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On Sunday, Democratic nominee Kamala Harris made her first public point out of crypto throughout her presidential marketing campaign, telling donors at a Wall Road fundraiser that she would “encourage progressive applied sciences like AI and digital belongings whereas defending our customers and buyers.”
The feedback additional divided a polarized crypto trade, which has poured greater than $200 million into each Republican and Democratic nominees through the marketing campaign cycle however has criticized Harris’s predecessor, President Biden, for his administration’s heavy-handed method to blockchain regulation.
Whereas Harris has but to share any substantial coverage concerning crypto, together with her stance on the litany of payments languishing in Congress, trade leaders resembling Uniswap’s Hayden Adams considered Sunday’s remarks as a optimistic step ahead for the Democratic get together.
“Sure Biden has been unhealthy for crypto,” Adams posted on X. “However progress is progress, it wants to begin someplace, and needs to be inspired.”
Commenters shortly famous that Uniswap is the topic of an investigation—and potential civil prices—by Biden’s Securities and Change Fee.
🦄 Kamala simply mentioned she’s going to encourage progressive applied sciences like DIGITAL ASSETS
I imagine that is her first time referencing crypto publicly and it’s in a optimistic approach https://t.co/NLdDcYZira
— Hayden Adams 🦄 (@haydenzadams) September 22, 2024
Turning the web page
Earlier than the collapse of FTX in November 2022, Congress appeared near contemplating bipartisan payments on completely different crypto points, together with establishing supervision for stablecoins and digital asset market construction. However the lack of billions in buyer belongings—and Sam Bankman-Fried’s embarrassing function as a prime donor—halted any legislative course of and triggered an onslaught of enforcement actions from regulators together with the SEC and Division of Justice.
Whereas a handful of Democratic congresspeople have continued to push for crypto regulation, the vast majority of help has come from Republicans, pushing a lot of the trade to help Donald Trump’s bid for the presidency. After describing Bitcoin as a “rip-off” simply two years in the past, Trump has additionally embraced the blockchain sector, asserting a brand new DeFi undertaking run by his sons and even visiting a New York Bitcoin bar forward of a Lengthy Island marketing campaign cease final weekend.
The Harris administration has stayed principally quiet on its stance towards blockchain regulation, bringing advisors on board who’ve represented either side of the controversy. And whereas a bunch referred to as Crypto For Harris has emerged run by digital asset trade leaders to fundraise for the Democratic nominee, Harris didn’t make any express mentions of blockchain know-how till Sunday.
The obscure feedback drew a divided response. Democratic-leaning trade leaders, resembling Paradigm coverage director Justin Slaughter, hailed Harris’s remarks as “progress” on X. However as Variant’s chief authorized officer Jake Chervisnky famous, her name for “shopper safety” may be interpreted as additional enforcement actions.
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