Kamala Harris Pledges Support for Crypto and AI, Signaling Shift in Democratic Policy

Kamala Harris Pledges Support for Crypto and AI, Signaling Shift in Democratic Policy

Kamala Harris, the Democratic presidential nominee, has made her first public statement about cryptocurrency, signaling a notable shift in her stance on the digital asset industry. Speaking at a fundraiser at Cipriani Wall Street in Manhattan on September 22, Harris emphasized her intent to foster innovation in emerging technologies, such as artificial intelligence and crypto, while ensuring consumer and investor protections. She expressed her commitment to building an “opportunity economy” by creating a regulatory framework that supports both innovation and security.

This announcement marks a significant departure from President Biden’s administration, which has been criticized for its regulatory crackdowns on the crypto industry, most notably through actions referred to as “Operation Choke Point 2.0.” Harris’ approach appears to be more open to the potential benefits of digital assets, offering a possible shift in the Democratic Party’s stance on crypto.

Faryar Shirzad, Coinbase’s policy chief, commented on X (formerly Twitter) that while Harris’ stance isn’t as defined or ambitious as Donald Trump’s, it’s still a pivotal development. Trump has positioned himself as a pro-crypto candidate, engaging in the development of a crypto venture, World Liberty Financial, with his sons and promising to fire SEC Chair Gary Gensler, who has spearheaded regulatory actions against the sector.

Harris’ engagement with the crypto community comes after criticism over her previous silence on the matter, and her team has reportedly been in contact with industry leaders. This move could signal a more collaborative future between the government and the crypto sector, especially in light of the broader Democratic Party shift, as Shirzad noted, from the “Biden/Warren era of destruction.”

Her remarks are seen as a first step in reshaping U.S. crypto policy, but she will likely face scrutiny as she continues to define her position ahead of the 2024 election.