Kamala Harris Campaign Seeks New Relations with Crypto Industry to Find Support

Key Points:

• Kamala Harris is engaging top U.S. crypto firms to improve regulatory relations.
• Kamala Harris campaign seeks to reposition Democrats as pro-business and tech-friendly.
• The move contrasts with Biden administration’s tough crypto stance and follows criticism from crypto leaders.

The Financial Times reported on Tuesday that Vice President Kamala Harris has held meetings to realign relationships with major US cryptocurrency firms, including Coinbase, Circle, and Ripple Labs.

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Kamala Harris Campaign Engages Crypto Giants for Better Relations

According to reports, the meetings have been conducted to reestablish a more constructive relationship with the crypto sector and create a regulatory environment conducive to it, rather than just attracting new contributions.

The effort comes as Harris has sought to change perceptions among tech executives — particularly in her home state of California — who have grown wary of Democratic policies they perceive as anti-business. The objective was to convey that the Democratic Party supports “responsible business” practices, countering an image that has been portrayed of them as unfriendly toward innovation.

Kamala Harris campaign follows recent comments from Ripple CEO Brad Garlinghouse, who took a shot at the anti-crypto rhetoric of some Democrats, notably Rep. Brad Sherman, saying embracing cryptocurrency could be politically expedient as other leading economies have given their regulatory frameworks clearly.

Harris Challenges Biden Administration’s Crypto Stance

The push for better relations with the crypto industry comes at a time when the Biden administration has had a tight rein on crypto regulation, as the SEC is in a row with some large firms. Kamala Harris campaign will now have to walk a very thin line as she tries to address industry concerns and not lose the support of traditional Democratic donors.

It’s part of Harris’ more extensive political strategy to realign the Democratic Party as pro-business and innovative, especially against the backdrop of being endorsed by President Joe Biden as the 2024 Democratic nominee. Meanwhile, Trump has been making all the positive gestures toward the crypto space. When one looks at these shifting political landscapes—both parties fight to support this burgeoning area.