On July 22, the Digital Chamber issued an open letter to U.S. Vice President Kamala Harris, advocating for a more supportive stance toward the cryptocurrency industry should she become the Democratic nominee for the 2024 presidential election.
The letter highlights three key recommendations for a potential Harris campaign: incorporating support for digital assets in the Democratic Party’s platform, selecting a vice-presidential candidate knowledgeable in digital asset policy, and establishing communication channels between her campaign and industry leaders.
This outreach from the Digital Chamber follows a significant political shift announced on July 21, when President Joe Biden declared on social media that he would not be running in the 2024 presidential race. This unexpected move stirred predictive markets and initially caused a dip in cryptocurrency prices due to the ensuing uncertainty. However, the markets quickly recovered, with Bitcoin reaching around $68,000 later that day.
President Biden’s endorsement of Vice President Harris as the Democratic Party’s nominee has intensified speculation about the party’s future direction. Although Harris has not officially secured the nomination, the endorsement and support from prominent Democrats suggest she is the leading candidate.
The Biden administration has been notably stringent on cryptocurrency and blockchain technology, with SEC Chair Gary Gensler’s tenure marked by numerous legal actions against the industry. Vice President Harris’s views on digital assets remain unclear, leaving the crypto sector uncertain about her potential policies.
In a close election, Harris might need to attract the crypto vote by diverging from the current administration’s stance. However, she could also continue Biden’s policies, given that she would likely inherit his donors, campaign infrastructure, and administrative team, potentially limiting changes in her approach to digital assets.
The Digital Chamber’s proactive engagement signals the industry’s desire for clarity and support from future political leaders, underscoring the growing importance of cryptocurrency in the national policy landscape.
