Regulation

Kamala Harris Campaign Makes First Move For Pro-Crypto Shift

Published

3 months ago

August 2, 2024

Vice President Kamala Harris is reportedly attempting to reset her relationship with the crypto industry, a move seen as both strategic and controversial. This week, California Congressman Ro Khanna is set to host a pivotal meeting in Washington. The roundtable will bring together crypto industry leaders and political figures.

Kamala Harris Campaign To Attend Ro Khanna’s Crypto Roundtable

The crypto roundtable will feature Democratic politicians. In addition, representatives from the Kamala Harris campaign will also join, according to the scoop by FOX Journalist Eleanor Terrett. This initiative represents a renewed push from pro-crypto Democrats to establish a fresh start with the industry, signaling a significant policy pivot.

Kamala Harris’ attempt to shift her stance on cryptocurrency has not been without its drawbacks. Recently, Tennessee Senator Bill Hagerty voiced strong skepticism about Harris’s new strategy. He stated:

“It’s no surprise that after witnessing the monumental success of President Donald Trump at the Bitcoin conference in Nashville, Kamala Harris is, as she has on many other issues, making a desperate last-minute 180-degree flip to appear pro-crypto.”

Furthermore, Senator Hagerty criticized the Biden-Harris administration’s previous policies against the crypto space. He described them as “egregiously anti-crypto and anti-innovation.” In addition, Senator Hagerty pointed to what he sees as a contradiction between Harris’s new stance and the administration’s past actions.

“Unfortunately for her, what can be is burdened by what has been three and a half years of egregiously anti-crypto and anti-innovation policies of the Biden-Harris Administration,” he remarked.

According to Hagerty, the crypto community, which he believes shares Republican values of freedom and innovation, is unlikely to be swayed by Harris’s change in position. He cited the positive reception of former President Trump at the recent Bitcoin Nashville 2024 event as evidence of the GOP’s stronger standing with crypto enthusiasts. “The Republican Party is the party of crypto and no last-ditch effort from Kamala will change that,” Hagerty concluded.

Also Read: Kamala Harris Crypto Reset Unlikely To Boost Struggling Campaign

Harris’ Win Odds Surge

Despite Hagerty’s criticism, the political trading market Polymarket has seen a shift in Harris’s favor. Over the past ten days, her odds have jumped by over 16%, while Donald Trump’s odds have decreased by the same amount. Currently, Harris’s odds of winning stand at 44%, compared to Trump’s 54%, highlighting a tightening race.

Earlier in July, Democratic Congressman Ro Khanna organized a roundtable discussion on crypto regulations. He invited prominent figures such as Ripple CEO Brad Garlinghouse and entrepreneur Mark Cuban. Khanna expressed optimism about the potential outcomes of these discussions.

He stated that the meeting would set the pace for the introduction of a robust crypto regulatory framework in the United States. Although details from the meeting have been sparse, Garlinghouse praised Khanna on social media. The Ripple CEO described him as an ‘exceptional’ leader who has taken time to engage with the crypto industry.

The Harris campaign’s pro-crypto shift has attracted mixed reactions from industry leaders. Tyler Winklevoss, co-founder of Gemini, was skeptical as he urged Kamala Harris to fire Gary Gensler. He said, “Talk is cheap. She would need to start by immediately firing Gary Gensler, withdrawing all SEC enforcement actions against good actors, and ending Operation Chokepoint 2.0.”

Also Read: Donald Trump Bitcoin NFT Sneakers Officially Sold Out