Vice President Kamala Harris has made her first public statement on cryptocurrencies during her presidential campaign, emphasizing plans to boost investment in AI and digital assets.
Speaking at a Wall Street fundraiser in Manhattan, Harris emphasized the importance of embracing emerging technologies while ensuring consumer protection and investor security.
“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” Harris stated at the event, according to Bloomberg.
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Harris Outlines Regulatory Framework That Supports Innovation
Harris further outlined her vision for a regulatory framework that supports innovation while maintaining safety and transparency. “We will create a safe business environment with consistent and transparent rules of the road,” she said.
Her comments suggest a potential shift from the more cautious approach taken by the current administration under President Joe Biden, which has been perceived as unfriendly to the crypto sector.
In August, Harris’ senior campaign adviser, Brian Nelson, hinted at a possible pro-crypto policy approach if Harris wins the presidential election in November.
Nelson indicated that while Harris is open to the potential of digital assets, she also believes the industry needs clear “rules of the road” to prevent the kind of collapses seen in some high-profile crypto companies.
Meanwhile, industry reactions to Harris’ remarks have been mixed. Faryar Shirzad, Coinbase’s policy chief, described Harris’ comments as “an important and constructive statement.”
While acknowledging the significance of her recognition of digital asset innovation, he noted that her position is not as progressive as that of her Republican rival, Donald Trump, who has actively courted the crypto industry.
This is an important and constructive statement from @KamalaHarris.
It’s not nearly as forward leaning as the concrete and visionary positions taken by @realDonaldTrump, but it’s still notable because:
– she recognizes digital asset innovation as being important and on par… https://t.co/sIzq06a4lU— Faryar Shirzad 🛡️ (@faryarshirzad) September 22, 2024
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Some In Crypto Community Remain Cautious
Others in the industry echoed this cautious optimism. Alexander Grieve, vice president of government affairs at venture firm Paradigm, called Harris’ remarks “encouraging,” adding that regardless of the election outcome, “this should be the last anti-crypto administration.”
Jake Chervinsky, legal chief at crypto venture firm Variant, pointed out that while Harris’ emphasis on consumer protection is crucial, it could also serve as a cover for more restrictive measures.
Crypto has increasingly become a significant issue in the presidential campaign, with industry giants such as Coinbase, Ripple, and Gemini reportedly spending nearly $120 million to influence the upcoming elections, according to Public Citizen.
Meanwhile, Trump has positioned himself as a staunch supporter of the crypto sector, releasing multiple non-fungible token (NFT) collections and backing his family’s crypto platform.
He has also vowed to replace US Securities and Exchange Commission (SEC) Chair Gary Gensler, who has led several enforcement actions against prominent crypto companies.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.