Crypto stakeholders are increasingly urging the industry to remain bipartisan as the November presidential election nears.
There is no doubt that digital assets are gaining importance among voters, with over 50 million Americans involved in the sector and 14% holding Bitcoin. Despite this, many industry leaders support Republican candidate Donald Trump, citing his pro-crypto stance as beneficial for the sector’s growth.
Conversely, the Democratic party has faced criticism for its strict regulatory approach under President Joe Biden. However, with Biden out of the race and Vice President Kamala Harris likely to be the candidate, some stakeholders are now advocating for a more balanced view.
Open-minded
On July 24, former White House Communications Director Anthony Scaramucci emphasized the need for bipartisanship in crypto, pointing out that it will be healthier for the ecosystem in the long run.
Scaramucci noted that Harris has shown support for the crypto sector and suggested that significant changes would occur under her administration. He said:
“Harris is open-minded about crypto. She did not call the shots on crypto policy in Biden admin. Harris and Warren are not friendly. Gensler will be fired and Warren will be sidelined as Financial Services Czar in a Harris admin. Let’s keep crypto bipartisan, it will be healthier for the ecosystem in the long run.”
Ripple CEO Brad Garlinghouse also expressed openness toward Harris’s potential crypto policies. He advised against judging candidates solely on party affiliation and emphasized the importance of their policy proposals.
Garlinghouse highlighted Harris’s Silicon Valley background, suggesting it could lead to beneficial crypto regulations and boost US competitiveness. However, he cautioned that aligning too closely with crypto-skeptic Senator Elizabeth Warren could be problematic.
Garlinghouse stated:
“Jumping to conclusions and assumptions about candidates purely based on political affiliation without any policy proposals is holding the crypto industry back (similar to how tribalism has for years).”
Adam Cochran, partner at Cinneamhain Ventures, criticized the crypto community for attacking Democrats despite their efforts to engage with the industry. He stressed the importance of working with anyone proposing constructive crypto policies, regardless of political affiliation.
Cochran commented:
“We should continue to work with anyone who reaches out to try and move constructive crypto policy forward on both sides of the aisle…and if all this industry gives back is a cold shoulder, we give them no reason to not go work with anti-crypto people, or regulatory capture folks.”
