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Kamala Harris Backs Crypto and AI for 2024 Presidential Win
Vice President Kamala Harris, the Democratic presidential nominee, has pledged to bolster advancements in artificial intelligence and crypto sectors.
Addressing donors in New York City, she detailed her economic agenda, which aims to enhance America’s tech sector while safeguarding consumers and investors. This commitment from Harris marks her first direct endorsement of cryptocurrencies in her presidential campaign.
Kamala Harris Wants to Encourage Crypto Developments
At a Manhattan fundraiser, Harris announced plans to collaborate across various sectors.
“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 explained.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Furthermore, Harris received notable endorsements from the crypto community earlier this month. Chris Larsen, co-founder of Ripple, has backed her, aligning with other business leaders supporting her presidential run.
Larsen is known for advocating effective blockchain regulation and innovation. His support highlights confidence in Harris’ capability to lead on issues of technology, finance, and economic growth.
Ripple’s CEO Brad Garlinghouse also pointed out the increased support for cryptocurrency among Republicans. However, he noted that several key Democrats, including Harris, acknowledge the critical role of these technologies in maintaining US leadership in the tech sector.
Crypto Becomes a Major Focus in the US Presidential Election
Meanwhile, former President Donald Trump, the Republican candidate, has actively engaged with the crypto industry. He has promised to dismiss US Securities and Exchange Commission (SEC) Chair Gary Gensler and appoint pro-industry regulators.
Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman
He has also proposed creating a stablecoin framework. Last week, Trump demonstrated his support for digital assets by using Bitcoin to buy burgers at a crypto-themed bar in New York.
Despite these gestures, Trump is trailing Harris in prediction markets. According to Polymarket, Harris holds a 52% chance of winning, compared to Trump’s 47%. This gap widened following their debate on September 10, when Trump neglected to mention cryptocurrencies, disappointing some industry followers.
The crypto industry’s political influence is now a prominent factor in the 2024 elections. Companies like Coinbase and Ripple have invested over $119 million to support crypto-friendly candidates and push for clear regulations.
Crypto corporations have become significant political donors since 2010, contributing $129 million. This accounts for 15% of all known corporate political expenditures, which total $884 million. Their financial influence is only surpassed by the fossil fuel industry in election-related spending.
Crypto-backed super PACs have influenced 42 primary races in the political arena, with their favored candidates winning 36 times. This success rate is significantly shaping political strategies and demonstrates the growing power and influence of the crypto sector in American politics.
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