Crypto Leaders Call for Action as Harris Faces Criticism Over Crypto Stance

Crypto Leaders- Crypto for Harris Town Hall: Can Kamala Harris Deliver on Her Crypto Promises?

Crypto Leaders– The highly anticipated Crypto for Harris town hall meeting took place on Wednesday, bringing together pro-Democrat crypto leaders and White House officials to discuss key issues related to regulation and industry growth. This new initiative aims to craft a more refined crypto-policy approach for Kamala Harris’s Presidential campaign.

Crypto for Harris Campaign

Over the past four years, the Biden administration has taken a notably hostile stance towards the cryptocurrency industry, which has not been well-received by many in the space. Moreover, the U.S. SEC has been criticized for its slow and unclear approach to crypto regulations. Addressing these concerns, Senate Majority Leader Chuck Schumer emphasized the urgency of the situation:

We cannot afford to continue to sit on the sidelines, because then we risk crypto going overseas to lowest common denominator countries where there’ll be no regulation at all, and if we get nothing done, extremists win.

Schumer also took aim at anti-crypto Senator Elizabeth Warren, remarking:

Sadly, there are a lot of members in Congress nowadays who built their political brands around creating spectacle and sensationalism instead of putting in the hard work of legislation. Nonetheless, passing legislation this year is absolutely possible, even in these divided times.

In addition, Schumer expressed his commitment to enacting crypto regulations in the U.S. by the end of the year, noting that the regulation of AI could lay a foundation to help crypto reach its full potential. I think we should strike a balance for crypto between promoting innovation and providing common-sense guardrails, he added. Meanwhile, Florida Congressman Darren Soto and his colleagues urged Kamala Harris to take three critical actions on crypto:

1. Repeal and overhaul the SAB 121 accounting guidelines, vetoed by the Biden Administration in July.
2. Pass the FIT21 crypto bill and collaborate with Congress to finalize a bill that provides clarity on crypto regulations.
3. Recognize the importance of cryptocurrency, particularly in relation to its benefits for remittances.

Kamala Harris’s Mixed Signals on Crypto

Some Democrats are attempting to distinguish Kamala Harris from President Joe Biden with the Crypto for Harris campaign, portraying her as having a fresh perspective on crypto policy. At the event, pro-crypto Democrats expressed optimism, saying that with Kamala Harris, we have a clean slate and she won’t be like Biden in her approach to cryptocurrency. However, the Vice President has not yet made any significant personal efforts to engage with the crypto industry, unlike her Republican opponent, Donald Trump.

Additionally, the recent sale of Bitcoin holdings by the U.S. government suggests that Harris’s actions do not align with her rhetoric on crypto. Industry insiders have criticized Harris for this, pointing out that this is not the crypto reset she had promised.