Harris Loses “Supports Crypto” Tag in Just 2 Days: Here’s Why

• Both US political parties are courting crypto voters ahead of the election.
• Kamala Harris was rated crypto–supportive by an advocacy group.
• Community backlash leads to changes by the advocacy group.

Digital assets have taken center stage in the political arena, with Donald Trump championing Bitcoin and cryptocurrency during his election campaign . In response, Kamala Harris has tried to ease the administration’s strained ties with the industry to present a more pro-crypto image.

Though Harris hasn’t publicly addressed her stance on crypto, a behind-closed-doors report of her voicing support for AI and digital assets earned her a “somewhat supports crypto” rating from Stand With Crypto (SWC). However, after community backlash, the group has since revoked her rating and revised its criteria.

Harris’ Rating Gets Struck Off

SWC initially scored Harris a “B” rating, indicating she “somewhat supports crypto,” based on her reported support for AI and digital assets at a private fundraiser. However, the rating sparked criticism , with some arguing it was overly generous since the presidential hopeful has yet to make a public statement on cryptocurrency.

In response to the backlash, SWC executive director Logan Dobson announced changes to their rating system. Going forward, it will be more difficult for any politician to receive a grade, whether positive or negative.

Previously, SWC rated politicians based on notable statements, ranging from “very anti-crypto” to “very pro-crypto.” For instance, of Donald Trump’s 23 notable statements , 22 were deemed “very pro-crypto,” while 1 was considered “very anti-crypto,” earning him an overall “A” rating, for “strongly supports crypto.”

With the updated methodology, politicians must now provide more detailed and frequent statements to qualify for a letter grade. As a result, Harris’ private fundraiser comment remains her only notable statement, but SWC has not awarded her a formal letter grade.

Stand With Crypto Under Fire

Reactions to SWC’s methodology change have been mixed. While some praised the added clarity and swift response to community feedback, others adopted a more critical stance.

Wayne Vaughan, CEO of Tieron, suggested that SWC’s “not enough information” grade for Harris does not reflect the regulatory hostility crypto firms experienced under the Biden-Harris administration. 

Additionally, some accused SWC of political bias, arguing that Harris deserves an “F” grade due to the negative experiences crypto firms have faced under the Democrats’ watch.

Democrats Are Working On It

Despite the prevailing belief that Harris and the Democrats are anti-crypto, the party has made efforts to address industry concerns. Anthony Scaramucci, founder of SkyBridge Capital, recently disclosed that he is collaborating with Harris to create a pro-crypto framework.

Mark Cuban, a member of the “Crypto for Harris” advocacy group, echoed this sentiment. In response to a request for comment from the Washington Post, he noted that the Democrats recognize the significance of cryptocurrency to younger generations, who are active users and investors in the space.

Cuban emphasized that, while he remains uncertain about Harris’ final crypto policy, he is aware that the party is focusing on rooting out bad actors within the industry.

On the Flipside

• SWC is considering a “Super Champion” rating for politicians sponsoring pro-crypto legislation.
• Crypto support isn’t biased to any party, with Republicans and Democrats seen as equally favorable on crypto policy, per Grayscale.

Why This Matters

While both parties recognize the importance of crypto to many voters, it remains uncertain if their current openness will lead to significant positive policy changes post-election.

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