Kamala Harris open to shifting pro-crypto in break with Biden, says Rep. Nickel

Pro-crypto Democrats close to Vice President Kamala Harris’ campaign are trying to urge Harris to break away from the anti-crypto wing of the party that has alienated millions of Americans.

California Congressman Ro Khanna held a roundtable with industry leaders and Biden administration advisor Anita Dunn before leaving to lead the Kamala Harris PAC. And now, Congressman Wiley Nickel is expressing hope for another roundtable on Monday that will result in a new pro-crypto policy framework that would be a departure from what happened under President Biden.

“I don’t want to get ahead of Vice President Harris, but I think we’re going to see some good policy positions that come out and let people know that they want a reset on this,” Rep. Nickel (D-NC) told Coinage in a new interview, noting that party leaders understand the increasing pressure to keep Web3 innovation in the United States. “The Biden administration has not had meetings with leaders in the space. We’ve called for those meetings, they’re happening at the staff level right now.”

At the Bitcoin Conference in Nashville last week, Rep. Nickel was met with boos when he reminded the crowd that former President Donald Trump once called bitcoin a “fraud.” He said that was an important point as he saw industry leaders line up behind the former President.

Democratic Congressman @WileyNickel He was booed after warning the crowd at the Bitcoin Conference that President Trump is just using Bitcoiners to get votes:

“He called in 2021 [Bitcoin] “A fraud… a total bullshit man.” pic.twitter.com/W3vXSUoak7

— Coin (@coinage_media) July 27, 2024

“Donald Trump has done nothing in his four years as president, he doesn’t understand the issues at all,” Rep. Nickel said, while applauding Trump’s decision to say he would prevent the U.S. from selling any of the bitcoin it currently holds. “But, you know, he’s just a guy trying to stay out of jail. I think he’ll say anything and do anything, and I don’t think that commitment is particularly genuine.”

To be fair, the Harris camp will also have a tough job ahead of them to show the industry that they are actively breaking with the anti-crypto policies established under the Biden administration. Despite a bipartisan effort to condemn the SEC’s anti-crypto rule, Staff Accounting Bulletin 121, President Biden later vetoed it. SEC Commissioner Hester Peirce later criticized both that decision and the major banks’ subsequent workarounds to the custody rules in private meetings.

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“We will fix this in this Congress so that our best banks can take custody of digital assets,” he said. Rep. Nickel also criticized Chairman Gary Gensler’s handling of the issue, arguing that the SEC had overstepped its boundaries. “It’s way outside its jurisdiction. The SEC does not do banking,” he said, emphasizing the need for a clear and supportive regulatory framework.

While some in the crypto industry have publicly called for Vice President Harris to remove Chairman Gensler from leadership of the agency, Representative Nickel has expressed skepticism that this will actually happen.

“So I think that’s very unlikely,” he said, noting that his term ends in 2026. “I don’t want to speak for Vice Chair Harris here, but I can tell you that we want the next Chair of the SEC to be someone who embraces digital innovation.”

On the legislative front, Congressman Nickel outlined key priorities for the Democratic Party. “We need to pass the stablecoin bill through Congress. We need to pass the Digital Assets Marketplace Act to protect consumers and keep these jobs in the United States,” he said. Nickel also highlighted the bipartisan support these initiatives have garnered, noting the involvement of prominent Democratic leaders like former Speaker Pelosi, Democratic Whip Katherine Clark, and House Democratic Caucus Chair Pete Aguilar.

Rep. Nickel said he will make more progress in the coming weeks to break away from the Democratic Party’s anti-crypto history.