Gushiken Yona
Vice President Kamala Harris’ first on-the-record mention of cryptocurrency as the Democratic Party’s nominee for president has been met with a tepid response from the crypto industry, which has felt targeted by the Biden administration’s policies.
At a Wall Street fundraiser in Manhattan Sunday, Harris said she would “encourage innovative technologies like A.I. and digital assets while protecting our consumers and investors.” But many crypto entrepreneurs and investors said they were unconvinced.
“Encourage?” Stephen Chip, a co-founder of the crypto data platform On The Chain and a creator of the nonfungible token project Badass Yetis, wrote on X. “How about ending Operation Choke Point 2.0 right now? How about demanding Gensler’s resignation if you’re serious about change?”
Chip was referring to what some in the crypto industry call a coordinated effort by the Biden administration to cut off the industry’s access to the banking system. He also called for the resignation of Gary Gensler, the chair of the Securities and Exchange Commission, who has taken an aggressive approach to regulating crypto.
Faryar Shirzad, the chief policy officer at the crypto exchange Coinbase, offered a more measured response, calling Harris’ statement “important and constructive” in a post on X.
“It’s not nearly as forward leaning as the concrete and visionary positions taken by @realDonaldTrump,” Shirzad wrote, referring to the former president, “but it’s still notable because: – she recognizes digital asset innovation as being important and on par with AI; – she understands that there’s a path that promotes innovation while protecting consumers and investors; and, – her statement comes after weeks of outreach by her inner circle, who are thoughtful and open-minded on crypto.”
Shirzad said Harris’ statement “should send a clear message that the Biden/Warren era of destruction is over.” He was referring to Senator Elizabeth Warren (D-Mass.), who has been a vocal critic of the crypto industry.
Nate Geraci, the president of the E.T.F. Store, which provides research and analysis on exchange-traded funds, also weighed in on X. “Actions on digital assets… Not words,” he wrote. “Could take positive actions right now.”
Adam Cochran, the founder of the venture capital firm CEHV, saw Harris’ statement as a sign of progress, writing on X, “Progress moves slowly. But it does move. There is your first formal statement, directly from Harris that is reasonably pro-digital assets.”
Cochran further elaborated on Harris’s potential stance on crypto, stating, “Harris is far more centrist than people lead on when it comes to two things: -The economy; -US monetary and technical supremacy. She understands crypto drives stablecoins which drive dollar supremacy, and that it can create good jobs. She will also not let China lead in any technology that could export Chinese or Yuan influence.”
He acknowledged that while he may disagree with some of Harris’s social policies, he believes she “has a hard line on the role the US must play in the world and will shape policy to achieve that.”
While Harris statement may represent a shift in tone from the Biden administration, it remains to be seen whether it will translate into concrete policy changes. The crypto industry is hoping for a more supportive regulatory environment, but it is also bracing for the possibility of further crackdowns.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
