Dem nominee makes first public statement on the industry

Democratic presidential candidate Kamala Harris has pledged to help increase investment in the crypto industry, as well as other emerging technologies like artificial intelligence. This marks the first time Harris has publicly spoken out about her stance on crypto.

At a fundraiser at Cipriani Wall Street in Manhattan on September 22, Harris said she wants to build “an economy of opportunity” for artificial intelligence and digital assets by creating regulations and innovations that can protect consumers and investors in the U.S.

“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will protect consumers and investors, while promoting innovative technologies like artificial intelligence and digital assets. We will create a safe business environment with consistent and transparent rules of the road.”

Democratic presidential candidate Kamala Harris

Harris’ statement on digital assets is different from President Joe Biden’s statements, as Biden has been heavily criticized by industry players for launching an operation against cryptocurrency companies through financial regulators in the US. This operation is called Choke Point 2.0.

Meanwhile, Harris’ Republican rival Donald Trump has been openly courting the crypto industry for months. Most recently, Trump was involved in the development and launch of a controversial crypto startup, World Liberty Financial, alongside his two older sons. He also vowed to fire Securities and Exchange Commission Chairman Gary Gensler, who was previously responsible for implementing various regulatory actions against the country’s most prominent crypto players.

In response to Harris’ statements, Coinbase policy chief Faryar Shirzad said in a statement on X yesterday that while the Democratic candidate’s position on cryptocurrencies is not as “concrete and visionary” as Donald Trump’s, it is still quite remarkable.

Harris’ acknowledgement of the need for growth in the digital asset sector, as well as the urgency of a protection and secure roadmap, are significant developments for the official Democratic Party position on the sector. According to Shirzad, the statement also potentially marks the end of the “Biden/Warren disruption era.” Shirzad also noted that Harris’ team reached out to leaders in the crypto sector in the US and confirmed previous reports.

This is an important and constructive statement. @KamalaHarris.

This is not as forward-thinking as concrete and visionary positions take it @realdonaldtrumpbut it is still noteworthy because:
– recognizes that digital asset innovation is important and equivalent… https://t.co/sIzq06a4lU

— Faryar Shirzad 🛡️ (@faryarshirzad) September 22, 2024

Last month, Harris’ senior campaign advisor Brian Nelson made a much more ambiguous statement referencing Harris’ stance on crypto. At the time, Nelson said Vice President Harris would “support policies that will allow emerging technologies and industries of this nature to continue to grow.”

He also acknowledged the importance of clear regulations for the industry, especially following the collapse of major cryptocurrency exchange FTX in November 2022.

Harris has faced backlash from the crypto community for her silence on the industry. She was also criticized for not attending a virtual meeting organized by the grassroots industry campaign Crypto4Harris in August. Many expressed disappointment that this was a missed opportunity for Harris to build trust with the crypto community.