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During a fundraiser on Wall Street yesterday, Vice President Kamala Harris introduced a more cautious yet supportive stance on the crypto and AI industries.
If elected, she has pledged to boost investments in artificial intelligence (AI) and cryptocurrency, such as Bitcoin, revealing a key focus of her economic agenda.
Kamala Harris’s Bitcoin Pledge Could Mend the Rift Left by President Biden
She outlined a vision of building partnerships between labor, small business founders, innovators, and major companies to drive investment in America’s future competitiveness.
NEWS: VP Harris says at a fundraiser on Wall St. that she "will encourage innovative technologies like AI and digital assets while protecting our consumers and investors."
— Jennifer Epstein (@jeneps) September 22, 2024
Harris emphasized promoting innovative technologies like AI and digital assets like Bitcoin while ensuring consumer and investor protection.
In addition to backing new technologies, her administration would prioritize investments in semiconductors, clean energy, and other emerging industries while cutting bureaucratic red tape to help businesses thrive. This approach could create a safe and transparent business environment, addressing concerns about her stance on new technologies and providing further clarity on the direction of regulation.
This marks the first time Harris has publicly commented on cryptocurrencies since becoming the Democratic frontrunner for the November election
For months, the crypto industry has speculated whether Harris would differ from President Joe Biden, who has been viewed as unfriendly toward the sector.
Biden’s administration introduced policies that strained relations with the crypto community, such as “Operation Choke Point,” which encouraged regulated banks to sever ties with Bitcoin and other crypto-related businesses.
Hard to deny now that there is a coordinated assault on Bitcoin. But freedom will push back, at national and state level.
“The agencies’ backroom war…is unlawful and unconstitutional…Congress should perform its duty and rein in these regulatory abuses.”https://t.co/zjko7aKWQK https://t.co/rw0AF8vpW0 pic.twitter.com/zWUDOKFe1p
— Balaji (@balajis) March 28, 2023
Moreover, under Biden, the Securities and Exchange Commission (SEC) Chairman Gary Gensler once classified all crypto tokens as unregistered securities, offering no clear pathway for them to register with the agency.
Harris’s Bitcoin pledge remarks have now signaled a potential departure from Biden’s approach, possibly healing some of the wounds left by his administration.
Republican Nominee Donald Trump Remains the Chosen Pro-Bitcoin Candidate
Following the VP’s remarks promising to support Bitcoin, the November presidential election is shaping up to be the first with two openly pro-crypto candidates.
Vice President Kamala Harris has pledged to support Bitcoin investments, while former President Donald Trump has positioned himself as the pro-crypto candidate. Trump promises to overhaul crypto regulations and plans to replace SEC Chair Gary Gensler with Bitcoin-friendly regulators.
Unlike Harris, Trump’s engagement with Bitcoin is not just theoretical. He has already launched four collections of non-fungible tokens (NFTs) and actively supports his family’s newly launched crypto platform, World Liberty Financial.
While some polls, like FiveThirtyEight, show Harris leading Trump by a slim 2.9 percentage points, Trump’s clear stance on crypto and his established relationships within the industry may give him an edge. The former president has secured endorsements from prominent figures such as Gemini’s founder, the Winklevoss twins, and billionaire Elon Musk, who are known for their significant roles in the crypto world.
