As Vice President Kamala Harris becomes the presumptive Democratic nominee for the 2024 presidential race following President Joe Biden’s decision not to run, there is a new wave of excitement among younger voters. However, Harris remains somewhat of an enigma in certain policy areas despite spending over two decades in elected positions. Her career as a public prosecutor and ties to California have led to uncertainty over her philosophy, particularly in relation to the tech industry where she has taken a more moderate approach compared to other progressives.
There is optimism in the crypto industry that Harris could be open to different viewpoints and potentially establish clearer regulations for the industry. Given her background supporting progressive policies and her ties to the tech industry, it is easy to imagine a scenario where Harris embraces crypto. Some have highlighted how digital assets can improve accessibility in financial services, a message that would likely resonate with Harris as she often considers policy decisions through the lens of marginalized communities.
On the other hand, Harris is not expected to significantly deviate from Biden’s policies, which could be concerning for the crypto industry. With potential concerns about federal pre-emption and a desire to avoid being seen as pursuing an industry-written policy, Harris may not provide the relief that the industry is hoping for. The role of advisors and regulatory agency leaders will likely play a crucial role in shaping Harris’ approach to crypto policy, as she does not appear to have strong personal views on digital assets.
The uncertainty surrounding Harris’ policy positions has sparked some optimism in the crypto industry, as it is unclear whether she will make changes to key regulatory agencies. Without Democratic control of the Senate, the likelihood of a change in leadership at these agencies decreases. However, positions like Secretary of the Treasury are more likely to see a change, even if Republicans maintain control of the Senate. While former President Donald Trump’s re-election may be seen as the best outcome for the crypto industry, Harris’ unknown policy positions have generated some optimism among industry members.
