Current US Vice President Kamala Harris has announced her intention to support initiatives that seek to expand the activities of the cryptocurrency sector, which represents one of the first clear signs of support for the growth of the sector, according to a senior adviser to her election campaign, Brian Nelson. Nelson acknowledged Monday during a Bloomberg News panel discussion on the Democratic National Convention that “Harris will support policies that ensure that emerging technologies and related sectors can continue to grow.”
Harris and her team did not officially announce that they had adopted policies that could create a boom for the crypto industry before this latest statement, but the vice president’s hints and actions suggest that she may adopt a cryptocurrency-friendly approach beyond the current administration; her advisors have met with prominent players in the crypto industry and are said to have reached out to companies such as Coinbase (NASDAQ): COIN), Circle and Ripple Labs, and these meetings are likely to have an impact on future regulatory policies.
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Some members of the crypto communities, such as former Uphold CEO J. Me. J.P. Thieriot – They strongly supported Kamala Harris and called for her to be elected as the country’s new president. They believe that Harris will provide a more supportive regulatory climate for the sector than the current Biden administration, and they see her election campaign as an opportunity to reshape policies related to crypto, especially since the Biden administration’s hardline regulatory approach has caused some tensions within the tech sector, which still adopts a cautious anticipation approach.
However, Kamala Harris’ stance on cryptocurrencies may not differ much from Biden’s position mostly, as the crypto sector is not expected to be on her list of priorities, as the current Biden administration did not show its anti-cryptocurrency approach before his election as president, and it was not expected to show a hostile face towards it with such intensity.
Biden’s 2022 guidelines were an acknowledgement of the legitimacy of digital assets, but they clashed with industry demands
In early 2022, President Biden issued an executive order that demonstrated the cautious adoption of cryptocurrencies, instructing federal agencies to assess the potential features and risks of this new asset class, which some members of the crypto communities saw as an acknowledgement of their legitimacy, but this cautious approach later collided with the aspirations of companies operating in the sector for less stringent regulations and less severe tax treatment.
Details of Harris’ cryptocurrency policy remain murky
Although a senior Harris aide indicated that she intends to support the cryptocurrency sector, she did not elaborate on which aspects of the sector she plans to improve, nor did she specify who would collaborate with her to amend regulations, and Nelson acknowledged that “industry actors have made clear their need for stable laws and clear milestones,” citing Harris’ recent speech outlining the pillars of her economic strategy.
At a campaign event in North Carolina, Harris promised to reduce bureaucracy and unnecessary regulatory barriers once elected; while she did not explicitly mention cryptocurrencies, Harris focused on her intention to remove government barriers to the boom of “innovative technologies,” the importance of promoting technological innovations, ensuring user security, and shaping a clear regulatory framework and approach that all businesses can work on.
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