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In the wake of the recent Bitcoin Conference 2024, and in particular, of former President Donald Trump’s keynote speech, Democrats have been invited to partake in the recently formed advocacy group called Crypto for Harris. The pro-Kamala Harris group is made up of industry participants and policy experts and has announced a public ‘virtual town hall’ meeting in the coming days. The unconfirmed lineup for the meeting includes crypto advocate Mark Cuban, SkyBridge Capital founder and Trump critic Anthony Scaramucci, and a series of Democratic members of the House of Representatives. As the race for the presidency quickens, with both sides battling against a string of controversial events and decisions, both Republicans and Democrats are pulling out all their cards to demonstrate to voters how willing and able they are to make America crypto-friendly.
In this article, we explore how the Democratic stance on crypto has shifted since Vice President Kamala Harris was named presidential candidate, how the recently announced Crypto for Harris campaign represents a change in outlook, and what, if elected, former President Trump might do to drive Bitcoin adoption.
The Democratic stance on crypto
The Democrats, like their Republican counterparts, have not historically been crypto advocates. However, it would be irresponsible of both parties not to recognize that approximately 50,000,000 Americans own crypto today. In what seems to be a response to the recent outward endorsement of cryptocurrency, and Bitcoin in particular, the Harris campaign has made it known that they are looking to “reset” relations with the crypto industry. With 13% of Democrats either undecided or leaning towards Republican nominee Donald Trump or third-party candidates, Harris could potentially sway these voters by differentiating her stance from the current administration’s crypto policies.
In fact, a recent poll by Paradigm indicates that Kamala Harris has a strategic opportunity to appeal to crypto owners in her campaign, with 27% of respondents stating they are likely to purchase crypto in the coming year. Since being named presidential candidate, Harris has gained support from prominent figures in the crypto industry, and her campaign’s outreach has garnered attention from key Democratic leaders and advocates. The upcoming ‘Crypto for Harris’ event will represent another step toward learning just how much the Democrats are willing to stake on crypto, Bitcoin, and decentralized finance.
‘Crypto for Harris’ points to a rethinking of crypto policy
With the confirmed outreach to crypto companies and industry players, coupled with the recently confirmed Crypto for Harris meeting on crypto, the Democratic campaign is now working publicly to foster a more constructive dialogue and establish a supportive regulatory framework for the crypto industry. In an attempt to counter the growing support for Republican nominee Donald Trump and address criticisms of President Biden’s approach to digital assets, this new initiative follows a letter from Democratic House members urging a shift away from hostility towards the digital asset sector.
Harris’ advisers have emphasized that their recent efforts are focused on building a positive relationship rather than seeking electoral contributions. The reshaped campaign also aims to offer a new Democratic Party image that is more pro-business and addresses concerns that have emerged from Biden’s antitrust discourse against tech companies following lawsuits and unclear guidelines that make working in the United States very complicated.
Political backing and adoption of crypto
The fresh signs of crypto endorsement from the Democratic campaign come following clear support of Bitcoin from former President Donald Trump and independent presidential candidate Robert F. Kennedy Jr. Both men gave keynote speeches at the recent Bitcoin Conference 2024, held in Nashville, Tennessee, in July, in which they proposed building a strategic stockpile of Bitcoin if they were elected.
The two proposals differ in scope, with a more ambitious plan from Kennedy encompassing a four-million-bitcoin reserve that would rival the U.S. gold holdings. While Trump’s plan is more conservative, he still promised to establish Bitcoin as a national strategic reserve asset while maintaining the current holdings. Either move would significantly legitimize Bitcoin and potentially trigger a race among nations to build their own reserves, driving up demand.
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