With the race for the 2024 U.S. presidency heating up, all eyes from the crypto world turn toward Vice President Kamala Harris. Users can only guess whether she will say something regarding her sentiment on digital currencies. Of course, the Biden Administration hasn’t been exactly the best buddy to crypto, so people would love to know on which side Harris comes down.
Why Harris’s Opinion Can Be a Game-Changer
Cryptocurrencies are no longer some sort of techie trend, but a major player in world finances with a market worth over $1 trillion.
How the US decides to regulate this industry may create huge ripples, and Harris’s potential policies could be a big steer in the ship.
But the thing is, Harris has not really spilled the beans on what she thinks about crypto regulation.
That has left everyone in the industry—well, maybe a little like they’re sitting in a waiting room—with curveballs being thrown left and right from the Biden administration, such as the SEC cracking down on crypto practices or Biden vetoing a resolution that challenged some SEC rules.
Crypto Leaders Are Asking for Some Patience
Veronica McGregor, Exodus’s chief legal officer, implores people to take a deep breath.
She said Harris can’t be linked to everything the Biden administration has done. “People want to link her to all the moves the Biden administration has made with crypto, but that’s just not right,” McGregor told Blockworks.
Others in the industry seem to agree with McGregor.
They acknowledge that Harris has a difficult job as VP, and that puts her in a less than comfortable position from which to make bold stands, especially in relation to political opponents.
The Chessboard
Although currently, the Democratic Party hasn’t really warmed up to crypto within its platform, increasingly more Democrats have joined the wave.
At the Democratic National Convention in Chicago, there was an ultra-heated debate about it, and some even began to believe that the party might finally get on board with the crypto crowd.
On the other side, former President Donald Trump is a full-on Cryptocurrencies maximalist who has even gone ahead to give Bitcoin thumbs-up.
This disparity between the two candidates makes Harris’s probable stance all the more important as election season starts heating up.
What’s Next for Crypto Regulations?
The crypto community holds its collective breath, looking out for any clues about what is next
Whether or not Harris will finally reveal her position remains up in the air, although it is very clear that her stance could seriously bend the regulatory environment in the years to come.
For now, most in the crypto space are hoping that some common sense comes into rules and allows innovation to run free while keeping things fair and transparent.
McGregor and other industry leaders are urging a move away from “regulation by enforcement,” which they feel puts a block on growth and new ideas.
