Harris Campaign’s Crypto Stance Remains Broad Ahead of Election

TLDR

• Vice President Kamala Harris briefly mentioned crypto in a campaign statement
• Harris campaign is in talks with crypto industry leaders but unlikely to release detailed policy before election
• Coinbase and Ripple executives are among those involved in discussions with the campaign
• Harris’ stance echoes President Biden’s earlier position on supporting innovation while protecting consumers
• Both Harris and Trump campaigns are engaging with crypto industry, recognizing potential voter interest

Vice President Kamala Harris’ presidential campaign has begun to address cryptocurrency issues, but insiders suggest that a comprehensive policy stance is unlikely to emerge before the upcoming U.S. elections.

The campaign’s approach to digital assets is taking shape through ongoing discussions with a select group of industry leaders, including executives from major players like Ripple Labs and Coinbase.

Harris recently made a broad statement about encouraging innovative technologies like AI and digital assets while protecting consumers and investors.

This comment, while brief, signals the campaign’s acknowledgment of the crypto sector’s growing importance in the financial landscape.

Paul Grewal, Coinbase’s chief legal officer, is among the industry representatives who have met with senior Harris campaign officials. In an interview, Grewal expressed optimism about the progress being made in these discussions.

“The progress is real,” he stated, noting the significant strides both Harris and her Republican opponent, former President Donald Trump, have made in their understanding of crypto issues in recent weeks.

However, those familiar with the talks caution against expecting a detailed policy rollout before the election. The discussions remain high-level, with the campaign likely to keep crypto as one item among various economic innovations Harris may reference on the campaign trail.

The Harris campaign’s approach to crypto policy appears to echo the stance taken by President Joe Biden in his March 2022 executive order.

This order suggested support for technological advances and U.S. competitiveness, provided that crypto developments did not harm consumers. However, the subsequent collapse of several high-profile digital asset businesses and increased regulatory actions have since complicated the landscape.

On the other side of the political aisle, former President Trump has also been engaging with the crypto community.

After years of skepticism, Trump’s rhetoric now strongly supports cryptocurrency, with his campaign pushing for pro-digital asset policies in a potential second Trump administration.

The attention both campaigns are giving to crypto issues reflects a growing recognition of the potential influence of “crypto voters” in the upcoming election.

Industry-funded polling has suggested that cryptocurrency considerations could factor into voting preferences for some individuals.

Despite the ongoing dialogue, the Harris campaign is not expected to delve deeply into specific crypto policies in the final weeks before the election.

This cautious approach may be driven by political considerations, as the campaign cannot predict the composition of Congress post-election and may need flexibility in crafting legislative strategies.

The crypto industry representatives involved in these discussions, while encouraged by the progress, are tempering their expectations.

As Grewal noted,

“It’s not as if the campaigns have the luxury to develop fully thought-out, complete approaches to regulating crypto any more than they do any other industry. It’s just not practical or realistic to expect that.”

As the election approaches, both the Harris and Trump campaigns continue to engage with crypto industry leaders, recognizing the sector’s growing importance in the broader economic and technological landscape.