Kamala Harris’ recent attempt to reset her relationship with the crypto industry through a virtual town hall has largely fallen, leaving many in the digital asset sector unconvinced and skeptical.
The 90-minute event, organized by the “Crypto For Harris” campaign, featured prominent Democrat lawmakers but failed to provide the clarity and policy direction industry leaders hoped for.
One factor that led to Harris’s criticism was her absence from the event, as the attendees were eager to hear her personal views on crypto. This absence and a lack of clear policy statements from her campaign did little to assuage concerns about her stance on digital assets.
Custodia Bank CEO Caitlin Long expressed her dissatisfaction, according to FOXBusiness; she said:
“I was hoping to hear about Harris’s crypto policy and for the Democrats to address how they’re going to fix the issue of crypto firms being de-banked. I’m still waiting to hear.”
The meeting’s structure was also subject to criticism for not allowing input from people within the crypto industry. Jake Brukhman, founder and CEO of CoinFund, referred to the town hall as being more of a lecture than a dialogue. He stated:
“I thought a town hall was for hearing people’s opinions, you know, people in the town. Instead, we got a few lectures of the participants’ views of crypto and where it should go politically.”
Further criticism arose from the event’s failure to discuss challenges and regulations the industry has been facing under the leadership of SEC Chair Gary Gensler, making many feel that the event did not truly cover the main concerns of the industry.
However, there were some positive moments in the meeting, as Senate Majority Leader Chuck Schumer made a supportive comment on crypto legislation. He made his intention known about passing sensible crypto legislation into law before the end of the year, and he further emphasized that crypto is meant to stay regardless of whatever happens.
Despite these positive comments, top figures in the crypto space, like Tyler and Cameron Winklevoss, criticized the event, with Tyler labeling it a “clown show.”
Potential Implications for 2024 Election
The event’s failure to win over the crypto community may have increased support for former President Donald Trump, who has promised a lighter regulatory approach and even attended some crypto events such as the Bitcoin Conference 2024 in Nashville. Many in the industry are now skeptical of the Democrats’ assurances of a “reset” with the crypto sector, demanding clearer articulation of policy positions.
Austin Campbell, founder of Zero Knowledge, stated that Harris needs to define her stand on crypto and the actions she will take. He said:
“The key will be Harris has to articulate her position and actions she will take on this issue. If we can’t get a clear statement, the null hypothesis is more SEC disasters and [Operation Chokepoint] 2.0, sadly.”
As the US 2024 presidential election approaches, it is evident that crypto policy will be a major factor. The industry awaits more concrete statements from Harris and other candidates, hoping for a clearer picture of how digital assets will be treated under potential administrations.
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