Kamala Harris could support crypto to a greater extent than Joe Biden but may also pursue investor protections.
Democratic U.S. presidential candidate Kamala Harris will support growth of the crypto sector in her policies, Bloomberg reported on Aug. 21.
Senior campaign advisor for policy Brian Nelson commented on the matter. During a Bloomberg News roundtable at the Democratic National Convention, he said:
“[Harris is] going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.”
Harris is still expected to impose broader safeguards on the crypto sector. Nelson stressed the Harris campaign’s desire for “rules of the road” in its economic policy.
Following Bloomberg’s report, Coinbase Chief Policy Officer Faryar Shirzad said he had spoken with Harris’ team multiple times. He expressed appreciation for the team’s stance and described it as constructive. Shirzad also endorsed Nelson’s latest statements as a “second step in the right direction.”
Nelson’s statements echoed an earlier Aug. 16 campaign event. There, Harris said she would cut red tape around innovative technologies while protecting customers and developing a stable business environment with clear rules.
Harris did not specifically comment on crypto during the Aug. 16 event.
Harris’ potential support for the crypto sector follows long-standing criticism around the Democratic party’s seemingly strict stance on regulating the crypto sector.
On Aug. 19, TD Cowen analysts asserted that Harris is more open to digital assets than current Democratic U.S. president Joe Biden, for whom Harris serves as vice president. However, analysts also believe that crypto is not a priority for Harris’ team.
The analysts said that Harris will likely back crypto investor protections alongside any support for the crypto industry, which would leave a significant place for the U.S. Securities and Exchange Commission (SEC) to continue regulating the sector.
Analysts also noted that regulators will not necessarily be more accommodating toward crypto under a presidential administration headed by Republican candidate Donald Trump. In light of Trump’s newfound pro-crypto stance, analysts warned against “confusing candidate rhetoric with actual policy progress.”
TD Cowen analysts believe both Harris and Trump would likely sign crypto market structure regulation that emerges from Congress. They believe such legislation may include slightly more investor protections under a Harris administration.
Other developments have raised questions about how Harris might handle key government agency posts. Recent reports say Harris could nominate current SEC chair Gary Gensler, who is widely considered strict on crypto, to the position of Treasury Secretary. However, those reports have not been officially confirmed.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
