Kamala Harris To Back Crypto Market Following DNC Policy’s Heavy Backlash

Kamala Harris will back pro-crypto policies to grow the market and the emerging technology industry, a campaign aide noted. This comes after heavy backlash following the DNC’s Platform cryptocurrency snub coupled with the Biden administration’s tough stance on the market. Crypto continues to garner mainstream attention ahead of the United States Presidential elections.

Kamala Harris To Support Crypto 

Kamala Harris will support pro-crypto policies which will grow the industry and emerging technologies. According to Bloomberg, Brian Nelson, a senior campaign adviser, stated at the Democratic National Convention that Harris would support emerging technologies responding to efforts aimed at engaging the crypto community. 

“Obviously, they’ve expressed that one of the things that they need are stable rules, rules of the road.”

A major policy direction crypto stakeholders want to see is a change in rule-making and an end to bottleneck policies capable of driving investment from the country to jurisdictions with clearer rules. The plethora of lawsuits by the Securities and Exchange Commission (SEC) alongside other regulators have also made the status quo a lot burdensome for innovation, market watchers claim. 

However, supporters hold on to Harris positive statements hinting at reducing red tape and promoting innovative technologies. “…focus on cutting needless bureaucracy and unnecessary regulatory red tape… innovative technologies while protecting consumers and creating a stable business environment with consistent and transparent rules of the road.”

This comes amid the backlash of the DNC leaving out crypto from its platform unlike major rival Donald Trump and a controversial tax plan. 

Market Momentum Surges

Ahead of the elections, candidates have taken a pro-market approach courting crypto voters with varying promises. While Kamala Harris’s approach remained reserved, Donald Trump backed the sector promising pro-regulation to foster innovation. As a result, the bulk of industry executives have backed the former President although Harris supporters try to rally the market. 

This year also saw crypto make significant progress in Congress with digital asset bills marking varying levels of bipartisan support. Industry leads have also donated huge sums to Super PACs in support of pro-crypto candidates in the upcoming elections.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.