What Does Kamala Harris’ (Presumptive) Nomination Mean for Crypto This Election?

Vice President Kamala Harris is now the presumptive Democratic nominee for President of the United States after President Joe Biden abruptly announced that he was dropping out of the race. With her endorsement at the top of the party ticket, questions have arisen about how a potential Harris Administration might differ from the Biden Administration’s approach to crypto.

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Story

Vice President Kamala Harris has emerged as the presumptive Democratic presidential nominee after President Joe Biden announced he would no longer seek the seat, setting a definite tone for the campaign. ActBlue, a Democratic-focused fundraising service, reported $160 million in inflows since Biden announced he would step down, according to an open-source tracker, while Harris’ campaign said it had taken in $81 million through Monday afternoon.

Why is it important?

The real question for the crypto industry is how much and how different Harris is from Biden, and how she might contrast with former President and Republican nominee Donald Trump. Harris has been the presumed nominee for less than a day, and it’s only been two days since she took over the campaign, so it’s really hard to tell yet. What is clear is that some kind of reset is likely — entrepreneur Mark Cuban told Politico that the Harris campaign has expressed interest in crypto (among other topics), while David Bailey of Bitcoin Magazine said the campaign is considering speaking at BTC Nashville this weekend.

Breaking this down

While it is difficult to assess how presidential candidate Kamala Harris will approach crypto, the fact that she is now her party’s new standard-bearer suggests that the crypto industry could be taking a new approach heading into the 2024 elections.

“You’ve been playing with the cards you’ve been dealt, and now you’ve got a new deck of cards,” said Sheila Warren, CEO of the Crypto Innovation Council, an industry interest group.

It’s unlikely that Harris will shift her Democratic campaign to directly and explicitly address crypto, but many tell me that her taking over the campaign would be a reset.

Speaking to CoinDesk, a Congressional staffer said the new campaign offers “an opportunity to start over,” noting that industry groups have written open letters to the campaign and the Democratic Party on the subject of cryptocurrency.

And, according to them, the new campaign could be more sensitive to these issues.

The story continues

As both the staffer and Warren noted, Harris’s Californian background means she may be more comfortable with technology and related issues.

“He’s certainly no stranger to the importance of technology, it’s a critical one in his state,” Warren said. “He’s someone who’s always open to thoughtful discussion.”

Harris’ vice presidential pick will also be important. Many of the names currently in the mix — including Pennsylvania Gov. Josh Shapiro, North Carolina Gov. Roy Cooper, Arizona Sen. Mark Kelly or Transportation Secretary Pete Butteggeig — are “very pro-business for the most part,” Warren said. It would make sense for Harris to pick anyone who fits that mold.

This isn’t a one-sided conversation. Industry groups and individuals have drafted open letters to the Democratic Party and Harris’ campaign, demanding less “hostility” toward the crypto industry.

“We urge you to sit down with leaders in the digital asset and blockchain sector and discuss policies that support and nurture this technology. Open dialogue with industry experts will provide valuable insights and help craft policies that foster growth while ensuring consumer protection and financial stability,” one of the letters from the Digital Chamber reads.

Monday

Saturday

(Fortune) Debt Box, a company that previously faced a lawsuit from the U.S. Securities and Exchange Commission (SEC) and had the case dropped after SEC attorneys assigned to the case admitted to misleading the judge overseeing the case, is now in a strange position. Fortune’s Leo Schwartz reported that one of the leaders of the scheme, Jacob Anderson, reported that his brother Jason was kidnapped in Dubai and tortured while giving up $400 million and control of the company. However, Jason Anderson still produces YouTube videos and has been visited by Dubai police, the article noted.

(BBC) Nearly 150 people have been killed in Bangladesh during anti-government protests after students opposed the introduction of quotas for public jobs.

(CNBC) A software security firm called CrowdStrike pushed a buggy update onto Windows machines worldwide, disrupting hospitals, airports, news organizations and airlines and other types of businesses. Some airlines, like Delta, have had a particularly tough time getting back on their feet, canceling more than 5,000 flights since Friday.

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