Kamala Harris announces her support for crypto

Important news: Kamala Harris, Vice President of the United States, has expressed her support for crypto for the first time. 

In particular, he promised to incentivize technological innovation and to guarantee transparent rules to protect consumers and investors in the digital asset sector. Let’s see all the details below. 

Vice President Kamala Harris promises transparent rules for the crypto sector and consumer protection: the news 

On September 22, during a fundraising event on Wall Street, Kamala Harris, Vice President of the United States and presidential candidate for the Democratic Party, spoke publicly for the first time about crypto. 

His speech represents a significant step for the digital asset industry, as Harris has promised to support technological innovation. At the same time, he vows to ensure the protection of consumers and investors.

In his speech, Harris emphasized the importance of creating a safe business environment, with clear and transparent rules that promote the growth of sectors such as intelligenza artificiale and criptovalute.

“We will collaborate together to invest in America’s competitiveness and its future. We will encourage innovative technologies such as artificial intelligence and digital assets, while at the same time protecting our consumers and investors.”

This statement, made during the presidential election campaign, is seen as a sign of openness from Harris towards the crypto sector. 

The industry, in fact, had previously raised doubts about the approach that the vice president would adopt. Especially considering the more cautious position of President Joe Biden towards cryptocurrencies. 

Biden, in fact, has been perceived as less favorable to the sector, with his administration initiating several regulatory and control actions against the main cryptocurrency platforms in the United States.

The statement by Harris represents an important change, as it seems to indicate a shift from a vision of stretta regolamentazione towards a more balanced one. This balances technological innovation with the need to protect public interests. 

“We will create a safe business environment with consistent and transparent rules,” Harris continued, also promising to reduce bureaucracy and to incentivize investments in key sectors such as semiconductors and clean energy.

The contrast with Donald Trump and the reaction of the crypto sector 

The position of Kamala Harris on cryptocurrencies is particularly significant in the context of the presidential election campaign. This is because her main rival, Donald Trump, has adopted a strongly favorable approach to the sector.

Trump has already declared himself “the president of cryptocurrencies” and has promised to fire Gary Gensler, chairman of the Securities and Exchange Commission (SEC). An agency that has carried out numerous legal actions against major crypto companies.

Trump has embraced the cryptocurrency industry more explicitly, also releasing collections of non-fungible tokens (NFT) and supporting platforms linked to his family.

This electoral competition has therefore placed the cryptocurrency sector at the center of the political debate, making it a key issue for the candidates. 

US cryptocurrency companies, such as Coinbase, Ripple, and Gemini, have already spent about 120 million dollars to influence the November elections. This demonstrates how crucial the topic of cryptocurrencies has become for the industry.

The response of the industry to Harris’s statements has been largely positive, albeit with some caution. Faryar Shirzad, head of policy at Coinbase, called Harris’s speech “an important and constructive statement”. 

Shirzad appreciated the fact that Harris recognized the importance of innovation related to digital assets, putting it on the same level as artificial intelligence.

While emphasizing that it is not as advanced as the positions taken by Donald Trump. However, some leaders in the crypto sector have expressed concerns about what exactly it means to “protect consumers and investors.” 

Jake Chervinsky, legal head of the venture capital company Variant, commented: 

“This is progress, and progress is positive. But ‘protecting our consumers and investors’ could mean many things.” 

Chervinsky then added that some anti-crypto regulators use “consumer protection” as a pretext to hinder the industry.

Alexander Grieve, vice president of government relations at Paradigm, welcomed Harris’s words, calling them “encouraging”. 

The future of cryptocurrencies in American politics

The future of cryptocurrencies in the United States seems increasingly tied to politics, with both major presidential candidates recognizing the importance of this emerging sector. 

The statement by Kamala Harris is a step forward towards a greater acceptance of the industry by government institutions. However, much will depend on the details of the policies that will be implemented in the future.

The approach of Harris, more cautious compared to that of Trump, could attract voters who desire a balance between innovation and regulation. 

On the other hand, Trump’s unconditional support for the crypto industry could leverage those seeking a faster and less controlled expansion of the sector.

The cryptocurrencies will continue to be a central theme of the 2024 election campaign, and with millions of dollars at stake, the outcome of the elections could have a profound impact on the future of this sector in the United States.