Crypto Leaders Plan to Raise $100,000 for Kamala Harris to Influence Crypto Policy

(Coin Telegraph)-04/09/2024

A group of crypto industry leaders is organizing a fundraiser to support U.S. Vice President Kamala Harris, aiming to influence her stance on cryptocurrency should she win the presidential election in November.

The fundraiser, scheduled for September 13 in Washington, D.C., seeks to raise $100,000, with ticket prices ranging from $500 to $5,000, according to a report from Reuters.

The initiative, spearheaded by the Blockchain Foundation, shows that some in the crypto community support Harris over her rival, Donald Trump, despite her relatively muted position on cryptocurrency.

Harris Leads Trump in National Polls

Harris currently holds a narrow 3.2% lead over Trump in national polls, as reported by FiveThirtyEight.

She has managed to maintain the lead since September 1, when President Joe Biden announced his decision not to seek reelection and endorsed Harris.

Cleve Mesidor, executive director of the Blockchain Foundation, stated that the fundraiser is intended to signal the importance of cryptocurrency to Democrats, especially as a potential new administration forms.

Mesidor emphasized that the event could open dialogues on how a Harris administration might support the crypto sector and improve access to capital, particularly for people of color.

The crypto industry has faced significant regulatory challenges under the Biden administration, with the U.S. Securities and Exchange Commission (SEC) taking enforcement actions against major firms for alleged securities law violations.

In response, prominent companies like Coinbase and Ripple have spent a combined $120 million in 2024 to influence the election through super political action committees such as Fairshake, which has actively opposed Harris’ Democratic Party.

The Harris campaign has shown some engagement with the crypto industry, holding meetings with industry executives in August and previously in July.

At the Democratic National Convention, Harris’ senior campaign adviser, Brian Nelson, indicated that Harris would support policies fostering the growth of emerging technologies, including cryptocurrency.

Crypto to Benefit Under Next Administration

Some crypto industry leaders are optimistic about the potential for constructive crypto policies under the next administration, regardless of the winner.

Coinbase CEO Brian Armstrong, during an Aug. 1 earnings call, expressed hope that both the Democratic and Republican candidates would adopt a positive stance on crypto.

Although Harris did not attend the Bitcoin 2024 conference in Nashville, her Democratic supporters spoke about the risks of making crypto a partisan issue.

Trump, in contrast, accused Harris of being “against crypto,” citing her ties to the Biden administration as evidence.

House lawmakers, led by Representative Nickel, have urged the Democratic Party to take a more forward-looking approach to digital assets.

In a letter to Democratic National Committee Chair Jaime Harrison, they argued that Harris has the opportunity to reshape the party’s public image concerning digital assets.

The first presidential debate between Harris and Trump is scheduled for Sept. 10, and it may provide further insights into where each candidate stands on crypto policy.