U.S. Vice President Kamala Harris Picks Minnesota Governor Tim Walz as Running Mate

U.S. Vice President Kamala Harris selected Minnesota Governor Tim Walz as her running mate, according to multiple reports Tuesday morning.

Harris’ choice could bolster her position in the upcoming elections, given Walz’s Midwestern roots. He was among several contenders for the vice president spot, which included Kentucky Governor Andy Beshear, U.S. Transportation Secretary Pete Buttigieg, and Pennsylvania Governor Josh Shapiro.

On Monday night, bettors on the decentralized prediction market platform Polymarket placed the odds of Shapiro being Harris’ pick at 57%, while Walz was at 40%. These odds have fluctuated in the weeks leading up to the announcement, with North Carolina Governor Roy Cooper also being a candidate at one point.

While Walz has not prominently addressed cryptocurrency, Minnesota has enacted legislation during his governorship to improve regulations around cryptocurrency kiosks, according to AARP.

Cryptocurrency has become a significant topic in recent election discussions. The Republican Party has shown support for crypto firms and investors in its platform for the 2024 elections, intending to end what they deem an “unlawful and un-American crackdown” on the U.S. crypto industry.

Following President Joe Biden’s announcement that he would not seek reelection and his endorsement for Harris to replace him, Harris’ team began engaging with the crypto sector. The campaign recently appointed David Plouffe, known for his crypto-related work, including roles with Binance and Alchemy Pay.

Cody Carbone, chief policy officer at The Digital Chamber, noted, “Walz has been somewhat of a blank slate on cryptocurrency, like his running mate. We hope VP Harris’ interest in a more crypto-friendly stance will be reflected by Walz.” He emphasized that the campaign needs to catch up with Republican support for crypto.

According to the TD Cowen Washington Research Group, Harris likely differs significantly from Biden on crypto policy. While she has not been vocal about crypto, her advisers are knowledgeable in the area, and she is considered generally more open to crypto than Biden’s team, led by Jaret Seiberg. Walz’s silence on crypto doesn’t change this perspective, though his views on green energy might pose risks for crypto miners, especially in relation to progressive concerns about energy consumption.

Update: Aug. 6, 1:35 p.m. UTC to include comments from Cody Carbone

Update: Aug. 6, 6:35 p.m. UTC to include comments from TD Cowen