Kamala Harris’ Crypto Reset Meeting: Here’s What We Learned

• The initial “Crypto4Harris” meeting gathered a handful of industry professionals.
• Senator Chuck Schumer aims to create a crypto legislation bill by the end of 2024.
• Anthony Scaramucci Mark Cuban call for bi-partisan commitment to regulation.

Cryptocurrency and Blockchain technology have become an unavoidable part of this year’s United States presidential election. As the Democratic candidate Kamala Harris seeks to mend her party’s troubled relationship with blockchain tech, the new “Crypto For Harris” campaign is set to tackle the issues related to digital asset regulation.

In the campaign’s inaugural virtual town hall on Zoom which took place on Wednesday, multiple industry heavyweights shared their expertise on how to embrace the world of digital currency. Among those were Senators Chuck Schumer, Kirsten Gillibrand, Debbie Stabenow and famed crypto entrepreneurs Anthony Scaramucci and Mark Cuban.

Senator Shows Full Crypto Support, Calls For Unity

As the Republican candidate Donald Trump had already proclaimed himself as the “Crypto President”, the rhetoric around which candidate would be better for crypto legislation has been one-sided. Interestingly though, the multi-millionaire entrepreneur Mark Cuban referred to Trump’s claims as a “huge favor” for the opposing party.

Mark Cuban asserted that Donald Trump’s extended support for crypto conflicts with the philosophy that blockchain technology enables “the unbanked others to participate and to have the opportunity to create wealth”, while the Republican party presumably “just want to see the Bitcoin Maxis get richer”.

While pointing fingers at the opposition is nothing unusual in the current United States political climate, several calls for unity were made. While Mark Cuban clearly stated that “regulatory clarity is good for everyone”, this opinion was also shared by Senator Chuck Schumer.

Coming out of the closet as a huge cryptocurrency enthusiast, Mr. Schumer expressed the need for unity: “I want to bring members of both sides of the aisle together”. In order to maintain the status of the U.S. being the most innovative country in the world, Senator Chuck Schumer is looking to create a game-changing crypto legislation bill by the end of this year.

Crypto Sector Is No Longer Optional, It’s Essential

Congressman Dan Goldman, an attorney who served as lead counsel in the first impeachment of former President Donald Trump, seconded the opinion of Senator Chuck Schumer, adding that “killing crypto is the equivalent of killing the internet in the late 90s, instead we should harness it”.

Moreover, rep. Dan Goldman echoed the call for unity, saying that “we need regulation that protects the consumer and fosters innovation”. The same bi-partisan commitment to regulation was highlighted by SkyBridge Capital’s co-founder Anthony Scaramucci. 

The crypto hedge fund’s managing partner previously compared negligence of crypto to “being against dogs”. Meanwhile, Californian rep. Adam Schiff emphasized that this innovation should stay within the United States, as a continuation of the sluggish crypto legislation by Joe Biden would eventually result in “extremists winning”.

“This is a fight worth fighting” – concluded Amanda Wick, one of the organizers of the Crypto4Harris virtual town hall. Whilst Chuck Schumer’s pledge to create a clear regulatory framework by the end of the year received unanimous support from the audience, not everybody was convinced.

Austin Campbell, a blockchain enthusiast and founder of Zero Knowledge Consulting, shared the popular belief that Kamala Harris’ absence from this crypto-focused town hall added to the disappointment, as no clear statement from her could mean “more SEC disasters”.

Mr. Campbell is referring to Donald Trump’s vow to immediately remove Gary Gensler, the Chair of Securities and Exchange Commission (SEC), from duty. Mulled as a chief crypto antagonist, Gary Gensler’s crypto crackdowns often take a toll on crypto prices, even though both Bitcoin and Ethereum exchange-traded funds (ETF) were approved under his ruling.

On The Flipside

• In the online meeting, shots were fired at several Democratic party politicians, including Senator Elizabeth Warren, known for her strict anti-crypto stance.
• Due to her reckless anti-crypto crusade, 32 Democratic party members voted to rollback SEC guidelines on money laundering in May, 2024. These included Senator Cory Booker and the Majority Leader Chuck Schumer.
• Congressman Willy Nickel called the Republican candidate Donald Trump “totally full of s***”, reminding that Trump has been hostile towards crypto until recently, alleging that Trump’s new pro-crypto rhetoric is just to garner votes.

Why This Matters

With over 55 million Americans owning crypto today, the sector presents an opportunity to generate wealth and financial freedom, but also imposes legal and social challenges due to vague legislation.

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