Kamala Harris has recently made pro-crypto statements about the U.S. maintaining dominance in emerging technologies, including blockchain. However, upon closer inspection, her position on cryptocurrency may not be as supportive as these comments initially suggest. In fact, Harris’ broader stance, along with her connections to key figures in the Biden administration, signals a continuation of stringent crypto regulation. This regulation could stifle industry growth rather than encourage it.
Harris’ Tech-Friendly Rhetoric and Its Limits
In a recent speech at the Economic Club of Pittsburgh, Harris emphasized that the U.S. should “remain dominant” in sectors like AI, quantum computing, and blockchain. Some members in the crypto community saw this as a positive sign. However, her remarks on digital assets were brief and vague. They also offered little in terms of concrete support for cryptocurrencies themselves.
Harris’ economic plan, released alongside this speech, mentions “encouraging” digital assets. However, she also stressed more on consumer protection, signaling that her approach may focus more on regulation than fostering innovation. This statement has raised doubts about her genuine support for the crypto industry.
Is kamala Harris Truly Pro-Crypto?
A key factor suggesting Kamala Harris may not be pro-crypto is her choice of advisors. She works closely with Brian Deese and Bharat Ramamurti, both key figures in the Biden administration’s strict crypto regulation.
These advisors were key figures in “Operation Chokepoint 2.0,” a series of coordinated efforts to distance banks from the crypto industry. Moreover, they opposed bills that would have provided a regulatory framework favorable to stablecoins and other digital assets.
Deese, for example, played a crucial role in shaping the administration’s anti-crypto policies, including restrictions that led to the collapse of crypto-friendly banks such as Silvergate and SSignature. By choosing such figures for her campaign, Harris signals that she may continue Biden’s tough regulatory crackdown. The crackdown included enforcement actions against major crypto firms like Coinbase and Binance.
A Contrast to Donald Trump’s Pro-Crypto Stance
Kamala Harris did not attend or speak at the 2024 Bitcoin Conference in Nashville. Despite initial speculation that her campaign was in talks with event organizers, the conference CEO, David Bailey, confirmed that she did not attend. Bailey pointed out that Harris’ policies, particularly regarding Proof-of-Work technologies and her administration’s regulatory actions, would likely have been poorly received by the crypto audience.
Harris’ ambiguity stands in stark contrast to Donald Trump, her Republican rival. Trump has now embraced the crypto industry and become a vocal advocate for deregulating crypto markets. He maintains that his policies will foster an environment of growth and innovation. Trump spoke at the 2024 Bitcoin Conference, signaling his support for cryptocurrencies.
In this context, Harris’ unenthusiastic approach may alienate pro-crypto voters. This is in contrast to Trump and other Republican figures who appear more likely to advocate for policies that would promote the industry’s expansion.
What Kamala Harris Election Winning Means for Crypto Regulation?
If Harris were to win the 2024 election, experts predict that her administration would likely intensify the current regulatory environment for cryptocurrencies. With figures like Ramamurti—who has been called the “White House’s top crypto critic”—in her corner, the likelihood of pro-crypto legislation emerging under a Harris presidency seems slim.
Some analysts warn that a Harris victory could result in the continuation of Biden’s restrictive policies. These could potentially lead to more enforcement actions against the industry. For instance, Ramamurti’s opposition to stablecoin legislation indicates that the Harris administration may prefer a highly regulated approach. This could come at the cost of industry innovation.