Kamala Harris Can Rebuild Crypto Bridges Destroyed by Biden

We suggest the vice president consider cryptocurrency as another area ripe for a Democratic Party reset. Just as she has made “there’s no turning back” the central theme of her campaign, she can’t go back to the Biden administration’s approach to cryptocurrency.

Over the past two years, the Biden administration has alternated between ignoring crypto and leading a fire and brimstone campaign of maximum hostility. Given that approximately 20% of registered voters and about a third of all voters of color owned cryptocurrencies, neither position made much sense. It makes even less sense now that Donald Trump and the Republican Party have made cryptocurrency part of their official party platformAt this point, the Biden administration crypto approach This amounts to an exercise in political self-destruction.

Changing course on cryptocurrencies wouldn’t require a Herculean effort. Trust us. We’re both progressive Democrats with long experience in crypto, government, and the nonprofit sectors, and here are some simple steps Vice President Harris can take to make a crypto reset a part of her campaign.

First, the industry needs to be taken seriously. Recently, Democratic commentators, and even Biden administration regulators, have expressed an extremely confident view that cryptocurrency will disappear within months. That’s like yelling at the sun to stop rising in the morning. Rather than wallow in such delusion, the Harris campaign should take the simple step of accepting that cryptocurrency will endure and crafting policy that takes that into account.

This would include Vice President Harris encouraging the incoming administration and campaign staff to educate themselves about cryptocurrencies: launch a cryptocurrency advisory council and host a roundtable with industry leaders and everyday users during the campaign. Better yet, download a wallet and test the technology for a first-hand experience! When it comes to cryptocurrencies, usage is the fastest path to understanding.

Second, commit to working with the industry. The growth of this industry in the US is limited by a lack of regulatory clarity, and many industry players are clamoring to be brought into the regulatory fold. Bring us in! But do it in a way that recognizes both crypto’s unique challenges AND its unique opportunities. Vice President Harris should commit to appointing new regulators to agencies like the SEC who don’t dismiss crypto and actually know something about it. (Teaching a class as an adjunct professor while never download a crypto wallet (This is not real expertise.) Rhetoric matters, too; the current administration’s often dismissive, even mocking, tone toward cryptocurrencies is (or should be) unbecoming of public office. In other words, campaign for the president to end the campaign against cryptocurrencies.

Third, embrace the nuances. Recognize that cryptocurrencies do not fit neatly into existing regulatory or statutory perimeters and must be approached thoughtfully. Efforts to integrate cryptocurrencies into existing securities, banking, or commodities regulatory regimes have all failed. Other countries and jurisdictions, including the EU, the UK, and Japan, have made progress in accepting that cryptocurrencies are truly a unique technology that requires unique regulations. A Harris administration, starting with the campaign, must be the first American presidency to accept this global wisdom. Additionally, understand that cryptocurrencies are not just a financial technology. From decentralized social media to decentralized physical infrastructure networks (DePin) and even the intersections with AI and computing, cryptocurrencies are much more than just a financial tool. Cryptocurrency regulation must therefore embrace this diversity of use and not simply put them into a financial regulatory box.

Finally, defend the unapologetically pro-American impact of cryptocurrency. Keeping the industry in America is critical to national security and the dominance of the dollar. America has been the home of great technological innovation since Fulton piloted his steamboat down the Hudson River, and it is essential that America continues to be the heart of crypto innovation. Don’t follow the government’s approach semiconductor industrya problem we have had to work to address in recent years. It is always easier to keep an industry alive in the United States than to resuscitate it.

The Democrats’ new standard-bearer has an opportunity to rebrand the party as pro-innovation, pro-consumer, pro-tech. Signaling that cryptocurrency is a major campaign issue, in the ways described above or otherwise, will go a long way. Vice President Harris, all eyes—laser and otherwise—are on you. This is your chance to demonstrate once and for all that technology is not partisan, despite the efforts of some to make it so, and to resurrect the longstanding ties between Democrats and tech in the crucial weeks before we vote. This is your chance to forge a new path toward a better future.

Sheila Warren is the CEO of the Crypto Council for Innovationand Justin Slaughter is the Director of Policy at ParadigmThe opinions expressed in Fortune.com commentaries are solely those of the authors and do not necessarily reflect the views and beliefs of Fortune.com.

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