Democrats set ‘Crypto for Harris’ campaign in motion as crypto policy heats up US elections

A virtual townhall is scheduled next week, with prominent industry figures such as Mark Cuban and Anthony Scaramucci slated to speak.

The 2024 US presidential race has thrust crypto policy into the spotlight, with both major candidates vying for support from the industry and its estimated 40 million American users. Vice President Kamala Harris and former President Donald Trump are employing contrasting strategies to court crypto voters, highlighting the sector’s growing political influence.

A new Democratic advocacy group, “Crypto for Harris,” plans to host a virtual town hall featuring prominent figures like billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci.

According to an initial report from Fox Business, the event aims to position Harris as a “champion” for the crypto community despite regulatory tensions under the current administration.

Jonathan Padilla, CEO of Web3 marketing firm Snickerdoodle and a “Crypto for Harris” organizer, emphasized the importance of US leadership in blockchain technology. “Groups like Crypto for Harris are working hard to ensure the right policies and conversations take place to ensure that outcome,” Padilla stated. The organization reportedly has some 50 memebers.

Private meetings with Coinbase, Ripple, and Stellar

Simultaneously, Rep. Ro Khanna (D-Calif.) is orchestrating a private virtual meeting with industry leaders from Coinbase, Ripple, and Stellar, alongside key Democratic operatives. This multi-pronged approach demonstrates the party’s efforts to engage directly with the crypto sector.

Harris has bolstered her campaign by recruiting former crypto advisers David Plouffe, previously on Binance’s advisory board, and Gene Sperling, a former Ripple board member. These strategic hires signal a commitment to understanding and potentially embracing crypto-friendly policies.

Rep. Wiley Nickel (D-N.C.), slated to speak at the “Crypto for Harris” town hall, stressed the party’s determination on the issue. “We’re not giving this issue to Trump,” Nickel declared.

“We want to encourage innovation and protect consumers, but allowing crypto to become a political football is only going to set the US further behind,” Nickel affirms.

However, Trump has already made significant inroads with crypto supporters. At the recent Bitcoin Conference in Nashville, he raised over $20 million from industry leaders and pledged to establish a strategic government Bitcoin reserve and as a key solution to national debt. Trump also promised to fire SEC Chairman Gary Gensler “on day one” if elected, though such a move would exceed presidential authority.

Crypto policy takes the forefront

The intensifying focus on crypto policy reflects the industry’s growing economic and political clout. Both campaigns recognize the potential of crypto voters to influence outcomes in key swing states, making digital asset regulation a surprisingly central issue in the upcoming election.

Moe Vela, a former Biden adviser now with crypto firm Unicoin, defended the Harris campaign’s approach.

“Bringing crypto experts like Plouffe and Sperling onto her campaign is a far more powerful statement than just standing up at a Bitcoin conference and pandering to the industry for votes,” Vela said.

As the candidates stake out their positions, the crypto community remains divided. Some praise Trump’s vocal support and promises of deregulation, while others appreciate the Harris campaign’s efforts to engage with industry experts and develop nuanced policies.

Some others, still, like BitMEX crypto exchange co-founder Arthur Hayes, think that both don’t really matter in the long run, and governments as they operate will continue to “print money” and induce inflation, which Hayes thinks is beneficial to crypto.

“They think Trump says the right things and so he’s going to make it happen faster. [Donald] Trump or [Kamala] Harris, it doesn’t matter,” Hayes said in an interview.