Kamala Harris breaks crypto silence, encourages innovation sparking 316% increase in crypto searches Kamala Harris breaks crypto silence, encourages innovation sparking 316% increase in crypto searches
Harris eyes regulatory clarity for crypto and AI sectors if elected president.
2 min read
Updated: Sep. 23, 2024 at 1:05 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
Kamala Harris, current US Vice President and Democratic presidential candidate, has promised to support the digital asset and artificial intelligence (AI) sectors if she wins the upcoming November elections, according to Bloomberg.
At a recent fundraiser in New York City, Harris shared her economic vision with donors. She committed to fostering technological innovation by collaborating with small businesses, labor groups, and large companies to advance AI and digital assets.
She reportedly said:
“To build that opportunity economy, I will bring together labor, small business, founders and innovators and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting consumers and investors.”
Harris also promised to establish regulatory clarity for these rapidly evolving sectors. “We will create a safe business environment with clear and consistent rules,” she added.
This marked Harris’ first public comment on digital assets since becoming the Democratic nominee.
Previously, her silence on the topic had raised concerns among some in the industry, especially as many wondered how her stance might differ from the current Biden administration’s policies. Her lack of direct engagement had driven some crypto supporters toward her Republican rival, former President Donald Trump.
How would Bitcoin fair under Harris?
Analysts at VanEck believe that a Harris presidency could be more beneficial for Bitcoin than a second Trump term.
In a recent report, they suggested that Harris’ leadership might boost Bitcoin adoption due to ongoing structural challenges. With clearer regulations, BTC could potentially surpass other digital assets.
They wrote:
“On Bitcoin alone, however, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place.”
Yet, it’s not all smooth sailing. If Harris allies with crypto skeptics like Senator Elizabeth Warren or keeps Gary Gensler at the SEC’s helm, the industry could face headwinds.
On the other hand, a Trump presidency is viewed as favorable to Bitcoin due to his pro-crypto actions, such as promoting US Bitcoin mining and launching DeFi initiatives. So, his administration would likely push for deregulation and pro-business policies, reducing the regulatory burden on the emerging industry.
Harris finally breaking her silence on crypto led to a 316% surge in crypto-related searches, according to Cryptorush. A spokesperson for Cryptorush commented:
“While Harris has not yet outlined a detailed policy, her recognition of the importance of digital assets signals a clear shift. It suggests a break from the old regulatory approach, hinting at a more supportive and innovation-friendly stance toward cryptocurrencies and emerging technologies.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Kamala Devi Harris (born October 20, 1964) is an American politician and attorney serving as the 49th Vice President of the United States.
Joe Biden, byname of Joseph Robinette Biden Jr., is an American politician and the 46th and current president of the United States.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.