Harris’s Campaign Team Promotes ‘Responsible Business’ in Engagement with Cryptocurrency Sector

Advisors to Vice President Kamala Harris’s presidential campaign have reached out to influential individuals in the cryptocurrency sector.

This initiative seeks to establish connections that may influence upcoming regulatory frameworks, as reported by the Financial Times, citing sources knowledgeable about the situation.

Recent engagement efforts have involved prominent industry participants such as crypto exchange Coinbase, stablecoin issuer Circle, and blockchain payment company Ripple Labs.

This action indicates a possible change in the Democratic Party’s stance towards the technology and cryptocurrency industries, which have typically been viewed as more progressive but have recently faced challenges due to the Biden administration’s regulatory approach.

Democratic Party Endorses “Responsible Business”

According to the report, a source disclosed that Harris’s campaign aims to communicate that the Democratic Party endorses “pro-business, responsible business” practices.

Harris’s rise as the Democratic presidential nominee offers a chance to repair ties with the tech sector, which has encountered heightened scrutiny under the current administration.

In a recent message on X, Ripple CEO Brad Garlinghouse encouraged Harris to separate herself from critics such as Rep. Brad Sherman (D-Calif.), a prominent adversary of cryptocurrency.

He stressed that Democrats risk alienating voters by opposing crypto, while Republicans are gaining support by fostering innovation in the U.S.

Jumping to conclusions and assumptions about candidates purely based on political affiliation without any policy proposals is holding the crypto industry back (similar to how tribalism has for years).

VP Harris is no stranger to Silicon Valley & has an incredible opportunity to… https://t.co/2kmKDZZXJe

— Brad Garlinghouse (@bgarlinghouse) July 24, 2024

Garlinghouse further remarked that Harris, who understands the dynamics of Silicon Valley, has the opportunity to reshape the narrative surrounding crypto regulation.

He expressed cautious optimism, cautioning that adopting a stringent approach akin to Senator Elizabeth Warren’s could be politically detrimental, particularly in light of the controversies involving SEC Chairman Gary Gensler.

Gensler has faced backlash, even from Democratic supporters like billionaire Mark Cuban, who recently suggested that President Biden should consider replacing him.

Cuban, a well-known advocate for cryptocurrency, confirmed that Harris’s advisors had reached out to him with several inquiries regarding cryptocurrency.

He viewed this as a positive indication, suggesting a potential willingness to engage with the sector within Harris’s campaign.

Meanwhile, former President Donald Trump has also been interacting with the crypto community, reversing his earlier skepticism.

7 U.S. States Contest SEC’s Crypto Regulations

As reported, a coalition of seven U.S. states has united to contest the SEC’s regulation of cryptocurrency.

Led by Iowa Attorney General Brenna Bird, the states have submitted an amicus brief asserting that the SEC’s efforts to regulate cryptocurrencies represent a “power grab” that would hinder innovation, damage the crypto industry, and exceed the agency’s jurisdiction.

The coalition comprises Arkansas, Indiana, Kansas, Montana, Nebraska, with Oklahoma being the latest state to join.

Earlier this year, SEC Commissioner Hester Peirce stated that the regulatory agency is currently functioning in an “enforcement-only mode” regarding cryptocurrency regulation.

Peirce, recognized for her crypto-friendly position among the SEC’s five commissioners, acknowledged the pressure placed on industry participants who are continually concerned about avoiding legal conflicts.

“If we had clearer rules, you could focus on building,” she stated.

Last week, the SEC concluded its three-year investigation into Hiro Systems.

The agency’s closure of the investigation comes just a day after it wrapped up a separate case involving stablecoin issuer Paxos, marking another instance where the regulatory body has chosen not to pursue enforcement actions against crypto entities.

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