Will Biden’s replacement as Democrat nominee be pro-crypto?

There were hopes that California Governor Gavin Newsom would launch his own bid for the Democratic Party nomination, but he has dropped the bid.

Kamala Harris is working quickly to secure the Democratic presidential nomination after Joe Biden withdrew his candidacy due to concerns about his mental health.

And while he has the support of many party leaders, not everyone is backing him yet.

Former President Barack Obama angered some by issuing a statement calling for an open race to determine Biden’s successor in the 2024 race.

Some experts are reading between the lines and questioning whether this means his wife Michelle will announce her intention to run.

As doubts about Biden began to emerge, an Ipsos poll released earlier this month suggested he could be the only Democrat who could beat Donald Trump at the ballot box.

Source: Ipsos

But there’s a more specific question to ask here: Who among Democrats are most likely to embrace pro-crypto policies?

If Harris exits, crypto investors and entrepreneurs could be disappointed.

He never publicly shared his views on digital assets during his time as vice president, meaning we don’t know his thoughts on topics like Bitcoin and NFTs.

We know he didn’t vote much for cryptocurrency legislation during his tenure in Congress, and financial disclosures confirm that he’s not a HODLer.

There are a few things we can take away from this.

First, it seems unlikely that Harris would consider digital assets a priority if she enters the Oval Office.

And if he is elected, there is a very good chance that his administration’s stance on crypto will be a continuation of the Biden era, with the Securities and Exchange Commission appearing to be quite tough on regulation.

There’s another positive point here: Harris has extremely close connections to tech giants in California.

He received numerous donations from Silicon Valley entrepreneurs during his efforts to be elected to the Senate.

As cryptocurrencies and blockchains continue to grow in importance, these ties could be particularly advantageous.

It’s also worth looking at Harris’ views on topics not directly related to cryptocurrency; privacy is a core value that many investors value.

We got a glimpse into his thoughts on privacy in his reaction to the leaked Supreme Court opinion overturning Roe v. Wade in 2022.

“If the right to privacy is undermined, every person faces a future where the government can potentially interfere with your personal decisions about your life.”

Kamala Harris

There were hopes that California Governor Gavin Newsom was preparing to launch his own bid for the Democratic nomination, but he quickly ended that speculation by endorsing Harris.

“With our democracy at stake and our future at stake, there is no one better suited to make the case against Donald Trump’s dark vision and steer our country in a healthier direction.”

Gavin Newsom

Newsom’s decision to sit out this race could be a disappointment to crypto-minded Democrats — not least because he has been very supportive of digital assets and blockchain technology in general. He was previously quoted as saying:

“I see Blockchain in particular becoming more and more dominant in our lives.”

Gavin Newsom

He also signed into law a crypto licensing bill that would require California to create a regulatory framework for cryptocurrencies that would go into effect on July 1, 2025. He said at the time:

“It is critical that we strike the appropriate balance between protecting consumers from harm and creating an environment for responsible innovation, and I look forward to working with the author to achieve this.”

Gavin Newsom

Security.org estimates that 40% of American adults now own at least one cryptocurrency, or 93 million people.

But the issues Democrats and Republicans are most concerned about are inflation, the economy and gun violence.

If elected, Harris will likely try to run a measured campaign that doesn’t stir things up too much and shows continuity with what Biden has started.