In a surprising political maneuver, Vice President Kamala Harris’s campaign is actively working to mend the fractured relationship between the Democratic Party and the cryptocurrency industry. According to the Financial Times, Harris’s advisers have initiated conversations with leaders from major crypto companies, including Coinbase, Circle, and Ripple Labs.
The outreach is part of a broader effort to foster a more constructive dialogue and establish a regulatory framework conducive to the industry’s growth. This comes amid growing support for former President Donald Trump from the crypto sector, driven by his recent pro-crypto stance. Notably, Trump delivered a keynote speech at the Bitcoin 2024 conference, signaling a significant shift in his position on digital assets.
Criticism of the Biden administration’s perceived hostility toward cryptocurrencies has prompted a call from Democratic members of the US House of Representatives and 2024 candidates to rethink the party’s approach. The Harris campaign’s initiative aims to reshape this perception and build a positive relationship with the industry, focusing on sensible regulation rather than seeking electoral contributions.
Additionally, the campaign seeks to counter the notion that Democrats are anti-business, a sentiment fueled by recent antitrust actions against tech companies. By positioning the party as “pro-business, responsible business,” Harris hopes to assure industry leaders of the Democratic Party’s commitment to fostering a healthy business environment.
Meanwhile, pro-crypto super PAC Fairshake has raised over $200 million from prominent backers, including Coinbase, Ripple, and venture capital firm Andreessen Horowitz. Trump’s reelection campaign has also benefited from the industry’s support, with approximately $3 million in cryptocurrency donations since announcing it would accept digital assets.
This evolving relationship between the Democratic Party and the crypto industry highlights the growing influence of digital assets in American politics, setting the stage for a contentious 2024 election cycle.
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