid-2019 geared towards his 2020 presidential campaign. At the time, Buttigieg argued that Bitcoin should be treated as a commodity.
On the Flipside
- Amid the flurry of endorsements and significant support from delegates for the Kamala Harris campaign, it now increasingly appears that the race is no longer for a presidential ticket contender but for a vice president pick.
Why This Matters
The Democratic Party nominee could become the president of the U.S. for the next four years. The disposition of the chosen candidate towards crypto can offer insight into the direction and attention paid towards crypto policy in the coming years.
Read this for more on the fallout of Biden’s exit on crypto:
Memecoin Mania Ensues on Biden’s Shock Election Exit
Learn more about Polymarket, the prediction market sensation that has shot into stardom this election season:
What Is Polymarket? Crypto’s Latest Killer App Explained
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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