Originally published on: July 28, 2024
In a groundbreaking effort to strengthen ties with the cryptocurrency sector, Vice President Kamala Harris’s team has initiated contact with top crypto companies in a bid to repair the strained relationship between the Democratic Party and the digital asset industry.
Recent reports from the Financial Times reveal that advisors to Harris have engaged with key figures from major crypto firms like Coinbase, Circle, and Ripple Labs. This strategic outreach aims to spark a more positive dialogue and establish a regulatory framework that supports the industry’s development. It comes at a crucial time when the crypto sector has shown increased support for former President Donald Trump, the Republican Party nominee.
The initiative follows a letter signed by Democratic House members and 2024 candidates urging the party to reassess its approach to the digital asset industry, emphasizing the need to move away from perceived hostility towards crypto.
Contrary to speculation, Harris’s campaign advisers have clarified that the focus of this engagement is not solely to secure financial contributions but to build a mutually beneficial relationship that can lead to sensible regulations for the sector.
This outreach forms part of a broader strategy by the Harris campaign to reshape the image of the Democratic Party among business leaders, countering the perception of being anti-business. By promoting a message of being “pro-business, responsible business,” Harris aims to reassure the industry of the party’s dedication to fostering a supportive business environment.
In contrast, Trump, who previously expressed doubts about cryptocurrencies, has now emerged as a vocal supporter of the sector, evident from his keynote address at the Bitcoin 2024 conference in Nashville. This shift has garnered substantial backing from the crypto community, making it a significant funding source for his campaign.
Notably, the pro-crypto super PAC Fairshake has raised over $200 million from notable supporters like Coinbase, Ripple, and Andreessen Horowitz. Furthermore, Trump’s reelection campaign has received approximately $3 million in cryptocurrency donations since announcing its acceptance of digital assets.
As the crypto sector continues to shape the political landscape, it is clear that the relationship between political parties and the industry will play a pivotal role in future elections. Stay tuned for more updates on the evolving dynamics between crypto and politics in our Crypto Biz newsletter. Get exclusive insights on key business trends in blockchain and crypto, delivered every Thursday. Subscribe now to stay ahead of the curve!
