Regulation
Kamala Harris Advisers to ‘Reset’ Relationship with Cryptocurrency Industry; in Talks with Ripple, Coinbase
According to a report by The Financial TimesKamala Harris’ advisers have reached out to major cryptocurrency companies in an attempt to “reset” relations between the Democratic Party and the cryptocurrency industry, which has strongly supported presidential rival Donald Trump.
Reconnecting with the cryptocurrency industry
The team is reportedly reaching out to cryptocurrency companies including Ripple, cryptocurrency exchange Coinbase and USDC stablecoin issuer Circle. The vice president’s move comes after Trump has garnered substantial support from the industry. The former president, who has previously criticized cryptocurrencies, is speaking at a Bitcoin conference in Nashville on Saturday.
Notably, pro-crypto Super PAC Fairshake has raised over $200 million from supporters including Coinbase, Ripple, and Andreessen Horowitz.
Harris’ business advisers said the decision to reengage with the cryptocurrency industry had little to do with attracting new contributions. Rather, the goal was to build a constructive relationship that could establish a smart regulatory framework that would, in turn, foster the growth of the entire asset class.
Efforts to attract the US tech community and executives!
Harris wants to change the perception that Democrats are anti-business, that American leaders are hostile to business. The underlying message Harris wants to convey is that Democrats are “pro-business, responsible business,” said a person familiar with her campaign.
Harris wants to win back those in the tech community, many of whom live in her home state of California, who have turned away from the party under the threat of new taxes or regulations on their industry.
This month, venture capitalists Marc Andreessen and Ben Horowitz announced they would support Trump in the election, despite having previously backed several Democratic candidates. Their firm, Andreessen Horowitz, claims to be the world’s largest cryptocurrency investor and has raised about $8 billion to invest in the sector. They have accused Joe Biden and SEC Chairman Gary Gensler of destroying the industry. “They’ve fought us every step of the way and used very nefarious means,” Horowitz said.
Cryptocurrency companies hope for Harris administration
Some crypto companies are hoping Harris will be more considerate of them. “The fact that she’s willing to listen is a big deal. With Biden, you couldn’t even get a meeting… It left people with a very bad impression of the Biden administration,” said one crypto executive.