- New presidential candidate Kamala Harris appears set to repair the broken relationship between Democrats and the crypto industry.
- Several big names have previously complained about the Biden administration’s treatment of major companies in the sector.
- However, Harris and her advisors have reached out to important businesses like Coinbase and Circle to better understand their regulatory needs.
The US Democrats haven’t entrenched themselves as a crypto ally through their past four years in charge. Admittedly, a lot of this has come down to the employment of Gary Gensler as Chair of the SEC, who is so anti-crypto that he’s become the caricature of a mustachioed supervillain.
But with current president Joe Biden stepping aside in November, the administration has a chance to rethink its strategy for digital assets. And it appears presidential hopeful Kamala Harris wants to facilitate a progressive regulatory environment for the crypto world to continue growing.
Related: Trump Urges to ‘Keep Your Bitcoin’ Because US Will Be ‘Crypto Capital’, Announces Plans to Make BTC a Strategic Reserve Asset
Harris to Reform Negative Association with Digital Assets Sector
Kamala Harris’ key advisors have used the last week to seek out new relationships with top digital asset players. Reportedly, each of Coinbase, Circle and Ripple Labs were met with recently – with all three playing a major role in current crypto regulations.
Ripple Labs and Coinbase are both in the middle of a lengthy legal battle with the Securities and Exchange Commission, while Circle recently secured status in the EU as an approved stablecoin issuer.
The move comes as Harris intends to improve the fractured relationship between the Democratic Party and crypto businesses, with venture capitalists Andreesen Horowitz stating that “[Biden’s administration] have just fought us every step of the way, and using very nefarious means…They are nuking the industry.”
Related: Firing Gensler, a Bitcoin Bill and $4 Million BTC: Highlights and Wildest Predictions from Bitcoin 2024
Flip-Flopping Politicians Not the Point, Novogratz Says
It’s easy to be skeptical of the Democrat’s pro-crypto strategy, given the timing of Bitcoin 2024 and Trump reaching the heart of many blockchain investors and developers. However, it’s important to remember that Trump himself has been critical of the blockchain industry in the past, with several public statements as recently as 2021, indicating he wouldn’t support the industry.
But times change and industries evolve – crypto being in the middle of a political sh&*%fight is positive because it means the world is finally starting to pay attention. Whether it’s Democrats, Republicans, or aliens that ultimately win the US election, we know for sure that legislative reforms are coming.
