The Digital Chamber penned an open letter to Vice President Kamala Harris on July 22 advocating for a more crypto-friendly stance and industry engagement from the potential Democrat nominee, should she secure the party’s 2024 presidential nomination.
The Digital Chamber’s letter outlined three actionable points for a potential Harris campaign, including support for digital assets in the Democrat Party’s platform, a Vice Presidential candidate “sophisticated” in digital asset policy, and lines of communication between the presumptive candidate’s campaign and industry leaders.
The 2024 election shakeup
After weeks of speculation, a letter was posted to Joe Biden’s X social media account on July 21, announcing that the incumbent was dropping out of the 2024 presidential race. This development was hotly contested in predictive markets.
Following the announcement, crypto markets briefly dipped due to the uncertainty created by the election shakeup, though markets rallied later that day, with Bitcoin (BTC) reaching a price of around $68,000.
Biden reportedly endorsed Harris as the Democratic Party’s nominee, sparking widespread speculation about the 2024 Democratic ticket. Although the vice president has not yet secured the nomination, the current narrative and endorsements from senior-ranking Democrats seem to suggest Harris will be the frontrunner in 2024.
Will Kamala Harris continue the Biden administration's anti-crypto stance?
It is no secret that the Biden administration has been hostile toward crypto and blockchain technology. Gary Gensler’s tenure at the Securities and Exchange Commission was characterized by a bevy of lawsuits and enforcement actions against the blockchain industry.
At this time, the vice president’s views on digital assets are unknown, leaving the industry uncertain about the prospects of a Kamala Harris presidency.
On one hand, a tight election contest may drive Harris to deviate from the current party line to secure the crypto vote. However, past performance may be an indicator of future policy stances. Harris would be inheriting Biden’s donors, political campaign, and the current administrative bureaucracy, leaving little in the way of new input into a potential Harris presidency