Vice President Kamala Harris, the Democratic nominee for the U.S.U.S. presidential election, addressed a cheering crowd at The Economic Club of Pittsburgh and pledged that under her leadership, the United States would “recommit” to innovative technologies that would “define the next centuries.” Harris quoted, “We will invest in biomanufacturing and aerospace, remain dominant in A.I. and quantum computing, blockchain and other emerging technologies.”
This is the first time a democratic nominee has voiced out their vision in support of cryptocurrency. Her words “recommit” are strategic, as Harris had never mentioned her policies on blockchain prior to the Economic Club event, not even in the presidential debate. This caused a rift between the Democratic party and the crypto community, especially with Biden’s proposition of excise tax, where 30% of the costs of electricity used to mine digital assets were proposed to be taxed. Even as Kamala Harris spoke in favor of crypto, many within the crypto community are not entirely convinced by Harris’s newfound support, fearing tighter regulations for the crypto industry might be in place.
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However, Harris’s approach to crypto does not follow a hands-off approach like that of her opponent, Donald Trump. Despite not laying down a roadmap for her crypto policies, she is reported to be in touch with crypto experts like Paul Grewal, Chief Legal Officer at Coinbase and Ripple Labs, demonstrating her ‘level-headed’ approach to cryptocurrencies. Though the general perception of the crypto market continues to remain ‘on guard, Polymarket Polls, an online betting site built on Ethereum, unveils that the crypto market is leaning in favor of Kamala Harris rather than Trump. Suppose Kamala Harris can keep her chin up and continue to make strides in the right direction, i.e., crypto policies. In that case, the crypto community might support her head-on, rallying behind her as she reshapes the regulatory environment pertaining to crypto.