- Donald Trump’s pro-crypto rhetoric is running away with the crypto vote.
- The Democrats launch the ‘Crypto for Harris’ group to win back crypto voters.
- There are doubts about the sincerity of the Democrat’s crypto advocacy.
The ‘War on Crypto’ under the Democrats’ watch has fostered a climate of fear, with crypto firms anxious about facing enforcement action. However, the political landscape shifted dramatically with Donald Trump’s presidential campaign. He vowed to end ‘end Joe Biden’s war on crypto’ if elected in November, earning a wave of support from crypto voters.
To recapture the crypto voting bloc, the Democrats have launched the ‘Crypto for Harris’ campaign to court digital asset enthusiasts.
Democrats Launch ‘Crypto for Harris’
As the political battle for the crypto vote intensifies, the Democrats have launched a new advocacy group called ‘Crypto for Harris.’ The group, which currently boasts around 50 members, comprises industry participants and policy experts whose primary goal is ensuring the U.S. maintains its position as a global leader in blockchain and cryptocurrency.
Sponsored
The campaign plans to host a virtual meeting next week. The event will feature a lineup of high-profile speakers, including billionaire entrepreneur and crypto advocate Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, and several Democratic members of the House of Representatives.
Top Senate leaders have also been invited to participate in the event, which is open to the public and aims to discuss ways to support Harris’ presidential campaign and promote related fundraising initiatives.
The Democrats signaled a pro-crypto flip several weeks ago, as Harris sought to ‘reset’ relations with the crypto industry by opening dialogue with several firms, including Coinbase, Circle, and Ripple.
The “War on Crypto”
Under the current administration, the U.S. crypto industry has faced seemingly unjustified regulatory crackdowns and high-profile enforcement actions, earning the Democrats a reputation for being anti-crypto.
Despite some support for cryptocurrency within the Democrat Party, the industry has been burdened by ambiguous securities laws, costly enforcement actions, and significant legal risks.
Leading Democrat figures like Elizabeth Warren and Brad Sherman have exacerbated these challenges. Last year, Warren’s campaign against crypto, which blamed the U.S. banking crisis on digital assets and aimed to ban Bitcoin, highlighted the divisive stance within the party.
These campaigns and regulatory actions have tarnished the Democrats’ image among crypto advocates, undermining their credibility as a pro-crypto party.
Skepticism on Pro-Crypto Flip
Regarding concerns about the Democrats’ pro-crypto flip, angel investor Balaji Srinivasan expressed deep skepticism over the move.
Srinivasan argued that if the Democratic Party was genuinely committed to supporting the cryptocurrency industry and maintaining the U.S.’s position as a global leader in the space, it could take concrete actions now, including firing SEC chair Gary Gensler, ending the ‘SEC show trials,’ and reversing plans to tax unrealized gains.
However, Srinivasan contended that the Democrats have not taken these steps. He sees the ‘Crypto for Harris’ group as a calculated attempt to trick crypto voters into supporting Harris ‘without spending any political capital.’
On the Flipside
- Polymarket shows Harris with a 1% lead over Trump in the race for the next U.S. president.
- Gensler has maintained that SEC enforcement actions against crypto firms are intended to protect investors.
Why This Matters
The ongoing battle between the Democratic and Republican parties for crypto voters highlights the cryptocurrency industry’s growing political influence.
Harris extends an olive branch to the crypto industry with high-profile meetings:
Ripple, Coinbase & Circle to Meet with VP Harris on Crypto “Reset”
Bank of Japan deputy governor recommends rate pause amid crypto meltdown:
Japan Halts Interest Rate Hikes, Easing Pressure on Crypto Market
