For the first time, Kamala Harris shifted toward supporting crypto-friendly policies.
Harris's senior advisor, Brian Nelson, mentioned this during a Bloomberg interview this week.
Slowly, crypto has become a significant factor in U.S. politics and holds enormous influence over voter decisions.
The support isn’t widespread, but the community has responded positively to Harris’s signals.
Despite the positive signals, Harris hasn’t been specific about how she aims to “support crypto”.
The crypto industry’s dissatisfaction with the Biden administration’s crypto stance has been loud so far.
So much so that voters now appear to be taking a pro versus crypto stance and reconsidering support for Harris, based on fears that she might continue with the Biden administration’s crypto witch-hunt for the next four years.
However, Harris has recently signalled a new openness to supporting crypto-friendly policies for the first time since her campaign began.
If valid, this move will positively affect the crypto industry. However, how will Harris approach the subject?
Will her administration be completely crypto-friendly or merely less harsh than Biden's?
This signal came during a roundtable discussion with Bloomberg at the Democratic National Convention in Chicago.
Brian Nelson, a senior policy advisor on the Harris campaign, mentioned that if Harris is elected president, she is likely to back emerging technologies, including crypto.
Contrary to popular opinion, Nelson stressed that Vice President Harris would allow the industry to grow with her policies while ensuring "necessary safeguards" to protect investors.
"She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow," Nelson stated.
This comment offers a glimmer of hope in a previously bleak situation and is now causing a buzz on the internet.
So far, crypto has gone from being a largely misunderstood topic to being one of the core pillars on which U.S. voters decide whom to vote for.
Both Republican Donald Trump and Independent candidate Robert F. Kennedy Jr. have promised to be crypto-friendly in their campaigns.
This time around, Harris appears to have joined the fray, and whichever way the elections go, there are no signs of the U.S. having a pro-crypto president.
Several meetings and discussions have now taken place with Harris, her advisors, and representatives from major companies like Coinbase, Circle, and Ripple Labs, all of which indicate an incoming shift towards a relationship between the government and the crypto sector.
The crypto community, in turn, has responded positively to this new development, with prominent figures like the former CEO of Uphole, J.P. Thieriot, starting to campaign on her behalf.
Jeremy Allaire, the CEO of Circle, also mentioned in a recent interview with CNBC on 14 August that Harris and her campaign team are making a "concerted effort" to learn about the issues, the players, and the industry as a whole.
Others like Anthony Scaramucci continue to hold on to hope of a Harris pivot on Bitcoin.
So far, however, it remains unclear what Harris means by “crypto friendliness”.
How “friendly” is “friendly”?
While Donald Trump and Kennedy have stated plans to establish a strategic Bitcoin reserve, generate electricity to mine Bitcoin, and support miners overall, Harris has made no specific promises.
There has even been speculation that while crypto might have a seat at the table, it might not be a “top priority” for her.
As a result, the industry is adopting a cautious, wait-and-see approach.
To understand what might happen in the future, looking at bits of history might be helpful.
Early in Biden's presidency, between 2021 and 2022, he issued an executive order that “cautiously” embraced digital assets.
In particular, this order was issued to federal agencies, directing them to assess the benefits and risks of crypto.
This stance, however, did not last, as the industry is still as hounded as ever.
While Harris’ senior advisor has indicated her support of "stable rules" for the industry, nobody knows what those rules will be or how they will affect crypto as a whole.
Actions speak louder
During a campaign stop in North Carolina, though, Harris promised to reduce “unnecessary obstacles” for “innovative technologies” if elected.
Still, she did not directly mention crypto by name—which is a cause for concern.
As the race unfolds, the crypto community continues to wait and see what comes next.
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