Kamala Harris supporting crypto could impact vote in key states — think tank

According to a London-based think tank, the presumptive Democratic nominee for US President, Kamala Harris, could take a “conciliatory approach” to digital assets, which might make the difference in a close election.

In an Aug. 1 publication, the Official Monetary and Financial Institutions Forum (OMFIF) said Vice President Harris “cannot afford to cede crypto” to Republican nominee Donald Trump. The think tank seemed to encourage the presumptive Democratic nominee to “lay out her own agenda for cryptoassets,” suggesting the potential benefits among voters would far outweigh any losses.

“If Harris takes the forthcoming Democratic National Convention as an opportunity to adopt a conciliatory approach towards the crypto industry, treating it as more than a haven for illicit finance and investment scams, and promises to throw her weight behind the crypto regulation bills, that would go a long way towards eating into the industry support Trump is gathering,” said OMFIF. “Few will abandon the Democrats because they show support for the growth of the crypto industry – particularly when the Republicans have already done so.”

The think tank added:

“[...] Luring some of the votes and donations from crypto supporters and donors away from the Republican camp, could make a difference in key battleground states.”

The Harris campaign for US President is only 12 days old. It started on July 21, when President Joe Biden announced on social media — he was recovering from COVID-19 — that he did not intend to run for reelection in 2024. Within days, Vice President Harris had secured Biden’s endorsement, as well as the endorsement of prominent Democratic leaders, including former US President Barack Obama.

Republicans on crypto

Trump officially accepted the Republican nomination before Biden’s announcement. While president from 2017 to 2021, he reportedly told his Treasury Secretary to “go after” Bitcoin (BTC) and called the cryptocurrency a “scam” after leaving office.

However, since announcing his reelection bid in November 2022, Trump has launched a non-fungible token collection, said his campaign would accept crypto contributions, and vowed to have “all the remaining Bitcoin to be made in the USA.” He also discussed policies he pledged to enact at the Bitcoin 2024 conference in Nashville.

Vice President Harris has less than 100 days to make her case to US voters before the November election. It’s unclear whether, despite the opportunity the OMFIF suggested, crypto and blockchain could be a top issue for her campaign. Reports have indicated that she may distance herself from the US Securities and Exchange Commission’s policies on crypto under President Biden.

Representatives from the Harris campaign will reportedly meet US lawmakers and industry leaders on Aug. 5 for a crypto roundtable in Washington DC. She is expected to announce her running mate at an Aug. 6 event in Philadelphia.