Support for Digital Asset Growth

Vice President Kamala Harris plans to support measures to help the digital asset industry grow, according to Brian Nelson, her senior campaign adviser.

Nelson, who is the under secretary for terrorism and financial intelligence at the U.S. Treasury Department, stated that Harris would support policies to ensure that emerging technologies and industries can continue to grow, during an interview with Bloomberg News at the Democratic National Convention on Wednesday.

He highlighted that the industry is calling for “stable rules” regarding its regulations.

Both the U.S. Treasury and Harris’ spokesperson, Kevin Munoz, have yet to respond to requests for comments from The Block as of press time.

Crypto in Election Politics

Cryptocurrency has emerged as a significant election issue. Crypto firms have invested $119 million in the 2024 elections, primarily directed towards super political action committees, particularly the Fairshake PAC, as reported by consumer advocacy group Public Citizen.

The group’s report indicates that crypto firms’ spending ranks second in overall election-related expenditures.

Some notable individuals in the crypto sector have favored former President Donald Trump. Gemini co-founders Tyler and Cameron Winklevoss donated $2 million worth of bitcoin to Trump, and Cameron publicly declared his intention to vote for him, praising Trump as “pro-bitcoin, pro-crypto, pro-business.”

Trump has expressed a positive stance towards the industry, promising to end an “unlawful and un-American crackdown” on U.S. crypto. Additionally, he has allied with crypto-friendly J.D. Vance as his running mate and pledged to support bitcoin miners.

Conversely, Harris has been reaching out to the crypto sector, with her team eager to learn more about it. A grassroots initiative called Crypto4Harris organized a town hall on August 14 to facilitate a “formal reset.” Some members of the crypto community have criticized the Biden administration’s current regulatory stance toward digital assets.

Jonathan Padilla, an organizer for Crypto4Harris, remarked, “Concerted efforts by several actors are making tangible progress. I think we’re seeing stage 1 of the reset. Folks should stay tuned.”

At the town hall, Senate Majority Leader Chuck Schumer expressed his intention to pass crypto regulation legislation by the end of this year.