Harris Doubles Down on Crypto Commitment with Key Policy Update

• Vice President Kamala Harris has taken yet another step to convince the crypto community of her support.
• The vocal crypto support after extended silence follows weeks of advocacy efforts from industry insiders.
• Many crypto community members remain skeptical of Harris’ overture.

For better or worse, cryptocurrencies have garnered increased attention in the US political scene over the past year, buoyed by the vocal support of several presidential hopefuls. These supposed pro-crypto candidates have, however, since bowed out of the race, leaving pro-crypto voters with a choice between Donald Trump and Vice President Kamala Harris.

Despite multiple interactions with the industry through NFTs , Trump once labeled Bitcoin “a scam” and did not particularly do anything to support the industry directly during his controversial stint as president. On the other hand, Harris had not once expressed a public stance on the industry and remains part of an administration accused of trying to snuff it out amid a relentless crackdown from the SEC .

However, with the turn of the election year, all of this has changed, with both candidates seeking to position themselves as pro-crypto. While Trump appears to have been first to the ball , Harris is looking to make a Hail Mary play. The Democratic candidate has followed up a Sunday, September 22 pro-crypto speech with a critical policy inclusion.

Crypto Now a Part of Harris’ Plan?

Vice President Kamala Harris has taken yet another step to convince the crypto community of her support. On Wednesday, September 25, the Harris Campaign released an 80-page document outlining her economic plan. The document stressed that a Harris administration would support crypto innovation, classifying the sector as critical to America’s economic and national security.

"Their [Harris' and Governor Tim Walz's] strategy includes both investing in emerging technologies and modernizing traditional industries. It will also encourage innovative technologies like AI and digital assets while protecting our consumers and investors," the economic manifesto read.

Harris vocally reiterated this commitment in a Wednesday speech at the Economic Club of Pittsburgh.

"We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, [and] expand our lead in clean energy innovation and manufacturing," She said, adding, "so the next generation of breakthroughs—from advanced batteries to geothermal to advanced nuclear—are not just invented, but built here in America by American workers."

The recent blockchain mentions from Harris after a lengthy silence follows weeks of advocacy efforts from industry insiders.

Crypto4Harris Making Inroads?

Following Harris’ Democratic nomination in August 2024, crypto executives and investors, including Mark Cuban and Anthony Scaramucci, banded together to offer support for her under initiatives like Crypto4Harris. These groups came together despite the lack of clarity on Harris’ crypto stance at the time, setting their sights on getting the candidate to express openness to the industry.

Recent statements from Harris suggest that these advocates may now be making inroads into her campaign. A Thursday, September 26, Semafor report appears to support this view. Per the report, Harris has brought on Cuban and Scaramucci as informal advisers.

Despite the recent statements and the progress of crypto advocacy groups, many remain skeptical of Harris’ overture.

Tough Sell?

Reacting to Harris’ latest pro-crypto statement, Matthew Sigel, head of digital assets research at VanEck, shared a GIF from the 2000 crime thriller Memento. In it, the lead character, Leonard Shelby, scribbles a note that reads, “Don’t believe his lies.” Sigel argued that the Biden administration had said the same thing in a 2022 executive order on digital assets.

Jon Charbonneau, co-founder of crypto investment firm DBA, shared Sigel’s views. Responding to the news, Charbonneau quipped , “Hollow words.”

Meanwhile, former SEC advisor Prof. J.W. Verret faulted Harris’ avoidance of the term “crypto.”

On the Flipside

• There is little evidence to suggest that crypto is a top issue for everyday American voters.
• Harris’ efforts to court the crypto industry will likely continue to face challenges due to the Biden administration’s strained relationship with the industry.

Why This Matters

The 2024 US presidential election may significantly shape the course of the crypto industry over the next four years.

Read this for more on Harris’ crypto pivot and the reactions that have followed:
Harris Loses “Supports Crypto” Tag in Just 2 Days: Here’s Why

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