Crypto Leaders Push for Regulatory Relief with Harris Fundraiser in Washington

Cryptocurrency investors and industry leaders are planning to raise at least $100,000 for Vice President Kamala Harris at a Washington fundraiser on September 13, urging her to adopt a more lenient regulatory stance on the industry, as reported by Reuters.

The grassroots event, set between the Congressional Black Caucus and Congressional Hispanic Caucus conferences, aims to attract a diverse group of donors, according to the organizers. Ticket prices range from $500 to $5,000, as noted by Cleve Mesidor, executive director of the Blockchain Foundation and one of the event’s organizers.

Although the fundraising target is modest compared to the substantial sums Harris has raised since becoming the Democratic presidential nominee in July following President Joe Biden’s withdrawal, the event signals that some in the cryptocurrency industry are backing Harris over Republican nominee Donald Trump. Trump has actively courted major crypto donors with promises of favorable policies.

The organizers include Tiffany Smith, co-chair of the Blockchain & Cryptocurrency Working Group at law firm WilmerHale, and Rahilla Zafar, a crypto founder with experience in artificial intelligence. They hope that if elected, Harris will take a more supportive approach to the crypto industry, which has faced regulatory scrutiny under the Biden administration’s Securities and Exchange Commission (SEC). The SEC argues that crypto firms are violating securities laws, a claim the industry disputes.

Mesidor expressed that the fundraiser could serve as a platform for discussing how a potential Harris administration might foster crypto innovation and enhance access to capital for people of color.

“Why not seize on the first fundraiser — which there will be many others — to actually make a statement about what crypto is for Democrats as a potentially new administration contemplates how do they look at this?” said Mesidor. “We wanted to make sure that with the change in the presidential nominee for the Democrats, that we were supportive and we came together to help her understand the importance of this industry,” WilmerHale’s Smith added.

The group is not officially affiliated with the Harris campaign. Separately, a group called Crypto4Harris has also emerged, planning to host additional fundraisers for Harris. This group recently held a town hall featuring billionaire Mark Cuban and financier Anthony Scaramucci in support of Harris.

Though Harris has not publicly stated her position on cryptocurrency, her campaign staff has reportedly met with major crypto firms like Coinbase and Ripple. These and other prominent companies are contributing to pro-crypto candidates in congressional races across both parties rather than aligning strictly with one presidential candidate.

At a Democratic National Convention event, Brian Nelson, a senior adviser to the Harris campaign, indicated that Harris would back the growth of emerging technologies, a stance that many in the crypto industry view favorably. Zafar believes Harris has a significant opportunity to win over voters from the crypto sector with a well-defined plan.