The junction of politics and cryptocurrency is getting no smaller, as Vice President Kamala Harris' campaign has now targeted the crypto community. The formation of the "Crypto for Harris" advocacy group signals the fact that Democrats will not only dip their toes into the crypto waters but will make a statement. It is no secret that the crypto world has sometimes felt besieged on all sides by regulatory bodies, particularly by the current administration. Now, with Harris courting crypto voters, it's hard not to think of one change in strategy that merits closer attention.
The impetus for "Crypto for Harris" gives the impression of having been prompted by the broad mass sympathy Donald Trump enjoys among cryptocurrency investors. It did not really come as a shock that Trump appeals to crypto holders, in view of his speeches during the Bitcoin 2024 Conference, where he was quite pungent about Bitcoin protection and generally very critical of the overreach already displayed by the Securities and Exchange Commission. This certainly has earned him some favors among many in the crypto space tired of feeling like they're fighting an uphill battle against regulatory authorities.
In sharp contrast, Democrats under Biden have largely been viewed as anti-crypto, with figures such as Senator Elizabeth Warren openly calling for stricter regulations.
It has pitted them against a community driven by decentralization and innovation. But with Harris finally embracing the crypto narrative, that could really be a game-changer. Let alone the fact that her presidential campaign team hired former crypto advisers, which is an indication that this team is taking efforts to meet with the industry seriously.
Of course, one can't but ask about sincerity in this new pro-crypto stance.
Was it all for votes, or is there a serious commitment to the industry? Skepticism rightful comes, given past experiences with Democrats. However, what lends credibility to this new group is involvement from figures like entrepreneur Mark Cuban and former Trump advisor Anthony Scaramucci. These aren't just names, they're powerful voices within finance and crypto.
It's also interesting to note that Harris's campaign is trying to appease the very crowd that Trump has been trying to woo. By having that virtual town hall meeting and bringing in some of the most influential crypto advocates, Harris sent out a message that they wouldn't let Trump corner the crypto narrative.
The comment from North Carolina Congressman Wiley Nickel not to let that happen, to let this issue get in the hands of Trump, reflects a much broader, furthermore main concern - loss of contact with the Democratic Party as a result of an extended and more influential voter base.
There's a broader implication:
the future of cryptocurrency in the United States could be heavily influenced by the outcome of the next election. If Harris wins and maintains this pro-crypto stance, then it would define the coups-time phase ahead for the industry. On the contrary, if this is campaign rhetoric, we can see reverting back to takedowns characteristic of the current administration.