Kamala Harris’s Crypto Pivot: Political Strategy or What?

In the forthcoming presidential election in the United States, candidates are taking crypto and its blockchain technology as a key component of their campaigns to secure voter support. On October 14, 2024, the current vice-president Kamala Harris, who was previously anti-crypto, is now showing her support for cryptocurrency.

Harris’s Crypto Pivot

During a campaign speech in Erie, Pennsylvania, she is scheduled to speak with a group of Black entrepreneurs. Her agenda indicates that she’ll discuss her support for Black-owned small businesses, the regulatory framework for cryptocurrency and other digital assets, as well as legalizing cannabis at the federal level.

A press release said, “Vice President Harris knows that more than 20% of Black Americans own or have owned cryptocurrency assets, which is why her plans will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected.”

However, her earlier statement that she would appoint Gary Gensler as a chair of the US Securities and Exchange Commission (SEC) was already denied by the crypto community. Now, she is showing her interest in cryptocurrency and digital asset regulation that appears fake.

This significant shift from Harris gained the attention of Matt Hougan the CIO of Bitwise Invest. Hougan recently made a post on X (previously Twitter) where he shared a question, “Is this statement the extent of the “Harris pivot” people are excited about? Or did she say more in the live setting?”

A report on the Harris campaign website related to Erie shows a different way of presenting her viewpoint on cryptocurrency. Instead of just suggesting general protection for cryptocurrency, they specifically mention that people who “own” cryptocurrency will also be protected. 

However, some believe Harris is supportive of cryptocurrency and will create laws to regulate digital assets and the cryptocurrency industry. Conversely, others in the cryptocurrency community are skeptical or doubtful about her commitment to this “crypto pivot,” a shift in her campaign to focus more on crypto issues.

On the other hand, former President Donald Trump appears more promising for the crypto industry. In a recent conference at Bitcoin Nashville, Trump stated that he would appoint a Bitcoin and Crypto Advisory Council. We have already witnessed Trump’s proactive stance in the realm of cryptocurrency.