Kamala Harris Doesn’t Care About Bitcoin
In recent weeks, there have been numerous indications that Kamala Harris’ presidential campaign might diverge from the Biden administration’s anti-crypto policies. The Democratic Party’s recently released 2024 election platform, however, makes no mention of cryptocurrencies or a clear stance on digital asset policy, sparking skepticism within the industry.
US Presidential Candidate Kamala Harris
Fred Thiel, CEO of Marathon Digital, recently stated that he doesn’t expect Bitcoin to be mentioned in Harris’ election platform. Thiel also explained that the Bitcoin mining giant might consider opportunities outside the US, depending on who wins the 2024 presidential election.
During an unofficial campaign event for Harris called “Crypto4Harris,” Democratic Senate Majority Leader Chuck Schumer promised voters a crypto-friendly policy if Harris is elected president in November. Schumer, who attended the event virtually, highlighted the geopolitical implications of the US not promoting digital assets.
Overlooking the crypto constituency could be a significant mistake. Anthony Scaramucci, founder of SkyBridge Capital, warned in an interview that assuming only 25 million people in the US own crypto, if only five percent of them base their voting decisions solely on crypto policy, which is roughly 1.25 million people, and these individuals live in US swing states, Harris could lose the election. In reality, approximately 50 million people in the US own cryptocurrencies.
US regulators must carefully consider cryptocurrency policy
If Harris were to ignore the crypto community, she would be making a grave mistake. As Bitcoin and other cryptocurrencies continue to grow in popularity, politicians must acknowledge the need for well-designed regulations that promote innovation and protect investors.
To properly understand the implications of crypto policy, one must consider the potential consequences of oversights. In some countries, lawmakers have struggled to establish effective regulations for digital assets. In the US, similar missteps could have far-reaching consequences.
Regulations play a crucial role in shaping the future of cryptocurrency
Regulations will undoubtedly shape the future of the cryptocurrency industry. As lawmakers like Kamala Harris take on leading roles in shaping these policies, their decisions will significantly impact investors, businesses, and the broader crypto community.
As I reflect on my own journey into cryptocurrency, I realize the significance of having a supportive regulatory framework. Like many others, I started investing with little knowledge of the underlying technology or the industry’s potential. Now, I understand that effectively regulating cryptocurrency requires a deep understanding of its intricacies and the diverse perspectives of those involved.
Harris’ stance on crypto could sway the votes of many cryptocurrency investors
Moving forward, Harris’ stance on cryptocurrency could sway the votes of many investors like me. In states where crypto ownership is prevalent, the outcome could significantly impact the result of the election.
As the US continues to navigate its stance on cryptocurrency, Harris and other lawmakers must prioritize the needs of both the industry and its constituents. Inaction or poorly designed regulations could not only hinder growth but also carry electoral consequences.
The US cryptocurrency market holds significant potential for growth
Ultimately, cryptocurrency represents an unparalleled opportunity for economic growth, innovation, and financial equality. Lawmakers who choose to work with, rather than against, the crypto industry will reap the benefits and build safer, more inclusive systems for millions of users.
By embracing a well-regulated crypto industry, Harris and other politicians can demonstrate a willingness to engage with emerging technologies and tackle complex, thorny issues. American voters will pay attention to how these issues are handled – and Harris’ presidential bid could ride on it.
