Campaign advisor assures Harris’ support for crypto industry

Brian Nelson, the senior campaign advisor for policy, said that Kamala Harris was determined to offer support to emerging technologies and innovative industries, allowing them to grow under her administration. Harris is currently serving as the US VP, but she has been selected to run for president in the upcoming election. This happened when Joe Biden dropped out of the race, citing health reasons. Since Harris was not outspoken in her support of crypto industries, she was previously viewed with suspicion.

That was in stark contrast to the attitude of Donald Trump, who is also a presidential candidate. Brian interacted with the media and said that Harris’ focus would be on cutting bureaucracy, which is not needed, and eliminating regulatory red tape. However, she is also determined to not compromise on consumer safety while promoting a stable business environment.

According to industry sources, Harris has received demands from industries. Several representatives have sought clear and stable rules for operations.

Harris took over the election campaign sometime last week. She is primarily dealing with challenges related to inflation. Several households are dissatisfied with the rising prices. This has even overshadowed her efforts to boost investments in domestic manufacturing and infrastructure.

Harris intends to provide $25,000 in down payment assistance to those who are buying their first households. Next, she is determined to expand tax credits and programs that aim to curb the rise in food costs and rents.

However, she faces competition from Donald Trump on multiple fronts. One of them is crypto itself. Trump has been rather more supportive and local about his intentions. Donald once called it a scam, but he has since then taken a U-turn in support of the industry. Donald Trump even hosted a gathering for his NFT holders, wherein he announced accepting donations for his campaign in cryptocurrencies.

The Republican presidential candidate is supported by notable personalities such as the Winklevoss Twins and Elon Musk. Even twins have contributed to his campaign using Bitcoin. Trump stated that, if elected to power, he would fire Gary Gensler as Chair of the SEC, despite his term being up only in 2026. The goal is to pick someone who is more industry-friendly with crypto.

He has discovered a new angle to target Harris. She has reportedly backed the move to increase US corporate tax from 21% to 28%. Nelson defended this by saying that it was only obvious for corporations to pay their fair share. Donald Trump, on the other hand, had cut down the rate from 35% to 21%.

Support from Kamala Harris comes as the market waits for the Federal Reserve to cut rates. Even a 25 bps cut would be a welcome move, as it would enable investors to divert at least some portion of their funds to the volatile and risky market.