Industry responds to Kamala Harris’ VP pick, despite no clear crypto platform

Neither Democratic presidential nominee Kamala Harris nor her recently announced vice presidential pick Tim Walz has a clear policy position on regulating digital assets and blockchain, but crypto users and industry leaders have been quick to weigh in on the ticket. 

In an Aug. 6 announcement, Vice President Harris said Minnesota Governor Tim Walz would be her running mate going into the 2024 presidential election, facing off against Republican nominee Donald Trump and his vice presidential pick, Ohio Senator JD Vance. The stark ideological differences between the two campaigns have elicited reactions on social media, with many crypto proponents expressing concerns about the potential impact picking Gov. Walz may have on the industry.

“Tim Walz hasn’t yet nailed his colours to the mast in terms of Bitcoin and crypto in general,” said Darren Parkin, editorial director of The Digital Commonwealth, in an Aug. 6 X post. “However, he’s a stickler for regulation. Make of that what you will.”

Who is Tim Walz?

Walz has been governor of Minnesota since 2019 and a former member of the US House of Representatives, where he served for 12 years. During his time in office, he has seemingly not made notable statements advocating for or against crypto or blockchain.

As governor, Walz supported legislation to fight climate change in Minnesota, aiming to have the US state on “100% clean electricity” by 2040. He also has the support of progressive politicians, including Vermont Senator Bernie Sanders, who suggested he would endorse Walz ahead of Harris’ announcement.

However, digital assets have not been central to Walz’s issues in the House or as Governor for the last two decades. Coinbase’s Stand With Crypto political initiative has only a “pending” rating for the Minnesota Governor — the same as Vice President Harris, who has rarely, if ever, spoken on the technology.

“I think it’s important that whoever she picks for vice president understands the issues and hopefully can be a good help in keeping this in the bipartisan category,” North Carolina Representative Wiley Nickel told Cointelegraph on Aug. 1. “If we politicize Bitcoin and crypto and this industry, it’s going to set everything back a decade in Congress. That doesn’t help anyone.”

Addressing single-issue voters

In contrast to both Walz and Harris, the Trump campaign has increasingly made digital assets more of a wedge issue since late 2022, when the Republican candidate announced his intention to run for reelection. As US President in 2019, Trump reportedly called Bitcoin (BTC) “not money” and “based on thin air,” also suggesting in 2021 that it was “like a scam.”

While running to defeat other Republicans in state primaries, Trump announced his campaign would accept crypto contributions and met with representatives of BTC mining firms. After securing the Republican nomination, he discussed potential policy positions with attendees at the Bitcoin 2024 conference in July.

91 days until US election

Although reactions to Walz’s addition to the Democratic ticket are still fresh, it’s fair to say that the last 30 days have been part of a particularly unique election season in the United States. Trump survived an apparent assassination attempt, US President Joe Biden announced that he would not seek reelection, and Vice President Harris rallied support to secure the Democratic nomination within 100 days of Election Day.

Some White House staff with experience in the crypto industry have reportedly shifted their roles from the Biden administration to support Harris. Economics adviser Gene Sperling and Barack Obama’s former campaign manager David Plouffe have both reportedly joined the Harris campaign. The two previously worked with Ripple and Binance.