Over the weekend, US Vice President and Democratic nominee Kamala Harris made her first public acknowledgment of the cryptocurrency industry since the start of her campaign. This significant move has ignited a robust discussion among industry members and the broader community, who appear divided over her newly revealed stance.
A Harris Win Could ‘Not Be Bearish’ For Crypto
As the US presidential elections approach, Kamala Harris has been under scrutiny for not clarifying her position on digital assets, especially following the Biden-Harris administration’s three-year crackdown on the sector. However, the narrative shifted on Sunday during a Wall Street fundraiser event in Manhattan. Here, Harris pledged to invest in America’s future by promoting investments in digital assets and artificial intelligence (AI).
“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,” stated Harris.
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Furthermore, Harris committed to establishing a clear, consistent, and transparent set of rules to ensure a safe business environment for various industries in the US.
“We will create a safe business environment with consistent and transparent rules of the road, and we will cut needless bureaucracy,” she added.
Following Harris’ apparent “pro-crypto flip,” QCP Capital suggested on its Telegram group that her victory in November “may not be as bearish as the market thinks.” The crypto firm highlighted that the presidential candidate’s comments, along with “macro tailwinds,” provided a boost to the cryptocurrency market at the start of the week. This optimism contributed to Bitcoin’s price retesting the $64,000 resistance level early on Monday, resulting in almost $60 million in short liquidations.
Community’s Sentiment Split
The Democratic nominee’s campaign has been gradually bridging the gap with the crypto industry by indirectly accepting donations in digital assets and receiving endorsements from various industry figures. Notably, Harris has been collaborating with a group of crypto and Bitcoin advocates, including SkyBridge Capital’s founder, Anthony Scaramucci. On Thursday, Scaramucci revealed at a TOKEN2049 panel that they were working with the presidential candidate to shape her campaign’s policies.
Scaramucci emphasized their efforts to “distance” the Democratic Party from industry adversaries like Senator Elizabeth Warren and Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC). Despite this, neither Harris nor her campaign had explicitly clarified her stance on the crypto industry until Sunday. This delay led to widespread speculation regarding the potential market implications for the sector.
Scaramucci took to social media platform X, interpreting Harris’s remark as “Bitcoin in every language.” However, some critics pointed out the lack of detailed policies that could impact the industry. Certain crypto investors believe that Harris’s vague approach isn’t sufficient, suggesting she needs to provide more clarity before they “believe her.” On the other hand, some view the VP’s newly disclosed stance as a positive development for the sector.
Variant’s Chief Legal Officer, Jake Chervinsky, remarked, “This is progress and progress is good…” but indicated he would wait for more specifics. Similarly, Alexander Grieve, Paradigm’s Vice President of Government Affairs, described Harris’s comments as “encouraging.” Grieve further opined that this “should be the last anti-crypto administration,” irrespective of the election outcome. He noted that while Trump and Harris would approach the industry differently, the overall direction for crypto in the US remains clear.
As of now, Bitcoin (BTC) is trading at $63,464 according to the weekly chart on TradingView.
