Kamala Harris has spoken publicly about cryptocurrency for the first time during her campaign for the U.S. presidency, pledging to support the industry while emphasizing the need for consumer protections. Speaking at a Wall Street fundraiser in Manhattan on September 22, she outlined her vision for America's technological future, which includes investments in artificial intelligence (AI) and digital assets.
“We will partner to invest in America’s competitiveness and future,” Harris said, according to a report from Bloomberg. “We will encourage innovative technologies like AI and digital assets while protecting consumers and investors.” She also highlighted the importance of creating a business-friendly environment with clear, transparent regulations. Harris emphasized investments in key sectors like semiconductors, clean energy, and other future industries, and cutting unnecessary bureaucracy.
This is the first time Harris, the Democratic frontrunner in the 2024 presidential race, has made any public statements about crypto. The industry has been waiting to see if she would take a different stance from President Joe Biden, whose administration has been seen by some as unfriendly toward digital assets.
Last month, one of Harris' senior campaign advisers, Brian Nelson, hinted that she would likely support pro-crypto policies if she wins the election. However, she stressed the need for clear rules, especially given the recent collapses of major crypto companies. Harris' comments have been met with mixed reactions within the crypto community.
Faryar Shirzad, Coinbase’s policy chief, praised Harris' remarks as constructive, though he noted they were not as bold as some of the positions taken by her Republican opponent, Donald Trump. Trump has promised to be a "crypto president" and to remove Securities and Exchange Commission (SEC) Chair Gary Gensler, whose agency has taken enforcement actions against major crypto firms.
Others in the crypto space, like Alexander Grieve from venture firm Paradigm, found Harris' remarks encouraging but expressed concerns about how "consumer protection" could be used by regulators to crack down on the industry. Jake Chervinsky, legal head at crypto venture firm Variant, echoed these concerns, warning that terms like "consumer protection" are sometimes used by anti-crypto regulators to harm the industry.
Crypto has become a significant issue in the 2024 election. According to a report by Public Citizen, U.S. crypto companies have spent nearly $120 million in lobbying efforts ahead of November’s elections. Harris and Trump are running neck-and-neck in the polls, with Harris leading by just 2.9 percentage points, according to FiveThirtyEight’s latest data.
