Kamala Harris looks to ‘reset relations’ with crypto: report 

Kamala Harris’ campaign is reportedly seeking to “restructure” with major US cryptocurrency companies.

According to a report from the FT, members of Harris’ team have reached out to top crypto companies in the United States to request meetings. Sources told the FT that the crypto companies include major players such as Coinbase, Circle and Ripple Labs.

Harris aims to mend ties

Amid criticism of the Biden administration’s aggressive approach to the industry, it seems clear that Harris’ campaign team is trying to change cryptocurrency market participants’ views of the Democratic party.

This strategic milestone could be critical for Harris as she prepares for the upcoming election, especially given the growing interest from donors in the tech sector.

Harris aims to differentiate herself from the Biden administration by engaging with crypto companies to “build a constructive relationship,” according to the FT. The vice president is reportedly trying to present herself as a more crypto-friendly candidate, hoping to gain support from the growing number of crypto enthusiasts in her Democratic base.

Reworking relationships with the crypto industry could be challenging for Harris. The Biden administration has been tough on the crypto industry, and the SEC has cracked down on several major companies in recent years. Harris will have to navigate the industry’s concerns while maintaining the support of traditional Democratic donors.

The Digital Chamber, a leading cryptocurrency trade organization, recently called on Harris to adopt more positive policies regarding cryptocurrencies, marking a shift in the political landscape as crypto advocates gain power in Washington.

On July 21, President Joe Biden announced that he would not run in the 2024 presidential race and endorsed Vice President Kamala Harris as the Democratic nominee. The unexpected decision was prompted in part by pressure from party members concerned about Biden’s chances of winning reelection after a poor debate performance.

Harris, who is set to take over Biden’s campaign infrastructure and funds, has received significant support from leading Democrats, including Bill and Hillary Clinton.

Trump’s crypto U-turn

Trump has radically changed his stance on cryptocurrencies. Once a vocal critic, Trump has now emerged as a leading advocate for the crypto industry and has garnered significant support from the industry.

Trump’s new support for crypto comes at a time when the industry is facing increased scrutiny from regulators, particularly the SEC under Gary Gensler.

This week, reports emerged that Trump’s campaign has raised nearly $4 million in crypto donations so far. The former president has criticized the Biden administration’s regulatory efforts, calling them a “war on crypto.” If he’s re-elected this fall, he’s vowed to make it easier for crypto mining companies to operate in the United States.

But some crypto enthusiasts remain skeptical of Trump’s commitment, questioning whether his support is genuine or merely a political strategy, arguing that he may be using the industry for his own financial and political gain.

Despite the skepticism, Trump’s support for crypto has significantly impacted the political landscape. As the 2024 election approaches, the impact of the crypto industry’s support for Trump on the election outcome and future crypto regulation in the United States remains to be seen.