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Leading Democratic contender Kamala Harris cannot afford to relinquish the crypto narrative to Republican nominee Donald Trump in critical battleground states as the 2024 U.S. presidential election approaches, according to a recent report published by the Official Monetary and Financial Institutions Forum (OMFIF) on Thursday.
Crypto Crucial For Kamala Harris Ahead Of U.S. Presidential Election, OMFIF States
The independent think tank asserts that Harris “must articulate her own strategy for cryptoassets or she risks completely yielding the territory to the Republicans,” particularly due to her lack of engagement with the blockchain industry.
While reports suggest that the current U.S. vice president may be “more receptive” to crypto than her alleged predecessor Joe Biden, she has remained relatively silent regarding her views on digital assets.
This will be the first #US electoral cycle in which #crypto policy is going to play a major role. Kamala Harris must lay out her own agenda for cryptoassets or she risks ceding the ground entirely to the #Republicans, writes @OMFIFDMI’s Lewis McLellan: https://t.co/WXX7I04YCI
— OMFIF (@OMFIF) August 2, 2024
In contrast, Trump has largely welcomed cryptocurrencies, recently delivering a speech at the Bitcoin 2024 Conference in Nashville, where he declared his intention to make the U.S. “the crypto capital of the planet.” Harris reportedly chose not to attend the leading digital asset conference.
“It should be no surprise that the crypto community and the Republican party discovered they had common ground,” OMFIF author Lewis McLellan notes. “Crypto has consistently showcased its anti-establishment ethos, making the party of limited government, particularly the version shaped by former president Donald Trump, a more natural political ally.”
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OMFIF’s analysis emerges at a pivotal moment in this election cycle, with recent findings indicating that crypto is a significant concern for 20% of voters in this year’s swing states.
“Crypto is at the top of voters minds in swing states” according to an urgent letter to the Democratic Party, written by tech billionaires and signed by the New York Congress members they supported: @RitchieTorres and @danielsgoldman. pic.twitter.com/tdjBAQx8ZH
— Rafael Shimunov (@rafaelshimunov) July 27, 2024
Harris’ ability to win over the broader crypto community may be undermined by the Biden administration’s strict stance on digital asset regulation.
OMFIF points to Democratic resistance against the Financial Innovation and Technology Act for the 21st Century (FIT21) bill, as well as Biden’s veto of the congressional effort to overturn the United States Securities and Exchange Commission’s (SEC) contentious accounting bulletin SAB121.
In contrast, Trump has pledged to establish a crypto-friendly regulatory environment if elected.
“While many criminals and scam artists have been eliminated over the past few years (thanks, in part, to the SEC’s vigorous enforcement), it remains a potential avenue for criminal activity and a source of new risks to investors,” OMFIF remarks. “When properly regulated, it can foster economic growth and opportunity. Turning it into a partisan issue would not only harm the crypto industry but also the nation as a whole.”
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