Vice President Kamala Harris is now the presumptive Democratic Party nominee for President of the United States, after President Joe Biden abruptly announced he was withdrawing from the race. With her assent to the top of the party ticket comes questions about how a potential Harris Administration might differ from the Biden Administration’s approach to crypto.
The narrative
Vice President Kamala Harris becoming the presumptive Democratic nominee for president after President Joe Biden announced he would no longer seek the seat led to a definite vibe shift. ActBlue, a Democrat-focused fundraising service, reported $160 million in inflows since Biden announced he would be stepping down according to an open-source tracker, while Harris’s campaign said it received $81 million by Monday afternoon.
Why it matters
For the crypto industry, the real question is whether and how much Harris diverges from Biden, and how she might contrast with former President and Republican nominee Donald Trump. Harris has been the presumptive nominee for less than a day, and it’s only been about two days since she took over the campaign, so it’s really hard to say just yet. What is clear is that there is a possibility for a reset of sorts – entrepreneur Mark Cuban told Politico the Harris campaign has expressed interest in crypto (among other issues), while David Bailey of Bitcoin Magazine said the campaign is considering speaking at BTC Nashville later this week.
Breaking it down
While it is difficult to assess how presidential nominee Kamala Harris might approach crypto, the mere fact that she’s now the new standard bearer for her party suggests the crypto industry can take a new approach toward the 2024 election.
“You play the hand that you’re dealt, and now we have a new set of cards,” said Sheila Warren, the CEO of the Crypto Council for Innovation, an industry interest group.
It’s unlikely that Harris will pivot the Democratic campaign to being immediately and overtly appealing to crypto, but multiple people tell me that her taking over the campaign will be a reset.
A Congressional staffer told CoinDesk that the new campaign provides “an opportunity to reset,” pointing out that industry groups have already written open letters to the campaign and Democratic Party about crypto.
And, in their view, the new campaign may be more receptive to these issues.
Something both the staffer and Warren pointed out is Harris being from California implies she may already be more comfortable with technology and related issues.
“She is certainly not unfamiliar with the importance of technology, it’s critical in her state,” Warren said. “She’s a person who has markedly always been open to thoughtful arguments.”
Harris’ pick for vice president will also be telling. Many of the names currently in the mix – including Pennsylvania Governor Josh Shapiro, North Carolina Governor Roy Cooper, Arizona Senator Mark Kelly or Transportation Secretary Pete Butteggeig – are “pretty pro business for the most part,” Warren said. Harris choosing anyone in that mold would be a meaningful move.
This isn’t a one-sided conversation. Industry groups and individuals have already drafted open letters to the Democratic Party and Harris’ campaign specifically, asking for less “hostility” toward the crypto industry.
“We urge you to sit down with leaders in the digital asset and blockchain industry to discuss policies that support and nurture this technology. Open dialogue with industry experts will provide valuable insights and help craft policies that encourage growth while ensuring consumer protection and financial stability,” one such letter from the Digital Chamber read.
