Highlights:
- The Digital Chamber calls on VP Harris to support pro-crypto policies, emphasizing economic growth and financial inclusion.
- The association suggests Harris select a crypto-friendly running mate and engage with industry leaders for better regulation.
- Dissatisfaction with Biden’s crypto stance has led to increased support for Trump from the crypto community.
The Digital Chamber, a prominent blockchain trade association, has urged U.S. Vice President Kamala Harris to adopt a forward-looking stance on digital assets. This call to action comes as the Democratic Party prepares for the upcoming U.S. elections, with Harris being a potential nominee.
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Appeal for Pro-Crypto Leadership
The Digital Chamber penned a letter to Vice President Harris, advocating for the inclusion of pro-digital asset language in the Democratic Party platform. The association emphasizes the potential of blockchain technology and cryptocurrencies to drive economic growth, spur innovation, and enhance financial inclusion. The letter highlights the growing adoption of digital assets among Americans, particularly within Black, Latino, and immigrant communities.
📢 This morning, we sent a letter to @VP with important requests to support the #digitalasset industry. It's in the best interest of the American people for Democrats to embrace this technology fully. @VP has a unique chance to lead this change. Here are our 3 key asks:👇 pic.twitter.com/9QkjQ1fxEx
— The Digital Chamber (@DigitalChamber) July 22, 2024
The letter also suggests that Harris consider selecting a running mate who is knowledgeable and supportive of the digital asset industry. By doing so, the Democratic Party could attract tech-savvy voters and the broader crypto community. Furthermore, the Digital Chamber encourages Harris to engage with industry leaders to create a more supportive regulatory environment for digital assets.
Industry Push for Positive Regulations
This initiative by the Digital Chamber is part of a broader effort by industry leaders to secure favorable regulations for the crypto market. Over the past two years, the Securities and Exchange Commission (SEC) has filed numerous lawsuits against digital asset firms, a move that has drawn criticism from crypto enthusiasts. In response, pro-industry candidates have garnered support by forming Super PACs ahead of the U.S. election.
The letter also points out the Biden administration’s perceived anti-crypto stance, which has led to some industry executives backing former President Donald Trump. Trump has committed to opposing Central Bank Digital Currencies (CBDCs) and promised to end Biden’s “war on crypto.”
Biden’s “Anti-Crypto” Approach Criticized
President Joe Biden’s decision not to seek re-election and his endorsement of Kamala Harris have sparked discussions about the future of crypto policies in the U.S. Under Biden’s administration, the crypto sector faced numerous challenges. For example, the SAB 121 legislation made it difficult for institutions to become crypto custodians. The U.S. House recently voted to overturn Biden’s veto on this legislation, reflecting a shift in sentiment among lawmakers.
The crypto market responded positively to Biden’s announcement, rallying Bitcoin prices. This reaction indicates a potential shift towards a more pro-crypto government after the elections. Former President Trump is known for his more favorable stance on cryptocurrencies. In addition, he is expected to speak at the Bitcoin 2024 convention in Nashville, Tennessee.
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