United States Vice President Kamala Harris is a bit of an anomaly among Capitol Hill politicians: She’s never had strong words for or against digital currencies, tokenization, blockchain, or non-fungible tokens (NFTs). None of that has mattered for the past four years, as US President Joe Biden has had plenty to say about crypto during his time in the White House.
Candidate Harris?
But that’s all changed since Biden announced he is dropping out of the upcoming presidential election. While there’s no guarantee that his vice president will get the Democratic nomination, he’s already given Harris his endorsement.
Trump’s plans for the space may become a bit clearer in the coming weeks, as he’s slated to speak at the Bitcoin Conference on July 27 in Nashville, Tennessee. But, in the meantime, it’s likely safe to think he is not anti-Bitcoin. The question now becomes: What happens to crypto if Harris wins?
President Harris?
Just because we don’t know her official stance doesn’t mean we can’t glean details about what it might look like. For starters, there’s plenty of reason to believe Kamala could stay the course already set. Since her political wagon has been hitched to Biden, her donors and supporters come from his camp. It could be much easier for “President Harris” to change the status quo than “candidate Harris.”
This stands out because, based on the disclosure, the donors aren’t even a little curious about digital assets despite being connected to Silicon Valley. Harris is a California native who has been seen as one of the more tech-friendly Democrats to become prominent in recent years, notwithstanding her somewhat cautious stance on artificial intelligence.
Her shunning of cryptocurrency may have been exactly that: an outright dismissal of the technology itself. If that’s the case, she may drum up anti-crypto support as her campaign unfolds. Finally, it’s worth considering the razor-thin margins between support for Trump and Biden before the latter ended his reelection bid. Imagine a scenario where Harris needs to hurry up and find a few percentage points to justify her candidacy. Then, the real question is whether coming out pro-crypto would help or hurt her against Trump.
Political Calculations
The political landscape surrounding cryptocurrency is complex and rapidly evolving. Harris’s lack of a definitive stance on crypto could be a strategic move, allowing her to adapt her position based on the political climate and voter sentiment. As a seasoned politician, she understands the importance of flexibility and might be waiting for the right moment to reveal her views on digital currencies.
On one hand, embracing crypto could appeal to younger, tech-savvy voters and align her with innovation and progressiveness. It could also garner support from Silicon Valley and other tech hubs, where there is significant interest in blockchain technology and digital assets. On the other hand, taking a strong pro-crypto stance might alienate more traditional voters who view digital currencies with suspicion and concern, particularly regarding regulatory and security issues.
Economic Implications
Kamala’s economic policy could also play a crucial role in shaping her stance on cryptocurrency. If she aims to continue Biden’s cautious approach, we might see a focus on regulatory frameworks designed to protect consumers and prevent illicit activities. This could involve stricter regulations on crypto exchanges and more oversight on digital transactions. However, if she decides to adopt a more progressive economic agenda, there could be room for innovation and experimentation within the crypto space.
Moreover, Harris’s ties to California, a state known for its tech industry and innovation, could influence her perspective on digital currencies. She might seek to balance the interests of her tech-savvy constituents with the need for regulation and oversight.
Conclusion
In summary, Kamala Harris’s views on cryptocurrency remain somewhat enigmatic. With Biden out of the race and Harris potentially stepping into the presidential spotlight, her stance on digital currencies could become a defining issue in her campaign. Whether she chooses to embrace or dismiss crypto will depend on a complex interplay of political strategy, voter sentiment, and economic considerations. As the race unfolds, her position on this critical issue will undoubtedly be closely watched by both supporters and critics alike.
