Kamala Harris presents an opportunity for Democrats on crypto, say lawmakers

Democratic members of the US House of Representatives and candidates running in 2024 have signed a letter calling for the party to change its “hostility” toward the digital asset industry following Vice President Kamala Harris becoming the prospective presidential nominee. 

In a July 26 letter to the Democratic National Committee (DNC) Chair Jaime Harrison, 14 House members, including Representatives Ro Khanna, Wiley Nickel, and Ritchie Torres, and 14 candidates running in various districts across the country urged the party’s leadership to take a “forward-looking approach” to digital assets and blockchain technology. Though some Democrats have voted in favor of certain pro-crypto legislation in Congress, the letter suggested that the party had an image problem concerning digital assets.

“[T]here is a public perception that the party holds a negative viewpoint on digital assets, largely due to the current SEC’s approach to these transformative technologies,” said the DNC letter. ”We believe this previous hostility does not reflect our Party’s progressive, forward-looking, and inclusive values. A refreshed leader of the ticket represents an opportunity to change that perception.”

The lawmakers and candidates added:

“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the US's position as the leader in the global digital economy.”

The letter called for the DNC to “include pro-digital asset language,” likely in response to the Republican National Committee adding “defend[ing] the right to mine Bitcoin” and opposing the creation of a US central bank digital currency to its platform in July, seemingly at the direction of then-candidate Donald Trump. Significantly, the crypto proponents hinted Kamala Harris, if elected, should replace Securities and Exchange Commission Chair Gary Gensler in favor of a “pro-innovation” regulator.

Pro-crypto VP in 2025

Democratic lawmakers and candidates encouraged Harris to choose a running mate “sophisticated in digital asset policy.” At the time of publication, Vice President Harris had not named a potential running mate, but reports suggested she was exploring candidates, including Transportation Secretary Pete Buttigieg, Pennsylvania Governor Josh Shapiro, and Arizona Senator Mark Kelly.

The DNC letter came as many lawmakers and prospective candidates for office, including Republican Senators Cynthia Lummis, Tim Scott, and Bill Hagerty and Democratic Representatives Khanna and Nickel, were speaking at the Bitcoin 2024 conference in Nashville. On July 27, Republican presidential candidate Donald Trump will address an audience at the crypto conference, purportedly discussing how his campaign will address Bitcoin (BTC) should he win reelection in November.