United States Vice President Kamala Harris’s Team Reaches Out to Crypto Companies to Reset Ties
In a bold move to mend relations with the cryptocurrency sector, United States Vice President Kamala Harris’s advisers have reached out to top crypto companies in an effort to reset strained ties between the Democratic Party and the industry.
According to the Financial Times, members of Harris’s team have recently contacted individuals connected to major crypto companies, including leading cryptocurrency exchange Coinbase, stablecoin company Circle, and blockchain payments firm Ripple Labs.
The goal of these outreach efforts is to foster a more constructive dialogue and establish a regulatory framework conducive to the industry’s growth. This initiative comes as the crypto industry has shown increased support for Harris’s rival, Republican Party nominee and former President Donald Trump, and follows mounting criticism of President Joe Biden’s administration’s stance on digital assets.
This shift in approach comes after a letter signed by Democratic members of the US House of Representatives and 2024 candidates called for the party to reconsider its approach to the digital asset industry, emphasizing the importance of moving away from perceived hostility.
Advisers to the Harris campaign have clarified that the initiative to reconnect with the crypto sector is not primarily driven by a desire to secure electoral contributions, but rather to build a positive relationship that can pave the way for a sensible regulatory framework.
The outreach to the crypto sector is part of a broader effort by the Harris campaign to reshape the perception of the Democratic Party among business leaders, countering the notion that Democrats are anti-business. By emphasizing a message of being “pro-business, responsible business,” Harris seeks to assure the industry of the party’s commitment to fostering a healthy business environment.
In a surprising turn of events, Trump, who once expressed skepticism toward cryptocurrencies, has emerged as a strong advocate for the sector. He recently delivered a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, highlighting his support for the industry. This shift has garnered substantial backing from the crypto community, making the sector an important source of funding for his campaign.
Pro-crypto super PAC Fairshake has raised over $200 million from prominent backers, including Coinbase, Ripple, and venture capital firm Andreessen Horowitz. Meanwhile, Trump’s reelection campaign has seen roughly $3 million in cryptocurrency donations since announcing it would accept digital asset contributions.
The emerging role of cryptocurrency in US politics is becoming increasingly apparent, with both major parties seeking to engage with the industry to secure support and funding for their campaigns.
