Kamala Harris Vows to Support Crypto, AI Sector If Elected in 2024

Highlights:

• Kamala Harris committed to boosting investments in AI and crypto if elected president.
• This marks her first direct comment on cryptocurrency during the election campaign.
• Reactions to her comments on crypto sparked mixed responses within the industry.

During the recent fundraiser at Cipriani Wall Street in Manhattan on Sept. 22, Vice President Kamala Harris, the Democratic nominee for President in November’s upcoming election, vowed to boost investments in artificial intelligence (AI) and crypto if elected.

She stated:

“To build that opportunity economy, I will bring together labor, small business, founders and innovators and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting consumers and investors.”

This is the first time Harris has directly addressed cryptocurrency during her campaign. Her remarks come as the industry anticipates whether she will take a different stance from President Biden, who is viewed as less supportive of crypto. Last month, Harris’ senior campaign adviser, Brian Nelson, suggested she would back crypto policies if elected in November, emphasizing the need for “rules of the road” due to the collapse of some companies.

Harris highlighted her commitment to fostering a secure business environment with clear regulations, prioritizing investments in technologies such as semiconductors and clean energy while reducing unnecessary bureaucracy.

The Manhattan fundraiser was promoted by organizers as the last opportunity to see Harris speak live in New York before the November election, according to Bloomberg. One source described it as the “hottest ticket in town.” Ticket prices ranged from $500 to $1 million, aiming to further boost Harris’ substantial financial advantage over her opponent, former President Donald Trump. The fundraiser event successfully raised $27 million for the Democratic candidate.

Harris Comments on Crypto Spark Mixed Reactions Amid Trump’s Strong Pro-Crypto Stance

Coinbase’s policy chief, Faryar Shirzad, described her comments as “important,” though he noted they were less assertive than Donald Trump’s pro-crypto position. Trump has consistently expressed his support for crypto, launching NFT collections and pledging to remove SEC Chair Gary Gensler.

Shirzad said:

“It’s not nearly as forward-leaning as the concrete and visionary positions taken by Donald Trump, but it’s still notable because she recognizes digital asset innovation as being important and on par with AI.”

Alexander Grieve, the government affairs vice president at venture firm Paradigm, referred to Harris’ remarks as “encouraging” on X. He added that no matter who wins in November, it should be “the last anti-crypto administration.”

This is encouraging. Regardless of outcome in November, this should be the last anti-crypto administration.

The Trump approach will be different than the Harris approach, and staffing plays a big role in both cases. But the direction of travel for crypto in the US is clear 📈 https://t.co/5FSajDTb1Q

— Alexander Grieve (@AlexanderGrieve) September 22, 2024

Similarly, Jake Chervinsky, legal chief at crypto venture firm Variant, commented on X that the statement represents progress, which is a positive sign, although the phrase “while protecting our consumers and investors” leaves room for various interpretations.

Chervinsky claimed:

“The anti-crypto army uses ‘consumer protection’ as a smoke screen to conceal their attempts to destroy our industry. I, for one, want to see policy details.” 

Meanwhile, ETF Store President Nate Geraci noted that empty promises wouldn’t make much of a difference, emphasizing that real change requires action instead.

Actions on digital assets…

Not words.

Could take positive actions right now. https://t.co/GHFHZdeEai

— Nate Geraci (@NateGeraci) September 22, 2024

Harris Sees Increased Odds of Presidential Victory After Debate with Trump

After her debate with Trump, Harris’ odds have risen on the election prediction market Polymarket, where she leads in four out of six swing states. The site now gives Harris a 52% chance of winning the presidency in November, compared to 47% for Donald Trump.

In recent days, Trump has made further overtures to the crypto industry. He visited the Bitcoin-themed bar PubKey in New York City. Additionally, he released more details about his family’s World Liberty Financial project. However, the response to this initiative has been polarizing within the crypto community.