KEY POINTS
- Harris said she will back innovative technologies such as AI and digital assets, Bloomberg reported
- Rep. Nickel said Harris' statements were a 'big deal' for the crypto industry
- A Coinbase executive acknowledged the VP's move of taking a step toward the sector
- Some crypto users doubt that Harris means what she said, given her supposed 'inaction' over the years
Vice President and Democratic presidential nominee Kamala Harris has finally, in what is known as her first public statement about cryptocurrencies, said she will "encourage innovative technologies like AI and digital assets while protecting our consumers and investors."
Her statement was made during a fundraiser in Manhattan, New York City, Bloomberg reporter Jennifer Epstein revealed Sunday. She said the Democratic frontrunner promised to unite labor, small businesses, founders, innovators, and huge players to "invest in America's competitiveness, to invest in America's future."
NEWS: VP Harris says at a fundraiser on Wall St. that she "will encourage innovative technologies like AI and digital assets while protecting our consumers and investors."
— Jennifer Epstein (@jeneps) September 22, 2024
Multiple crypto players, lawmakers, and tech groups have urged Harris in recent months to establish a forward-facing approach toward digital assets. Since becoming the vice president and ultimately being nominated as the Democratic Party's, she has not publicly addressed the industry, raising doubts about whether she will be good for crypto if elected.
A 'Big Deal' For Crypto
Harris' first public comments about the burgeoning industry drew mixed reactions from the space, but some key figures have labeled the development as a step in the right direction.
Rep. Wiley Nickel, D-N.C., said the vice president's words of assurance were "a big deal for crypto and blockchain technology," noting how a "policy reset that turns the page on (U.S. Securities and Exchange Commission Chair) Gary Gensler's failed approach of regulation by enforcement" will put Harris in line with Democrats who supported the FIT21 bill.
This is a big deal for #crypto and blockchain technology!
— Rep. Wiley Nickel 🇺🇸 (@WileyNickel) September 22, 2024
A policy reset that turns the page on Gary Gensler’s failed approach of regulation by enforcement and puts @KamalaHarris in line with #FIT21 Democrats working to keep digital innovation in the United States. 🇺🇸
The said proposed legislation was overwhelmingly passed by the House of Representatives in May. More than 70 Democrats backed the bill seeking to provide regulatory clarity for the crypto sector.
Coinbase Exec Approves 'Constructive' Take
Coinbase's Chief Policy Officer Faryar Shirzad shared his thoughts on the development, saying it was "an important constructive statement" from the Democratic presidential candidate.
This is an important and constructive statement from @KamalaHarris.
— Faryar Shirzad 🛡️ (@faryarshirzad) September 22, 2024
It’s not nearly as forward leaning as the concrete and visionary positions taken by @realDonaldTrump, but it’s still notable because:
- she recognizes digital asset innovation as being important and on par… https://t.co/sIzq06a4lU
He acknowledged that it was "not nearly as forward leaning" as the "concrete and visionary positions" taken by Republican presidential nominee Donald Trump. Still, he believes it signals that Harris now understands there is a route that both promotes innovation and consumer protection.
"Kamala Harris going out of her way to mention crypto should send a clear message that the Biden/Warren era of destruction is over," he reiterated.
Acknowledging That Slow Progress is Progress
For prominent fintech analyst Adam Cochran, progress has been slow, "but it does move." He said Harris' first formal statement on digital assets proves "that the naysayers who thought it not being in her platform was some evil plan, had no idea what they were talking about."
👀
— Adam Cochran (adamscochran.eth) (@adamscochran) September 22, 2024
Progress moves slowly
But it does move.
There is your first formal statement, directly from Harris that is reasonably pro-digital assets.
Proving that the naysayers who thought it not being in her platform was some evil plan, had no idea what they were talking about 🤷♂️… https://t.co/ynldI6RBtK
As many crypto users took to the comments section to disagree with Cochran's stance, the investor pointed out how he deems "Harris is far more centrist than people lean on" when it comes to the economy and U.S. monetary and technical supremacy.
Is It Too Late?
For entrepreneur Michael Rosmer, Harris' statements were only made in an effort to gain more votes. "People need to be much more wary of truth default theory as a cognitive bias," he said.
This doesn't say this at all
— Michael Rosmer (@MichaelRosmer) September 23, 2024
All it says is "I want your votes and will say things to make you feel good so you'll vote for me"
People need to be much more wary of truth default theory as a cognitive bias
Retired attorney Nuclear Herbs pointed out how Harris is currently in office and has been serving as the top leader for nearly four years, but hasn't done anything in the crypto space. "This post is pure hopium, based on nothing she's done, said, or could have done for almost 4 years," he said of Shirzad's post.
She's in office now, you know. And it's not like Biden would even know if she moved his stuff out.
— Nuclear Herbs (@NuclearHerbs) September 23, 2024
This post is pure hopium, based on nothing she's done, said, or could have done for almost 4 years.
There were some crypto users who had more neutral views about Harris, including a Texas attorney who agreed that Harris' words can be considered "progress."
